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Financial Highlights of Business document sample
Document Sample
Financial highlights 2009
about Our Business 1
consolidated income statement 2
consolidated statement of financial position 3
consolidated statement of cash-flows 4
about Our Business
Introduction Our Mission
the Majid al Futtaim group was established in 1992 by its Our mission is to become the preferred destination for
Founder and President, Mr. Majid al Futtaim. consumers, partners and employees.
the group has brought a new kind of retail and leisure Our Values-in-action
experience to the region. We recognize that consumers Our “values-in-action” are listening, learning and leading.
want to do more than just shop. they want a place to meet,
socialize, eat, drink, relax and be entertained with family • We listen because what matters for consumers is what
and friends. matters for our business.
• We learn because by learning we grow.
starting with the first “city centre” mall in Deira in 1995, • We lead because by leading we create tomorrow’s
followed by Mall of the Emirates in 2005, the Majid al success.
Futtaim group operates shopping malls and carrefour
hypermarkets across the MEna region. With a total of 10
shopping malls and 38 hypermarkets in 11 countries, the
Majid al Futtaim group has established itself as the leading
retail and leisure pioneer in the MEna region.
We continue to be guided by the vision of our President and
founder Mr. Majid al Futtaim.
1
Financial highlights 2009
The selected financial data below are based on the Majid Al Futtaim Group’s audited consolidated financial statements for
the year ended 31st December 2009.
Consolidated income statement (*):
2009 2008 Difference
(m aED) (m aED) (m aED) %
Revenue 15,972 14,746 1,226 8.3%
cost of sales -11,583 -10,673 -910 8.5%
Operating and other expenses -3,606 -3,515 -91 2.6%
net finance costs and tax -291 -201 -90 44.8%
Profit before revaluation results 492 357 135 37.8%
net valuation (loss)/gain on land and buildings -13 -249 236 -94.9%
net Profit of the year 479 108 371 342.8%
EBitDa for the year 1,597 (**) 1,212 385 31.7%
(*) simplified version, based on audited consolidated Financial statements 2009 of the Majid al Futtaim group.
(**) Excluding an extraordinary gain of aED 240 m on a one-off real estate disposal in 2008.
in 2009, the total revenues of the group increased by 8% compared to the previous year to reach aED 15,972 million. the
revenues of all three main operating businesses showed a healthy growth in 2009: Majid Al Futtaim Properties’ revenues
grew by 5%, Majid Al Futtaim Retail’s revenues grew by 8%, while Majid Al Futtaim Ventures’ revenues grew by 2%.
the profit before revaluation results grew by 38% compared to the previous year to reach aED 492 m.
the net valuation results mostly relate to some shopping malls and land held as investment property: a loss of aED 13
million in 2009 and of aED 249 million in 2008.
the net profit for the year is aED 479 million aED in 2009, an increase by aED 371 million compared to the net profit of
aED 108 million in 2008.
in 2009, the EBitDa of the group increased by 32% compared to the previous year to reach aED 1,597 million.
2
Consolidated statement of financial position (*):
2009 2008 Difference
(m aED) (m aED) (m aED) %
non current assets:
Property, plant and equipment 17,887 21,652 -3,765 -17.4%
investment property 9,812 5,752 4,060 70.6%
Other non current assets 1,991 1,804 187 10.3%
total non current assets 29,690 29,208 482 1.6%
current assets:
inventories 720 685 35 5.1%
trade and other receivables 1,175 1,140 35 3.1%
cash at bank and in hand 2,423 2,215 208 9.4%
Other current assets 354 453 -99 -21.8%
total current assets 4,672 4,493 179 4.0%
current liabilities:
short term loans 2,070 1,050 1,020 97.2%
Bank overdraft 59 40 19 47.5%
trade and other payables 4,917 4,788 129 2.7%
Other current liabilities 238 348 -110 -31.6%
total current liabilities 7,284 6,226 1,058 17.0%
non current liabilities:
long term loans 8,302 7,054 1,248 17.7%
Other non current liabilities 522 428 94 22.0%
total non current liabilities 8,824 7,482 1,342 17.9%
Equity:
share capital 2,487 2,487 0 0.0%
Reserves 15,460 17,376 -1,916 -11.0%
Minority interest 307 130 177 136.2%
total equity 18,254 19,993 -1,739 -8.7%
(*) simplified version, based on audited consolidated Financial statements 2009 of the Majid al Futtaim group.
the non-current assets increased by aED 482 million in 2009 to reach aED 29,690 million, mostly due to capital
expenditure of aED 3,461 million during the year, partly offset by net revaluation losses of aED 2,336 million and by
depreciation charges of aED 795 million.
the equity at year-end 2009 is aED 18,254 million, a decrease by aED 1,739 million as compared to previous year. this is
mostly explained by revaluation losses of aED 2,336 million, partly offset by a profit for the year of aED 479 million.
at the end of 2009, the net external debt amounted to aED 8,008 million compared to aED 5,929 million in 2008.
Financial leverage at year-end 2009 was 0.44:1 (2008: 0.30:1).
3
Consolidated statement of cash-flows (*):
2009 2008 Difference
(m aED) (m aED) (m aED) %
net profit for the year 479 108 371 343.5%
non-cash adjustments:
Depreciation 795 638 157 24.6%
net valuation loss on land and buildings 13 249 -236 -94.8%
Other non-cash adjustments 441 313 128 40.9%
1,249 1,200 49 4.1%
cash generated from operations 1,728 1,308 420 32.1%
(increase)/decrease in working capital:
inventories -36 -200 164 -82.0%
Payables and accruals 175 1,343 -1,168 -87.0%
Other 86 -397 483 121.7%
225 746 -521 69.8%
net cash inflow from operating activities 1,953 2,054 -101 -4.9%
investing activities:
acquisition of property, plant and equipment -3,461 -3,671 210 -5.7%
Other investing activities 111 467 -356 -76.2%
cash outflow from investing activities -3,350 -3,204 -146 4.6%
Financial activities:
long term loans received 3,064 5,247 -2,183 -41.6%
long term loans repaid -713 -3,028 2,315 -76.5%
Other financing activities -765 -662 -103 15.6%
cash inflow from financing activities 1,586 1,557 29 1.9%
net increase/(decrease) in cash 189 407 -218 -53.6%
cash at the beginning of the year 2,175 1,768 407 23.0%
cash at the end of the year 2,364 2,175 189 8.7%
(*) simplified version, based on audited consolidated Financial statements 2009 of the Majid al Futtaim group.
With a net profit for the year increasing from aED 108 million in 2008 to aED 479 million in 2009, the cash generated
from operations increases by aED 420 million or 32% to reach aED 1,728 million for the year 2009.
the cash outflow from investing activities of aED 3,350 million in 2009 mostly relates to capital expenditure.
the other financing activities showing a cash outflow of aED 765 million in 2009 mostly relate to dividends paid to
minority shareholders and to interest payments.
the net cash position increased in 2009 by aED 189 million to reach aED 2,364 million at year-end.
4
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