ALDAR Properties

1- Industry:
Real Estate.
2- Name of stock exchange:
Abu Dhabi Securities Exchange: ADX
3- Who signed off on financial statements (meaning who is responsible for their preparation)
A company's management has the responsibility for preparing the company's financial statements and
related disclosures.
In Aldar Properties financial statements are signed by:
- Chairman of the board: Mohamed Khalifa Al Mubarak
- Chief financial and sustainability officer: Greg Fewer
- Chief executive officer: Talal Al Dhiyabi
4- In which note do they discuss significant accounting policies
In the summary of significant accounting policies
5- What type of audit opinion is reported and whose opinion is it?
Auditor: Deloitte & Touche (M.E.), opinion type: unqualified opinion that the consolidated financial
statements present fairly, in all material respects, the financial position of the Company at December 31,
2020 and 2019, and the results of its operations and its cash flows for each of the three years in the
period ended December 31, 2020, in conformity with IFRS

6- Are the financial statements in accordance with US? GAAP, IFRS, or other body of standards?
The financial statements in accordance with IFRS.
7- Identify the statutory financial reports that you were you able to access for each
- Financial statements annual reports for year ending December 31 2020 and quarterly reports, current
earnings pronouncement release, current filings, ownership disclosures, Strategic report, Governance
8- Information analysis of the annual report
Reading thoroughly the annual report of ALDAR Properties and going through all the parts of the
annual report (Strategic report, Governance, Financial Statements, auditor’s report ) and as a potential
investor, my review of financial statements focuses on ALDAR’s ability to create and sustain net
income, for this reason I made the following calculations of some very important ratios; like liquidity
ratios, capital structure and solvency and asset utilization ratios, for example long-term debt to equity
ratio=30.06, gross margin=33.83, net margin=22.42, operating margin=25.27, asset turnover=0.21,
receivable turnover=1.47, return on investment= 5.8, return on assets=4.74, return on equity=7.66,
Since McDonald’s is a more of real estate company than fast food restaurant industry, I thought it would
be possible to compare its financial information with ALDAR Properties’ as a company listed on Arab
stock exchange, ALDAR shows strong cash position driven by AED 4.0 billion of development
collections in 2020, with AED 3.3 billion of free cash and AED 4.0 billion of undrawn credit facilities as
at year end, ALDAR showed increases in revenue and notable resilience during the challenging
macroeconomic conditions in addition to the pandemic which has its noticeable devastating outcomes on
major business corporations. In conclusion it provides insights on a strong financial position and
performance in 2020 providing sustainable returns to shareholders despite the challenging environment
of COVID 19 and the general macro-economic challenges, but not compared to McDonalds and maybe
the comparison is not logical since ALDAR Properties was founded in 2004 and McDonalds has been
founded since 1940 and it has been accumulating profits and revenues for decades, so McDonalds is
somehow a better investment since it has showed consistency over years and years and this is what
makes its sustainable competitive advantage a key component of its remarkable value.