Mubadala announces half-year 2014 financial results

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, yesterday released its interim financial statements and business highlights for the first half of 2014, showing an increase in revenues to Dh 16 billion.
Similarly, the operating income of the company rose to Dh 2.3 billion, up from Dh 721 million for the same period a year ago.
Mubadala Group CEO and Managing Director, Khaldoon Khalifa Al Mubarak, said, "The company managed strong operational performance in the first half of this year. We achieved key milestones while continuing to invest at home and internationally, as the global economy stabilised in key markets. In line with our investment philosophy, we will continue to look for the right opportunities for capital deployment in strategic sectors that are important to Abu Dhabi and its future."
Business highlights from across the Mubadala Group in the first half of 2014: Emirates Global Aluminium was formally incorporated as a stand-alone business, making the company one of the world's largest aluminium producers, in line with Mubadala's mandate to create industry champions in strategic sectors important to the U.A.E..
Strata, the composite aerostructures manufacturer based in Al Ain, became a Tier 1 supplier to Boeing following the first shipment of U.A.E.-made composite ribs for the 777 aircraft.
Healthpoint, a fully integrated, primary care and multi-specialty hospital located at Zayed Sports City in Abu Dhabi, opened with inpatient facilities and completion of the facility's first surgery.
Construction concluded on Cleveland Clinic Abu Dhabi, a world class, multi-specialty hospital which will open in 2015 on Al Maryah Island, Abu Dhabi's central business district.
GLOBALFOUNDRIES entered into a strategic collaboration with Samsung to deliver the next generation of industry leading mobile and computer semiconductor chips.
The joint acquisition by Trafigura and Mubadala of 65% of Porto Sudeste in Brazil, a major port facility integral to the expansion of the Brazilian iron ore mining industry.
The discovery of significant gas resources in Malaysia by Mubadala Petroleum. The company now has a cluster of four discoveries in the block and is moving forward to generate commercialisation and development options.
The successful installation of the production platform and facilities in the Manora Oil field, offshore Thailand, and the commencement of drilling of the first two production wells.
The inauguration of GE's Ecomagination Centre in Masdar City, a landmark project that provides a hub for the development of innovative solutions and the ‘greenprint' for future cities.
The start of operations at SR Technics' new aviation component repair facility in Kuala Lumpur, Malaysia.
Yahsat, the region's first multi-purpose satellite communications business, announced plans to launch a third satellite by the end of 2016, extending high speed broadband connection comparable to fibre and 4G speeds coverage to 17 countries.
Financial highlights for the period ended 30 June 2014: Revenues increased to Dh 16.0 billion compared to Dh 14.8 billion in H1 2013 due to higher sales in Mubadala's Aerospace and Engineering Services and Energy businesses Operating income increased to Dh 2.3 billion compared to Dh 721 million in H1 2013 due to an increase in income from investment in equity accounted investees, notably Emirates Global Aluminium.
Total comprehensive income was Dh 1.3 billion, compared to Dh 2.1 billion in H1 2013, primarily due to a smaller year-on-year increase in the fair value of Mubadala's financial investment portfolio as financial markets stabilised in 2014.
Total assets were Dh 223.3 billion as of 30 June 2014 compared to Dh 223.8 billion as of the end of 2013, and total equity increased to Dh 159 billion as of 30th June 2014 compared to Dh 157.5 billion as of the end of 2013.
Total liabilities & leverage. Total liabilities were Dh 64.3 billion as of 30th June 2014 compared to Dh 66.3 billion as of the end of 2013, primarily reflecting the repayment of the Dh 4.6 billion bonds that matured this year and the successful issuance of Dh 2.7 billion worth of eight year bonds, extending Mubadala's debt maturity profile. Net gearing ratio increased from 12% as of the end of 2013 to 12.7% as of 30th June 2014.
Mubadala's credit ratings are amongst the highest corporate ratings globally at Aa2/AA/AA by Moody's, Standard & Poor's and Fitch, respectively. However, in August 2014 Moody's upgraded its rating from Aa3 to Aa2.