Mubadala Releases Full Year 2013 Financial Results
Total comprehensive income increases to AED 5.3 billion, from AED 1.6 billion in 2012;
Development of industry sectors within the UAE drives significant growth of total assets to AED 223.8bn
Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, today announced its full year financial results and business highlights for 2013. The results reflect a strong financial and operational performance, with growth in UAE-based sectors including aerospace, aluminium manufacturing and renewable energy.
Mubadala Group CEO and Managing Director, Khaldoon Khalifa Al Mubarak, said:
“2013 was a strong year of financial returns and major project delivery for Mubadala. Growth of our diversified global financial portfolio was complemented by significant accomplishments in the Emirate, including the creation of a new global industrial champion in Emirates Global Aluminium and progress across other industry sectors. We also increased our international investments and formed new partnerships that will drive growth in our global platforms and increase our presence in key markets.”
Business highlights from across the Mubadala Group in 2013 include:
- The unification of DUBAL and EMAL to create Emirates Global Aluminium (EGA), an industrial champion for the UAE which is now among the largest aluminium companies globally.
- The commitment of aerostructures and engine parts manufacturing work packages worth AED 22 billion over 10 years from the industry’s most established companies including Airbus, Boeing, GE and Rolls Royce.
- The inauguration of Shams 1, the first concentrated solar power plant in the region, and London Array, the world’s largest offshore wind farm, together representing a total of 730 MW of clean energy.
- The UAE launch of YahClick, Yahsat’s sophisticated satellite broadband service, and its acquisition of over 20,000 subscribers across the Middle East and Africa by the end of 2013.
- The opening of Healthpoint, a fully integrated, primary care and multi-specialty hospital located at Zayed Sports City in Abu Dhabi, bringing specialist facilities under one roof, including Abu Dhabi Knee & Sports Medicine Centre and Wooridul Spine Centre.
- The openings of the Rosewood Abu Dhabi hotel and The Galleria luxury shopping and dining destination on Al Maryah Island, Abu Dhabi’s new world-class Central Business District and future home of the Abu Dhabi Global Market financial free zone.
- The commencement of operations at the Ruby gas field in Indonesia, Mubadala Petroleum’s first operated, full-field gas development project.
- The establishment of the region’s first semiconductor cleanroom at Masdar Institute, providing a world-class hub for advanced microelectronics research.
Financial highlights for the period ended 31st December 2013 were as follows:
- Total comprehensive income increased to AED 5.3 billion from AED 1.6 billion in 2012 primarily driven by the significant improvement in income from financial investments and the fair value of available-for-sale financial assets.
- Total assets increased to AED 223.8 billion as at the end of 2013 compared to AED 202 billion as at the end of 2012 primarily due to the addition of Emirates Global Aluminium to the portfolio and continued investment in GLOBALFOUNDRIES.
- Revenues totaled AED 31.1 billion compared to AED 30.8 billion in 2012. An increased contribution from the London Array boosted renewable energy revenues to AED 378 million.
- Operating income was AED 2 billion compared to AED 3.7 billion in 2012 as improved income from investment in equity accounted investees was offset by the greater cost of sales of goods and services.
- Total equity increased to AED 157.5 billion as at the end of 2013 compared to AED 135.5 billion as at the end of 2012.
- Total liabilities & leverage. Total liabilities were AED 66.3 billion as at the end of December 2013 compared to AED 66.5 billion as at the end of 2012. Mubadala’s gearing ratio decreased from 19% at the end of 2012 to 12% at the end of 2013.
- Mubadala’s credit ratings are among the top corporate ratings globally at Aa3/AA/AA by Moody’s, Standard & Poor’s and Fitch, respectively.