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 Q4 2011
24.8% stake in Bank Islami Pakistan acquired as part of Dubai Bank
Investment in Union Properties
1.78
1.45
2.3
0.33
1.3
0.5
---
0.80
2.8
Q4 08
Q4 09
AED Billion
Emirates NBD
Q4 10
--AED per share
Q4 11
Composition of Associates & Joint Ventures (AED million)
Income Statement
Change
2011
2010
AED million
%
Union Properties
(750)
(1,043)
-28%
- Share of losses*
(74)
(683)
-89%
- Impairment of investment
National General Insurance
(676)
(360)
88%
12
19
-34%
Network International
81
0
n/a
Bank Islami Pakistan
Total
2
n/a
(654)
(1,024)
-36%
Balance Sheet
Change
2011
2010
AED billion
%
Union Properties
532
1,282
-59%
National General Insurance
129
130
-1%
Network International
1,363
n/a
Bank Islami Pakistan
18
n/a
Total
2,042
1,412
+45%
* 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
25View entire presentation