Tanfeeth Overview
Associates and Joint Ventures
Composition of Balances
Composition of Associates & Joint Ventures (AED million)
-
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 Q3 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
Network
1.78
1.45
Investment in Union Properties
0.80
2.8
2.3
0.33
0.33
0.33
0.33
1.3
0.5
0.5
0.5
0.5
Q4 08
Q4 09
Q4 10
Q4 11
Q1 12
Q2 12
Q3 12
AED Billion
--AED per share
Emirates NBD
Q3 12
YTD
Q3 11
Change Q3 12 Q2 12
Change
YTD
%
%
(500)
-100%
n/a
(74)
-100%
n/a
(426)
-100%
n/a
National General
Insurance
10
13
-20%
3
(0)
-2612%
59
61
-4%
23
19
+16%
International
Bank Islami Pakistan
4
n/a
1
2
-24%
Total
73
(426) -117%
27
21
+30%
Balance Sheet
|30-Sep-12 31-Dec-11 Change 30-Jun-12 Change
AED million
%
%
Union Properties
532
532
+0%
532
+0%
National General
130
129
+1%
135
-4%
Insurance
Network International
1,361
1,363
-0%
1,338
+2%
Bank Islami Pakistan
26
18
+41%
19
+32%
Total
2,048
2,042
+0%
2,024
+1%
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