2013 Awards and Strategic Priorities
Associates and Joint Ventures
Emirates NBD
Highlights
De-risking of investment in Union Properties (UP) since 2009:
-
UP investment reduced to nil 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 2013
AED million
Union Properties
Share of losses*
- Impairment of
investment
Composition of Associates and Joint
Ventures
Income Statement
Q1 13 Q1 12
%
Q4 12 Q3 12
%
n/a
n/a
n/a
I
n/a
n/a
n/a
National General
Insurance
12
7
+71%
3
3
0%
•
24.8% stake in Bank Islami Pakistan acquired as part of Dubai
Bank
Network International
13
16
-19% 33
23
+43%
Bank Islami Pakistan
1
-100% 1
1
+0%
Total
25
24
4%
37
27
+37%
Investment in Union Properties
Balance Sheet
AED million
Q1 13 Q1 12
1.45
Union Properties
National General
Insurance
532 532
%
+0%
Q4 12 Q3 12
532 532
%
+0%
145
134 +8% 132 130
+2%
0.80
Bank Islami Pakistan
Network International 1,407 1,380
23
+2% 1,394 1,361
+2%
25
+9%
23
26 -11%
2.3
0.33
0.33
0.33
1.3
Total
2,109 2,069
+2%
2,080 | 2,048
+2%
0.5
0.5
0.5
Q4 09
Q4 10
Q4 11
AED Billion
Q4 12
Q1 13
--AED per share
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