UAE Economic and FY 2012 Financial Results Update
Associates and Joint Ventures
Emirates NBD
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 2012
• 24.8% stake in Bank Islami Pakistan acquired as part of
Dubai Bank
Composition of Associates and Joint
Ventures
Income Statement
AED million
Union Properties
FY 12 FY 11 %
Q4 12 Q3 12
%
(750) -100%
n/a
Share of losses*
- Impairment of
investment
(74) -100%
n/a
(676) -100%
-
n/a
National General
Insurance
13
12
+5%
3
3
-17%
Network International
91
81
+12% 33
23
+45%
Bank Islami Pakistan
6
2
+179% 1
1
+0%
Total
110
(654) -117%
37
27
+35%
Investment in Union Properties
Balance Sheet
AED million
1.78
1.45
Union Properties
FY 12 FY 11 %
532 532 +0%
Q4 12 Q3 12
532 532
%
+0%
National General
Insurance
Network International 1,394 1,363
132
129
+3%
132 130 +2%
0.80
2.8
Bank Islami Pakistan
23
18
+2%
+25%
1,394 1,361
+2%
23
26 -11%
2.3
0.33
0.33
1.3
Total
2,080 2,042
+2%
2,080 | 2,048
+2%
0.5
0.5
Q4 08
Q4 09
Q4 10
AED Billion
Q4 11
Q4 12
--AED per share
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