Mubadala's income for 2013 drops to Dh2 billion

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 U.A.E.-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 unification of Dubal and Emal to create Emirates Global Aluminium (EGA), an industrial champion for the U.A.E. which is now among the largest aluminium companies globally. The commitment of aero-structures and engine parts manufacturing work packages valued at Dh22 billion over 10 years from the industry’s most established companies including Airbus, Boeing, GE and Rolls Royce.
 
Other highlights for Mubadala in 2013 included 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 U.A.E. 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.
 
2013 also saw 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 and 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.
 
Two other worthy of note were the commencement of operations at the Ruby gas field in Indonesia, Mubadala Petroleum’s first operated, full-field gas development project and the establishment of the region’s first semiconductor cleanroom at Masdar Institute, providing a world-class hub for advanced microelectronics research.

Financia highlights for the period ended Dec. 31, 2013

Total comprehensive income increased to Dh 5.3 billion from Dh1.6 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 Dh223.8 billion as at the end of 2013 compared to Dh202 billion as at the end of 2012, primarily through the addition of Emirates Global Aluminium to the portfolio and continued investment in Global Foundries.
 
Revenues totalled Dh31.1 billion compared to Dh30.8 billion in 2012. An increased contribution from the London Array boosted renewable energy revenues to Dh378 million.
 
Operating income was Dh2 billion compared to Dh3.7 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 Dh157.5 billion as at the end of 2013 compared to Dh35.5 billion as at the end of 2012.
 
Total liabilities were Dh66.3 billion as at the end of December 2013 compared to Dh66.5 billion as at the end of 2012. Mubadala’s gearing ratio  decreased from 19 per cent at the end of 2012 to 12 per cent 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.

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