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Main Financials

EXHIBIT 3 : ADNH MAIN FINANCIALS, 2007–2012
Abu Dhabi National Hotels PJSC ADNH
Capital & Shareholders' Equity (AED Thousand)
Shareholders' Equity 7798700 8239684 8136270 8258422 8148653 2880843
Assets, Liabilities (AED Thousand)
Fixed Assets 8,821,779 9,116,072 8,335,179 7,485,195 6,966,748 796,107
Current Assets 745,605 936,873 812,690 998,498 1,168,896 1,334,435
Other Assets 223,126 83,688 262,491 406,316 623,679 1,268,944
Total Assets 9,790,510 10,136,633 9,410,360 8,890,009 8,759,323 3,399,486
Current Liabilities 773,723 951,505 668,001 572,965 553,693 458,402
Long-Term Liabilities 1,045,527 819,666 474,292 1,875 5,817 9,760
Other Liabilities 172,560 125,778 131,797 56,747 51,160 50,481
Total Liabilities 1,991,810 1,896,949 1,274,090 631,587 610,670 518,643
Total Liabilities & Shareholders' Equity 9,790,510 10,136,633 9,410,360 8,890,009 8,759,323 3,399,486
Profitability (AED Thousand)
Revenues 1,845,930 1,819,948 1,749,325 1,803,469 1,739,880 1,445,956
Net Profit for the Year 199,273 263,862 304,910 432,921 292,737 471,659
Cash Dividends 50,000 50,000 100,000 250,000 200,000 144,000
Cash Flow (AED Thousand)
Cash and Cash Equivalents at the Beginning of the Year 257,544 414,697 584,065 471,853 606,456 661,740
Net Cash Flow From (Used In) Operating Activities 225,579 291,966 449,406 571,589 556,431 383,399
Net Cash Flow From (Used In) Investing Activities (324,087) (913,868) (842,279) (255,435) -558,684 -288,866
Net Cash Flow From (Used In) Financing Activities 90,301 494,749 223,725 (203,942) -132,350 -149,817
Differences in Exchange (220)
Cash and Cash Equivalents at the End of the Year 249,337 287,544 414,697 584,065 471,853 606,456

Income Statement

EXHIBIT 4 : ADHN CONSOLIDATED STATEMENT OF INCOME
Year ended 31 December
2012 2011
AED'000 AED'000
Operating revenues
Cost of services
Gross Profit 1,845,930 1819948
Investment and other income, net 21,945 13,331
General and administrative expenses -47,287 -25,347
Finance costs, net -41,089 -4,787
Pre-opening expenses -29,678 -24238
Profit before income tax 201,129 265,410
Income tax expense -1,856 -1,548
Profit for the year 199,273 263,862
Basic and diluted earnings per shtare (AED) 0.20 0.26
Source : ADNH Annual Report 2012
EXHIBIT 5 : ADHN CONSOLIDATED STATEMENT OF INCOME
Year ended 31 December
2012 2011
AED'000 AED'000
Profit for the year 199,273 263,862
Other comprehensive income:
Net movement in fair value of available for sale
investments 693 -19,029
Director's remuneration -5,800 -5,550
Changes in fair value of derivatives in an effective
cash flow hedge 2,834 -35,970
Exchange difference arising on translation of
overseas operations -1,402 101
Loss on revaluation of land -586,582 -
Other comprehensive loss for the year, net of tax -590,257 -60,448
Total comprehensive (loss) / income for the year -390,984 203,414
Source : ADNH Annual Report 2012

Balance Sheet

EXHIBIT 6 : ADHN CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Year ended 31 December
2012 2011
` AED'000 AED'000
ASSETS
Non-current assets
Property, plant and equipment 8,821,779 9,116,072
Investment in an associate 12,845 13,785
Available for slae investments 205,003 31,179
Goodwill 5,278 5,278
9,044,905 9,166,314
Current assets
Inventories 49,659 45,286
Accounts receivable and prepayments 394,257 406,513
Available for sale investments 5,823 178,954
Investments carried at fair value through
profit and loss 21,529 18,576
Cash and short term deposits 274,337 287,544
745,605 936,873
Total assets 9,790,510 10,103,187
EQUITY
Share capital 1,000,000 1,000,000
Legal and statutory reserves 811,576 771,722
Asset revaluation reserve 4,976,462 5,563,044
Foreign currency translation reserve 654 2,056
Retained earnings 917,854 814,235
Cumulative changes in fair values
of available for sale investments 148,627 147,934
Cumulative changes in the fair value of derivatives -106,473 -109,307
Proposed dividends 50,000 50,000
Total equity 7,798,700 8,239,684
LIABILITIES
Non-current liabilities
Term loans 1,045,527 792,235
Derivatives is an effective cash flow hedge 63,079 64,119
Accounts payable and accruals 41,404 80,114
Provision for employees' end of service benefits 68,077 61,659
1,218,087 998,127
Source : ADNH Annual Report 2012

Cash Flow Statement

EXHIBIT 7 : CASH FLOW STATEMENT
Year ended 31 December 2012 2011
Cash flows from operating activities AED'000 AED'000
Profit before income tax 201,129 265,410
Adjustments for:
Depreciation of property, plant and equipment 155,773 129,431
Provision for employees' end of service benefits 18,824 18,668
Provision for impairment of accounts receivables 9,423 4,689
Reversal of provision of impairment of accunts receivable -5,783 -22,697
Interest expense 43,578 7,452
Interest income -2,489 -2,665
Dividend income from quoted investments and share 4,520 3,952
(Gain)/loss on investments carried at fair value through profit or loss -2,953 -3,910
Gain on sale of property, plant and equipment -13,495 -12,670
Gain on sale of available for sale investments - -2,247
Inventories -4,373 4,979
Accounts receiveable and prepayments 8,616 -10,890
Accounts payable and accruals -158,339 -141,386
Cash from operations 245,391 238,032
Payment of employees' end of service benefits -12,406 -15,469
Tax paid -1,856 -1,548
Directors' remuneration paid -5,550 -5,800
Net cash generated from operating activities 225,579 215,215
Cash flows from investing activities
Additions to property, plant and equipment -370,060 -870,151
Proceeds from sale of property, plant and equipment 28,008 21,808
Advances to contractors for assets under construction 6,418 45,497
Short term deposits 5,000 -
Dividend income received 4,058 3,517
Interest received 2,489 2,665
Proceeds from sale of available for sale investments - 17,049
Net cash used in investing activities -324,087 -779,615
Cash flows from financing activities
Divideneds paid -50,000 -100,000
Loans obtained during the year 516,270 600,000
Loans repaid during the year -249,000 748
Interest paid -126,969 -63,501
Net cash provided by financing activities 90,301 437,247
Net decrease in cash and cash equivalents -8,207 -127,153
Cash and cash equivalents at beginning of the year 257,544 384,697
Cash and cash equivalents at end of the year 249,337 257,544

Operating Segments Results

EXHIBIT 8 : ADNH OPERATING SEGMENT RESULTS 2012 & 2011
Hotels Retail Services Catering Services Transport Services Holding Total
AED'000 AED'000 AED'000 AED'000 AED'000 AED'000
Year ended 31 December 2012
Revenue 694,757 146,535 763,297 241,341 1,845,930
Cost of services -566,566 -75,662 -669,941 -236,523 -1,548,692
Gross profit 128,191 70,873 93,356 4,818 297,238
Investment and other income, net 13,205 8,740 21,945
General and administrative expenses -618 -2,073 -949 -43,647 -47,287
Finance costs, net 714 -621 -41,182 -41,089
Pre operating expenses -29,678 -29,678
Income tax expense 1,856 -1,856
Profit/(loss) for the year 97,895 70,873 90,141 16,453 76,089 199,273
Investment in an associate - - - - 12,845 12,845
Additions to non-current assets 64,854 889 8,625 50,986 343,639 468,993
Other assets 6,377,794 44,028 353,214 139,250 2,394,386 9,308,672
Total assets 6,442,648 44917 361,839 190,236 2,750,870 9,790,510
Total liabilities 1,105,801 20,255 221,902 57,748 1,586,104 1,991,810
Hotels Retail Services Catering Services Transport Sevices Holding Total
AED'000 AED'000 AED'000 AED'000 AED'000 AED'000
Year ended 31 December 2011
Revenue 653,832 120,588 802,226 243,302 - 1,819,948
Cost of services -493,206 -60,064 -715,828 -244,399 - -1,513,497
Gross profit 160,626 60,524 86,398 -1,097 - 306,451
Investment and other income, net - - - 12,670 661 13,331
General and administrative expenses 104 - 7,723 10,181 -43,355 -25,347
Finance costs, net - 15 - -900 -3,902 -4,787
Pre operating expenses -24,238 - - - - -24,238
Income tax expense - - -1,548 - - -1,548
Profit/(loss) for the year 136,492 60,539 92,573 20,854 -46,596 263,862
At 31 December 2011
Investment in an associate 365,996 - - - 13,785 13,785
Additions to non-current assets 365,996 1,761 10,351 59,016 567,280 1,004,404
Other assets 6,412,776 30,014 363,837 142,205 2,136,166 9,084,998
Total Assets 6,778,772 31,775 374,188 201,221 2,717,231 10,103,187
Total liabilities 104,920 15,696 229,973 65,175 1,447,739 1,863,503
Source : ADNH Annual Report 2012

Geographical Information

EXHIBIT 11 : ADNH GEOGRAPHIC INFORMATION
Rest of the Middle East and North Africa
UAE and Africa Total
AED'000 AED'000 AED'000
2012
Revenue 1,695,017 150,913 1,845,930
Total assets 9,712,192 78,318 9,790,510
2011
Revenue 1,677,261 142,687 1,819,948
Total assets 10,016,087 73,315 10,089,402