Credit Quality and Financial Performance
Associates and Joint Ventures
Composition of Balances
Highlights
Significant de-risking of investment in Union Properties (UP) since 2009:
О UP investment reduced by USD 144 million and USD 284 million in
2009 and 2010 respectively through recognition of share of losses and
impairment
О
additional reduction in book value of UP of USD 136 million in Q1
2011
Composition of Associates & Joint Ventures (USD million)
Income Statement
Q1
Q1
Change
Change
2010
2009
USD million
2011
2010
(%)
(%)
Union Properties
(136)
(2)
n/a
(284)
(141)
+102%
- Share of losses*
(20)
(2)
n/a
(186)
(55)
+240%
- Impairment of
investment
(116)
n/a
(98)
(86)
+14%
O
further downside risk on UP limited as carrying value is now close to
market value
National General
Insurance
1
1
-8%
5
11
-51%
Network International
5
(0)
n/a
0
0
n/a
Total
(130)
(1)
n/a
(279)
(130)
+114%
Network International accounted for as a jointly controlled entity from the
start of 2011 with a carrying value of USD 354 million at the end of Q1 2011
0.48
Investment in Union Properties
0.40
0.22
0.13
776
633
349
213
Q1 2011
2008
2009
2010
USD million
--USD per share
Emirates NBD
Balance Sheet
USD million
31 Mar
2011
31 Dec
2010
Change
31 Dec
31 Dec
Change
(%)
2010
2009
(%)
Union Properties
213
349
-39%
349
633
-45%
National General
33
35
-7%
35
32
+12%
Insurance
Network International
354
n/a
1
n/a
Total
600
384
+56%
384
666
-42%
* Emirates NBD share of losses for Union Properties for Q1 2011 includes an amount of USD 20 million loss
pertaining to the 2010 financial year
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