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Mubadala Development Company, the Abu Dhabi-based strategic investment and development company, released its audited full year 2011 financial statements showing substantial increases in overall revenue and total assets compared to 2010.
"In 2011, Mubadala maintained overall operational profitability and reached an impressive number of milestones. As we look ahead to new markets and growing our global businesses, Mubadala is well positioned to deliver long term value and sustainable returns to its shareholder, stakeholders and partners," said Khaldoon Khalifa Al Mubarak, CEO and Managing Director. "While our financial investments’ performance were impacted by the volatility in the global marketplace during 2011, we continue to maintain a long-term financial investment perspective." Revenues increased by 77 per cent to AED 27.9 billion in 2011 compared to AED 15.8 billion in 2010, mainly due to the consolidation of the Advanced Technology Investment Company ( ATIC ). Revenue growth was also driven by sustained, high energy prices throughout 2011; the ongoing growth of Mubadala ’s aerospace sector; and the consolidation of Tabreed, the publicly-owned district cooling company.
Total assets increased by 73 per cent to AED 177 billion in 2011 compared to AED 102 billion in 2010, driven by the consolidation of ATIC , as well as an increase in the assets of Mubadala ’s business lines in industry, capital, information and communication technology, healthcare, and aerospace among others.
Operating income was AED 1.2 billion in 2011 compared to AED 2.6 billion in 2010, reflecting additional investments in semiconductor manufacturing capacity as well as research and development expenditures.
Total comprehensive income attributable to the owner of the Group was a loss of AED 4.2 billion compared to a loss of AED 338 million in 2010. This was primarily driven by negative fluctuations in the fair market value of Mubadala ’s financial investments, as well as a reduction in the market value of certain real estate holdings, both impacted by market volatility.
Total equity increased by 71 per cent to AED 106 billion from AED 62 billion in 2010. The increase in equity, mainly due to the consolidation of ATIC and additional cash contributions, reflects the continuing commitment by Mubadala ’s shareholder to its mandate and business objectives.
Liabilities and Leverage. In 2011 Mubadala ’s debt to capitalization ratio remained at prudent levels, decreasing slightly from 30.2 per cent to 29.6 per cent, similar to the company’s debt to equity ratio declining from 43.4 per cent to 42.0 per cent.
Total liabilities increased to AED 71 billion in 2011 primarily due to the consolidation of ATIC and Tabreed, and the issuance of bonds by Mubadala . Mubadala ’s gearing ratio decreased to 22 per cent in 2011 from 25 per cent in 2010, reflecting the strength of the company’s balance sheet.
Mubadala ’s credit ratings remain among the top corporate ratings in the region at [Aa3/AA/AA] by Moody’s, S’&’P and Fitch.
"We are confident that the business and organizational strategy established by the Board of Directors during the last decade gives us a strong platform from which we can deliver even greater value to our stakeholders in the coming years," said Al Mubarak.
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