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July 2013

THI- Scenarios
THI Base case – Funding needs; Cash surplus (June 12th 2013)
THI Base case – Funding needs; Cash surplus

Cash Surplus/(Deficit) Total 2013 2014 2015 2016 till peak Rest of 2016 2017 2018 2019 2020 2021 2022
THI + TT AB 32.1 41.2 (121.6) (310.3) (355.1) (106.9) (113.2) 46.2 55.2 55.2 55.2 786.3
Cumulative 41.2 (80.4) (390.7) (745.8) (852.7) (965.9) (919.7) (864.5) (809.3) (754.2) 32.1
BB003 700.3 (42.4) (145.4) - (46.2) 313.1 551.5 69.8
Cumulative (42.4) (187.8) (187.8) (234.0) 79.1 630.5 700.3 700.3 700.3 700.3 700.3

Total 732.4 (1.3) (267.0) (310.3) (401.2) 206.2 438.3 116.0 55.2 55.2 55.2 786.3
Cumulative (1.3) (268.2) (578.6) (979.8) (773.6) (335.3) (219.3) (164.2) (109.0) (53.8) 732.4

 This is the base case which we presented in the meeting in Second week of June 2013

 In this case we build BB003 project and TT A&B while we keep the SZR project on hold
C O N F I D E N T I A L

 First we delay TT A&B construction by 1 year ie starting from Sep 2014.


2014 The rest of the assumptions remain the same. Thus essentially we
push all the cashflow of TT A&B by 1 year

 We assume building TT A&B using LCs

 We have delayed the starting of compensation to TT Customers from March 2014 to March 2015

 On TT A&B we assume no sales and use it as rental asset till Dec 2022 when we sell it at 7.5% gross cap rate

 We assume no sale of 2 Business Bay and 2 Sharjah Plots. The sale of these plots was assumed in 2014 earlier
A N D
P R I V A T E
S T R I C T L Y

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THI Base case Improved – Funding needs; Cash surplus (June 25th 2013)
THI Base case (Improved)– Funding needs; Cash surplus
Cash Surplus/(Deficit) Total 2013 2014 2015 2016 till peak Rest of 2016 2017 2018 2019 2020 2021 2022
THI + TT AB 162.4 50.6 (49.8) (290.8) (341.2) (103.1) (101.2) 46.2 55.2 55.2 55.2 786.3
Cumulative 50.6 0.7 (290.1) (631.3) (734.4) (835.6) (789.4) (734.2) (679.0) (623.9) 162.4
BB003 700.3 (42.4) (145.4) - (46.2) 313.1 551.5 69.8
Cumulative (42.4) (187.8) (187.8) (234.0) 79.1 630.5 700.3 700.3 700.3 700.3 700.3

Total 862.7 8.1 (195.3) (290.8) (387.3) 210.0 450.3 116.0 55.2 55.2 55.2 786.3
Cumulative 8.1 (187.1) (477.9) (865.3) (655.3) (205.0) (89.0) (33.9) 21.3 76.5 862.7

 In this slide we show an Improved base case (which was presented earlier)

 The improvements are


C O N F I D E N T I A L

 1) ~AED60 mm increase in sales value from remaining & expected Dubai inventory
 2)~AED 40 mm revenue generated from other sources

 Peak- Altogether we improve by about AED 100mm by Dec 2015 and by about AED 114mm in total peak (Sep 2016) compared to what we
presented earlier
A N D
P R I V A T E
S T R I C T L Y

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THI Base case Improved & Banks Included –Funding needs; Cash surplus
(June 25th 2013)
THI Base case (Improved and Banks repayments included)– Funding needs; Cash surplus

Cash Surplus/(Deficit) Total 2013 2014 2015 2016 till peak Rest of 2016 2017 2018 2019 2020 2021 2022
THI + TT AB (459.5) 46.5 (86.3) (343.3) (379.9) (115.9) (403.2) (107.9) 33.8 55.2 55.2 786.3
Cumulative 46.5 (39.8) (383.1) (763.0) (878.9) (1,282.1) (1,389.9) (1,356.1) (1,301.0) (1,245.8) (459.5)
BB003 700.3 (42.4) (145.4) - (46.2) 313.1 551.5 69.8
Cumulative (42.4) (187.8) (187.8) (234.0) 79.1 630.5 700.3 700.3 700.3 700.3 700.3

Total 240.8 4.0 (231.7) (343.3) (426.1) 197.1 148.3 (38.0) 33.8 55.2 55.2 786.3
Cumulative 4.0 (227.7) (570.9) (997.0) (799.9) (651.6) (689.6) (655.8) (600.6) (545.4) 240.8

 In this Scenario we have also included the Banks repayments (ADIB and Badr Islami) according to new terms

 The peak increases by about 132mm on account of these bank payments (upto peak period)
C O N F I D E N T I A L
A N D
P R I V A T E
S T R I C T L Y

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THI Base case Improved & Banks Included –TT AB Oct 2013 Start
THI Base case (Improved and Banks repayments included); Also brought forward TT A&B by one year to Oct 2013 – Funding needs; Cash surplus

Cash Surplus/(Deficit) Total 2013 2014 2015 2016 till peak Rest of 2016 2017 2018 2019 2020 2021 2022
THI + TT AB (404.4) (24.7) (279.3) (354.4) (293.4) (2.3) (272.8) (107.9) 33.8 55.2 55.2 786.3
Cumulative (24.7) (304.1) (658.5) (951.9) (954.1) (1,226.9) (1,334.8) (1,301.0) (1,245.8) (1,190.6) (404.4)
BB003 700.3 (42.4) (145.4) - (46.2) 313.1 551.5 69.8
Cumulative (42.4) (187.8) (187.8) (234.0) 79.1 630.5 700.3 700.3 700.3 700.3 700.3

Total 296.0 (67.2) (424.7) (354.4) (339.5) 310.8 278.7 (38.0) 33.8 55.2 55.2 786.3
Cumulative (67.2) (491.9) (846.3) (1,185.9) (875.1) (596.4) (634.4) (600.6) (545.4) (490.3) 296.0

 This is an extension of the ealier slide with the exception that we have brought forward the TT A&B program by one year. Ie we assume
restarting TT A&B In Oct 2014 with a 24 month program

 TT A&B assumes the same scenario of income only through rentals and no sales till Dec 2022
C O N F I D E N T I A L

 We have kept the starting of compensation to TT Customers same as earlier slide (March 2015)

 We assume building TT A&B using LCs

 The projected peak worsens by about 188mm while Net income increase by about 56mm on account of an extra year of rental income on
TT A&B

 Like the earlier slide, in this Scenario we have also included the Banks repayments (ADIB and Badr Islami) according to new terms
A N D
P R I V A T E
S T R I C T L Y

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