Majid Al Futtaim Releases Full Audited 2013 Result

Dubai - Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, today released its audited financial statement for the year ended 31 December 2013, following the detailed trading statement released on 27 January. The full financial statements are accessible on the company website.

Key Financial Highlights:

• Overall group revenue up 10% year-on-year to AED 23 billion
• EBITDA up 11% year-on-year to AED 3.3 billion
• Strong balance sheet with assets over AED 39 billion
• Purchase of 25% minority stake owned by Carrefour S.A. in Majid Al Futtaim Hypermarkets LLC for AED 2.55 billion
• Issued CEEMEA’s first ever USD denominated corporate hybrid bond
• Improved debt profile with significant reduction in secured debt to less than 10% of total debt and early refinancing of maturities via syndication of a USD 1.6 billion (AED 5.9 billion) revolver line
• Maintained BBB credit rating and stable outlook with both Fitch and Standard and Poor’s

Key Corporate Highlights:

• New brand direction unveiled to link the business units
• Opened Beirut City Centre, Majid Al Futtaim’s first shopping mall in the Levant region, and added 8 new Carrefour hypermarkets and 10 supermarkets during the year

Commenting on the company’s performance, Iyad Malas, Chief Executive Officer - Majid Al Futtaim Holding, said: “2013 was a year of solid top line growth for the business. Revenue growth remained stable at 10% year-on-year, while EBITDA grew to 11%, reflecting strong performance across all parts of the business. We not only delivered robust business results but have also increased efficiency by uniting our companies under one umbrella corporate brand – Majid Al Futtaim – as we embark on the next chapter of our regional expansion plans.”

The full financial statements are accessible on the company website: https://www.majidalfuttaim.com/en/investor-relations/financial-summary.