Investor Presentaiton
Associates and Joint Ventures
Composition of Balances
-
Highlights
Significant de-risking of investment in Union Properties (UP) since 2009:
UP investment reduced by AED 0.5 billion in 2009, AED 1.0 billion in
2010 and AED 750 million in 2011 through recognition of share of losses
and impairment
-
Further downside risk on UP limited as carrying value is close to market
value
Network International accounted for as a jointly controlled entity from the
start of 2011 with a carrying value of AED 1.4 billion at the end of Q1 2012
■ 24.8% stake in Bank Islami Pakistan acquired as part of Dubai Bank
Income Statement
AED million
Union Properties
- Share of losses*
- Impairment of
investment
National General
Insurance
Network International
Composition of Associates & Joint Ventures (AED million)
Q1 12
Q1 11 Change 2011 2010 Change
%
%
(500) -100% (750)
(1,043)
-28%
(74) -100% (683)
(683)
0%
(426) -100% (67)
(360)
-81%
7
4
+59%
12
19
-34%
+17104
16
19
-12% 81
0
%
Bank Islami Pakistan
Total
1
n/a
2
n/a
24
(477) -105% (654) (1,024)
-36%
Balance Sheet
31-Mar- 31-Dec- Change 31-Dec-| 31-Dec- Change
12
11
11
10
Investment in Union Properties
AED billion
1.78
Union Properties
532
532
%
+0% 532
%
1,282
-59%
National General
134
129
1.45
Insurance
Network International
1,380
Bank Islami Pakistan
23
Total
2,068
18
2,042
+4%
1,363 +1% 1,363
+24% 18
+1% 2,042
129
130
-1%
n/a
n/a
1,412
+45%
0.80
2.8
2.3
0.33
0.33
1.3
0.5
0.5
Q4 08
Q4 09
Q4 10
Q4 11
Q1 12
Emirates NBD
AED Billion --AED per share
* Emirates NBD share of losses for Union Properties for Q1 2011 includes an amount of AED 74 million loss pertaining
to the 2010 financial year
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