INVESTOR PRESENTATION H1 2019 - majidalfuttaim.com INVESTOR PRESENTATION H1 2019 August 2019. 2...
Transcript of INVESTOR PRESENTATION H1 2019 - majidalfuttaim.com INVESTOR PRESENTATION H1 2019 August 2019. 2...
INVESTOR PRESENTATION
H1 2019
August 2019
2
Majid Al Futtaim H1 2019 Performance Update
Appendix
▪ Majid Al Futtaim Group Overview
CONTENTS
TABLE OF CONTENTS
2
3
3
IN H1 2019 WE HAVE SUSTAINED OUR FINANCIAL POSITION, WHILST CELEBRATING SOME MILESTONE ACHIEVEMENTS
Revenue increased
1% to USD 4.9BEBITDA increased
1% to USD 0.6BCashflow from Operations to
EBITDA at 115%Issued USD 600M
inaugural green sukuk
Obtained “low risk” ESG
rating from Sustainalytics,
and “A” rating from MSCI
Increased shopping mall
portfolio to 25Opened 19 new Carrefour stores
Total store count 283Added 65 new cinema screens
Total screens 418
▪ Geopolitical tensions have escalated around US-Iran relations
THERE ARE LONG TERM OPPORTUNITIES IN THE REGION DESPITE CURRENT HEADWINDS
4
2040 outlookCurrent headwinds
SOURCE: McKinsey Consumer Trends Database, Oxford Economics, United Nations, Global insight, Team analysis, Expert interviews, HSBC ,
IMF, PWC report, UNCTAD, Focus Economics, WEF MENA Risks Landscape
▪ Trade flows expected to be growing at above global averages
▪ MENA economies adapting to slower growth in the short termuntil reform programs shape the longer term
▪ MENA region continues to exhibit youth unemployment rates higher than global average
▪ UAE’s private sector remains in a competitive environment
▪ Dubai tourism mix changing due to USD strength
▪ MENAP region’s contribution to world GDP will increase by 1-2%, driven by population growth
▪ Diversification of GCC economies away from hydrocarbons
▪ High population growth for MENAP
▪ Saudi Arabia and Egypt will constitute a sixth of regional real GDP
▪ Pakistan will become a new growth pocket
▪ Mid single digit growth expected for the rest of Africa, with an emerging middle class
▪ Oil prices adjusted to a “new normal” range as a result of structural changes in the global economy
FROM A CUSTOMER BEHAVIOR PERSPECTIVE, THERE HAS BEEN A STRONG SHIFT TOWARDS LIFESTYLE, CONVENIENCE AND DIGITAL
5
Internet Penetration Rate is at
in the Middle-East in 2019
71%
use Facebook or Twitter when finding inspiration
for purchases
64% Of MENA respondents
emphasized price and convenience as a driver for
online
36% Of global respondents
use online and offlinewhile shopping
88%
Retail CEO’s continue to see
loyalty towards “trends” rather than “brands”
expect to see more personalized content in the
future
77% Of global consumers
Are willing to pay more for sustainable brands
66% Of global consumers
Look for distinctive and renewed experiences
Consumers and especially millennials
Connectivity Social connection Trends over brands Sustainability
Convenience Omni-channel Personalization Experiences
Of consumers
SOURCE: PWC survey 2017, Total Retail 2017 , World Bank, ADEC: Saudi National Statistics,
UN, Hootsuite, Nielsen, Reuters, Mckinsey study
Maintain leadership in our core countries
Expand to be leadersin adjacent/core
geographies
Build a foundation position in Africa
Grow at scale at least one adjacent
business
Protect our leadership position in the UAE
Expand our presence inEgypt and Saudi Arabia, driven by our shopping
malls business
Expand in additionalAfrican countries,
primarily with Carrefour
Evaluate business opportunities in adjacent
businesses
WE REMAIN COMMITTED TO OUR STRATEGIC PRIORITIES
6
Cost & Balance Sheet Optimization
Procurement and Supply Chain
Capability BuildingFinancial Discipline in Investments
Sustainability
WHILE ADOPTING A LEAN AND AGILE APPROACH
OUR SUSTAINABILITY STRATEGY IS INTEGRATED IN THE WAY WE DO BUSINESS
Our strategy will manage thesocio-economic and environmental issues that matter most to us and
our stakeholders
• Local economic development• Promoting sustainable lifestyles• Product quality & safety• Crime and security• Community well being & public realm• Responsible procurement
• Net Positive carbon• Net Positive water• Circular economy• Climate change adaptation• Ecosystem services
• Healthy workplaces• Human rights & employment
conditions• Health & safety• Changing role of women in the
workplace
NON-EXHAUSTIVE
7
Majid Al Futtaim has been recognized by external agencies:
SUMMARY OF MAJID AL FUTTAIM’S H1 2019 PERFORMANCE
STABLE FINANCIAL PERFORMANCE DELIVERED IN H1 2019
Revenue
+1% vs PY to:
USD 4.9bn
EBITDA
+1% vs PY to:
USD 0.6bn
Assets
+7% vs PY at:
USD 17.5bn
Geographical Split – 30 June 2019 Segmental Split – 30 June 2019
UAE48%
Egypt9%
Bahrain4%
Qatar7%
KSA9%
Oman6%
Others¹17%
UAE 64%
Egypt8%
Bahrain8%
Qatar6%
KSA2%
Oman5% Others¹
7%
By Revenue By EBITDA
Properties12%
Retail81%
Ventures7%
Properties68%
Retail28%
Ventures6%
By Revenue By EBITDA
STABILITY AND STRENGTH THROUGH DIVERSIFICATION
¹ OTHERS INCLUDES KUWAIT, JORDAN, PAKISTAN, LEBANON, IRAQ, GEORGIA, ARMENIA, KENYA
8
CFFO:EBITDA
at:
115%
H1 2019 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES
Operational Highlights
Malls avg occupancy1 93%
Footfall y-o-y +3%
Rent to sales 13%
Hotels avgoccupancy
REVPAR change y-o-y
78%
-12%
Increased our shopping mall portfolio to 25 with the opening of City Centre Suhar in Oman, and City Centre Masdar, our first mall in Abu Dhabi
1 EXCLUDING MALL OF EGYPT OCCUPANCY STANDS AT 94%
GRESB: GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARKS
9
City Centre Almaza is set to open in Cairo, Egypt in September 2019
Revenue(USDmn)
EBITDA(USDmn)
Recognized by the GRESB with a ‘Green Star’ Rating for the 5th year in a row
582 563
H1 2018 H1 2019
399 397
H1 2018 H1 2019
H1 2019 PERFORMANCE: MAJID AL FUTTAIM RETAIL
Operational Highlights Revenue(USDmn)
EBITDA(USDmn)
Sales (LFL) -5%
Hypermarket openings
Supermarket openings
7
12
Total stores 283
Expanded our network with new store openings across 9 countries
Launched ‘Carrefour Business’, our business-to-business offering to hotels, restaurants and the catering industry
10
Inaugurated our Retail Business School in the UAE, providing functional and commercial training for our employees
3,964 3,966
H1 2018 H1 2019
167 164
H1 2018 H1 2019
H1 2019 PERFORMANCE: MAJID AL FUTTAIM VENTURES
Revenue(USDmn)
EBITDA(USDmn)
Cinema screens added
Total L&E venues
65
45
Operational Highlights
Continued expansion of VOX Cinemas in Saudi Arabia, with the opening of 49 new screens
Total cinema screens 418
11
Further expanded our cinema network across the region with additional openings in Egypt and Kuwait
Entered into a film production partnership with Image Nation Abu Dhabi and MBC Studios
301 350
H1 2018 H12019
32 37
H1 2018 H1 2019
GROUP DEBT PROFILE (1/2)
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Majid Al Futtaim Group’s
Balanced Funding Profile
(USD bn)
30 June 2019 Notes
Majid Al Futtaim Holding 2.4Primarily Senior Unsecured
obligations at Holding level
Majid Al Futtaim Properties 1.1Primarily Senior Unsecured
obligations at Properties level
Others 0.4Primarily project finance with
limited recourse to parent
Total 3.9
Debt Maturity Profile (USD mn)
5 yrs1
Weighted Average
Debt Life
$3bnUndrawn Available
Committed Lines
1USD 0.9BN EQUITY HYBRIDS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS
All Senior Unsecured financing obligations
rank pari passu among themselves
Majid Al Futtaim Holding Cross guarantees Majid Al Futtaim Properties
Refinanced EGP Al Maza project finance
with new senior unsecured term loan
$200mn$600mnIssued inaugural
10 year Green Sukuk
500
800
500 600
245
33 52 77 386
388
311
-
400
800
1,200
1,600
2,000
2019 2020 2021 2022 2023 2024 2025 2026+
Capital Markets Bank Debt
GROUP DEBT PROFILE (2/2)
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Investment grade credit ratings
31 Dec 2018
30 June 2019
Fitch BBB BBB
Standard & Poor’s BBB BBB
Debt Capital Markets Issuances % $bn
Bonds2 19% 1.3
Sukuk 16% 1.1
Total Debt Capital Markets Issuances 35% 2.4
Bank Facilities % $bn
Drawn 22% 1.5
Undrawn 43% 3.0
Total 65% 4.5
Total Bank Commitments & Debt Capital Markets 100% 6.9
Less Drawn (3.9)
Plus Cash 0.4
Total Liquidity 3.4
Facilities & liquidity
1,044 1,145 1,152 1,231 1,361
2,517 2,612 2,804
3,418
4,763
2.4x 2.3x 2.4x2.8x
3.5x
0
1
2
3
4
5
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2015 2016 2017 2018 H12019EBITDA Net Debt (USD mn) Net Debt / EBITDA (times)
Strong Leverage Metrics
Funding Risk Management Framework Policy/Covenant31 Dec 2018
30 June 2019
Liquidity Coverage - Months 18 49 42
Interest Rate Risk - Duration in Years 0.5-3.5 2.3 3.0
EBITDA Interest Cover (x) 1 >2.0 8x >10x
Total Net Debt to Total Equity (x) <0.7 0.4 0.4
EBITDA from encumbered assets as % of total EBITDA 4% 3%
Secured debt as a percentage of Gross Debt 8% 6%
H1 2019 includes impact of IFRS16
1EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES
2INCLUDES $500M BOND WHICH MATURED JULY 2019
MEASURED GROWTH & STEADY DEVELOPMENT PIPELINE
TRUE TO OUR COMMITMENT TO OUR CREDIT RATING, OUR TOP-DOWN CAPITAL ALLOCATION APPROACH IS
MANAGED WITHIN THE DEBT CAPACITY OF THE “BBB” METRICS AND WITH AN EYE ON PRUDENT FINANCIAL
MANAGEMENT.Mall Development Pipeline
Egypt
2019 2020 2021 2023 onwards
PLANNED OPENING
2022
14
City Centre AlmazaRegional Mall (Cairo)
GLA: 103,000 M2
City Centre Al ZahiaSuper Regional Mall (Sharjah)
GLA: 136,000 M2
Mall of OmanSuper Regional Mall (Muscat, Oman)
GLA: 145,000 M2
City Centre IshbiliyahSuper Regional Mall (East Riyadh)
GLA: 114,000 M2
Mall of SaudiSuper Regional Mall (North Riyadh)
GLA: 321,000 M2
UAE
Oman
KSA
KSA
City Centre Al JaziraRegional Mall (Abu Dhabi)
GLA: 80,500 M2
UAE
Active Developments
Future Developments
15
A strong foundation
Focused on sustainable growth
Appropriately managing the risks
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
➢ Strong balance sheet
➢ Stable cash flow generation
➢ Best in class corporate governance
➢ Established track record, reputation & brand
➢ Diversified sources of funding
➢ Focus on diversification
➢ Cost optimization and operating efficiencies
➢ Business performance management
➢ Top down capital allocation
➢ Stress testing
➢ Country risk management
➢ Defined polices & procedures
IN SUMMARY
15
16
Majid Al Futtaim H1 2019 Performance Update
Appendix
▪ Majid Al Futtaim Group Overview
CONTENTS
TABLE OF CONTENTS
16
17
MAJID AL FUTTAIM GROUP OVERVIEW (1/2)
Best in Class Governance Principles
✓ Voluntarily adopted the principles of the Combined Code on Corporate
Governance for listed companies in the UK
✓ Strong operating company board structures reporting to a group board
Rating Agency Rating Outlook Latest Report
Date
Standard & Poor’s BBB Stable July 2019
Fitch Ratings BBB Stable January 2019
Highest Rated Privately Owned Corporate in the GCC
Group Corporate Structure Solid Track Record
Regional Footprint – 15¹ countries since 1992
Kazakhstan
Pakistan
Kenya
Egypt
Georgia
Armenia
Bahrain
UAE
IraqLebanon
Saudi Arabia
Kuwait
Qatar
7,4458,128
8,7889,436 9,469
10441,145 1,152
1,253 1,257
2015 2016 2017 2018 H1 2019
Revenue EBITDA
Majid Al Futtaim Holding LLC Consolidated Financials (USDmn)
MAJID AL FUTTAIM HOLDING
(Rated BBB/BBB)
MAJID AL FUTTAIM
PROPERTIES
MAJID AL FUTTAIM
RETAIL
MAJID AL FUTTAIM
VENTURES
Shopping Malls
Hotels
Communities
Project Management
Mr. Majid Al Futtaim(Founder)
Mr. Tariq Al Futtaim
MAJID AL FUTTAIM CAPITAL LLC
Carrefour Cinemas
L&E
Finance
Fashion
Gourmet Gulf (JV)
Enova (JV)
99.6% 0.4%
99.9%
*¹ MAJID AL FUTTAIM RETAIL CLOSED THEIR HYPERMARKET IN KAZAKHSTAN ON 30 JUNE 2017 BUT RETAIN THE COUNTRY HEAD OFFICE
H1 2019 FIGURES STATED ON ROLLING 12 MONTH BASIS
17
MAJID AL FUTTAIM GROUP OVERVIEW (2/2)
SOLID FINANCIAL PERFORMANCE ON THE BACK OF A MANAGED GROWTH STRATEGY
Financial Highlights Majid Al Futtaim Properties (USDmn)
Majid Al Futtaim has a proven track record of delivering strong financial
results on the back of an effective growth strategy
Majid Al Futtaim Holding LLC Consolidated Financials (USDmn)
Item 2015 2016 2017 2018 H12019
Assets 13,853 14,375 16,081 16,436 17,513
Revenue 7,445 8,128 8,788 9,436 9,469
EBITDA 1,044 1,145 1,152 1,253 1,257
Majid Al Futtaim Retail (USDmn)
Majid Al Futtaim Ventures (USDmn)
1,114 1,223 1,254 1,264 1,144
710 766 800 814 812
2015 2016 2017 2018 H1 2019
Revenue EBITDA
6,011 6,503 7,049 7,622 7,625
319 335 330 380 380
2015 2016 2017 2018 H1 2019
Revenue EBITDA
393 492
577 651 700
51 72 70 87 93
2015 2016 2017 2018 H1 2019
Revenue EBITDA
EBITDA Margin by Entity (%)
63% 63% 64% 64% 64%
5% 5% 5% 5% 4%
13% 12% 12% 13% 11%
0%
10%
20%
30%
40%
50%
60%
70%
2015 2016 2017 2018 H1 2019
MAF Properties MAF Retail MAF Ventures
▪ The Group’s ability to combine capital intensive high margin
business (shopping malls) with capital light, high volume
business (hypermarkets) allows it to effectively manage its
growth.
18H1 2019 FIGURES STATED ON ROLLING 12 MONTH BASIS
BUSINESS OVERVIEW: MAJID AL FUTTAIM PROPERTIES
GROUP’S CORE BUSINESS
EXCLUDING MALL OF EGYPT OCCUPANCY STANDS AT 94%
H1 2019 SHOPPING MALL FOOTFALL STATED ON ROLLING 12 MONTH BASIS
Overview of Majid Al Futtaim Properties Majid Al Futtaim Properties’ Key Strengths
MAJID AL FUTTAIM
PROPERTIES
Alliances and Partnerships with
Key Retailers
Established Track Record,
Reputation & Brand
Prime Locations Secured for
Business
In-House Expertise (Fully
Integrated Operations)
Unique Leisure Offers (Through Majid Al Futtaim Ventures)
171 175 186 192 194
97% 98% 94%95% 93%
72% 75% 76% 75% 78%
0%
50%
100%
150%
0
30
60
90
120
150
180
2015 2016 2017 2018 H1 2019Total Shopping Mall Footfall - Million Shopping Mall Occupancy Hotels Occupancy
19
13 Hotels11 in UAE
2 in Bahrain
3 NEW PROJECTS
IN DEVELOPMENT
ACROSS 3 COUNTRIES
AND MORE I N THE
PIPELINE ACROSS THE
REGION
194 MILLION
25OVER 1.4
MILLION SQM
OVER 1.4
MAJID AL FUTTAIM PROPERTIES (1/2) UAE
20
Mall of the Emirates
Opened: 2005 , 250k m2 GLA
Occupancy Rate : 96%
City Centre Mirdiff
Opened: 2010 , 203k m2 GLA
Occupancy Rate : 90%
City Centre Deira
Opened: 1995 , 121k m2 GLA
Occupancy Rate : 96%
City Centre Me’aisem
Opened: 2015 , 23k m2 GLA
Occupancy Rate : 96%
City Centre Al Shindagha
Opened: 2016 , 25k m2 GLA
Occupancy Rate : 93%
City Centre Sharjah
Opened: 2001 , 51k m2 GLA
Occupancy Rate : 99%
City Centre Ajman
Opened: 1998 , 55k m2 GLA
Occupancy Rate : 96%
City Centre Fujairah
Opened: 2012 , 35k m2 GLA
Occupancy Rate : 99%
My City Centre Nasseriya
Opened: 2014 , 5k m2 GLA
Occupancy Rate : 75%
My City Centre Al Barsha
Opened: 2016 , 4k m2 GLA
Occupancy Rate : 92%
My City Centre Al Dhait
Opened: 2018 , 5k m2 GLA
Occupancy Rate : 71%
My City Centre Masdar
Opened: 2019 , 18k m2 GLA
Occupancy Rate : 71%
21
MAJID AL FUTTAIM PROPERTIES (2/2)O
MA
N
LE
BA
NO
N
EG
YP
T
BA
HR
AIN
Mall of Egypt
Opened: 2017 , 162k m2GLA
Occupancy Rate : 89%
City Centre Alexandria
Opened: 2003 , 63k m2GLA
Occupancy Rate : 99%
City Centre Maadi
Opened: 2002 , 30k m2GLA
Occupancy Rate : 100%
My City Centre Sur
Opened: 2018 , 16k m2GLA
Occupancy Rate : 92%
City Centre Qurum
Opened: 2005 , 27k m2GLA
Occupancy Rate : 97%
City Centre Muscat
Opened: 2001 , 69k m2GLA
Occupancy Rate : 99%
City Centre Bahrain
Opened: 2008 , 157k m2GLA
Occupancy Rate : 94%
City Centre Beirut
Opened: 2013 , 63k m2GLA
Occupancy Rate : 90%
OM
AN
City Centre Suhar
Opened: 2019 , 35k m2GLA
Occupancy Rate : 73%
BUSINESS OVERVIEW: MAJID AL FUTTAIM RETAIL
GENERATING STEADY CASHFLOWS
Overview of Majid Al Futtaim Retail Operating Framework
▪ Majid Al Futtaim Hypermarkets is a wholly owned subsidiary
since 25 June 2013 when Majid Al Futtaim acquired the remaining
25% from Carrefour SA. As part of the transaction, Majid Al Futtaim
also renewed its exclusive franchise partnership with the Carrefour
group until 2025 and extended it to an additional 19 new countries.
▪ Carrefour charges a sale-based franchise fee and provides
approval on new store openings.
▪ Majid Al Futtaim Retail aims to capitalize on its strong supply chain
and procurement procedures to deliver value to its customers.
Sales Volume
Purchasing Power
Supplier Rebates
Reinvest Rebates
Low Prices Good Quality Wide Choices
22
283In 14 countries Across the Middle East,
Ca
rrefo
ur
Ou
tle
ts
North Africa and CIS Regions
37Exclusive
Franchise
Rights for
CountriesNorth Africa and CIS Regions
Across the Middle East,
Over 20New stores
planned in
H2 2019
MAJID AL FUTTAIM RETAIL
23
Kuwait
Kenya
Bahrain
Kazakhstan
Egypt
Pakistan
Saudi Arabia
Lebanon
Iraq
Jordan
Oman
Qatar
UAE
Georgia
Armenia
Country Hyper Super
UAE 31 71
Oman 10 2
Pakistan 7 1
Bahrain 8 4
Armenia 0 2
Egypt 14 32
Jordan 5 29
Kuwait 3 5
Lebanon 3 1
Kenya 5 2
KSA 17 1
Qatar 5 5
Iraq 4 2
Georgia 2 12
TOTAL 114 169
* *MAJID AL FUTTAIM RETAIL CLOSED THEIR HYPERMARKET IN KAZAKHSTAN ON 30 JUNE 2017
BUT CONTINUE TO RETAIN THE COUNTRY HEAD OFFICE
Majid Al Futtaim Cinemas LLCMajid Al Futtaim Leisure & Entertainment LLC
BUSINESS OVERVIEW: MAJID AL FUTTAIM VENTURES
COMPLEMENTARY BUSINESSES
24
Majid Al Futtaim Fashion LLCMajid Al Futtaim Finance LLC
➢ Provides unique leisure offerings to Majid Al Futtaim malls
418 Cin
em
a
Scre
en
s
Across the MENA Region
Over 140kCards in Force
➢ Credit Card Issuer Business
Introduced Visa
Cards in 2010
1017CountriesStores in
Wholly-Owned Companies
Joint Venture Companies
Majid Al Futtaim Food & Beverages LLC
JV providing Energy Services and Facilities
Management
Formed in 2002 ( as Dalkia)
Acquired in 2013, JV operates portfolio of
international brands like California Pizza
Kitchen, Yo Sushi, etc.
• Majid Al Futtaim Ventures builds and manages value enhancing businesses for the Majid Al Futtaim Group, focusing on selected
sectors that are relevant for the wider business in the region.
ENOVA by VEOLIA
ROBUST GOVERNANCE STRUCTURE
EFFECTIVE OVERSIGHT OF SYNERGISTIC BUSINESSES
Governance Principles
▪ Majid Al Futtaim places considerable emphasis on governance and transparency within its operational framework.
✓ The company has voluntarily adopted the principles of the Combined Code on Corporate Governance for
listed companies in the UK across all areas of its business
✓ Strong operating company Board structures reporting to a group Board
✓ Set out the principles of Corporate Governance across each of the group’s operating entities and geographies
▪ Majid Al Futtaim has obtained a Strong management & governance (M&G) score by S&P across its universe of
rated entities in the Gulf region – one of the two only entities that such score has been awarded
Board Responsibilities
Majid Al Futtaim Holding Board
The Board of Majid Al Futtaim Holding provides independent oversight to protect shareholders’ interests:
1) Acting as shareholder of operating companies;
2) Controlling decisions related to strategic new businesses / markets or divestments; and
3) Via managing Funding and Capital allocation
Operating Companies Boards
Each operating company maintains its own Board of Directors responsible for setting strategic goals, measurement
of the success of the businesses in achieving objectives and maintaining corporate accountability.
Chairmen of the Operating Company boards are members of the Holding Board of Directors
25
Sir Michael Rake
Chairman
Chairman of Phoenix Global Services and Wireless Logic Group
Former Chairman of BT Group and KPMG International
Sir Ian Davis
Non-Executive Director
Chairman of Rolls Royce and former Worldwide Managing Director at McKinsey & Company
Tariq Al Futtaim
Non-Executive Director
Former chairman of the Majid Al Futtaim Charity
Foundation
Alan Keir
Non-Executive Director
Non Executive Director at HSBC UK Bank Plc
Non Executive Director at Sumitomo Mitsui Banking Corporation
Alain Bejjani
Chief Executive Officer of Majid Al Futtaim Holding
Former Executive Vice-Chairman of the Investment Development Authority of
Lebanon
Victor Chu
Non-Executive Director
Chairman of First EasternInvestment Group
Co-founder and director of Peach Aviation
MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS
26
Lord Rose
Non-Executive Director
Chairman of Ocado and Non Executive Director of
Woolworths Holding LimitedFormer CEO of Marks and
Spencer plc
Luc Vandevelde
Non-Executive Director
Founder and Chairman of Change Capital Partners LLP
Former Chairman of the Carrefour Group and Mark
and Spencer
Philip Bowman
Non-Executive Director
Independent Director of Ferrovial S.A
Former Chief Executive of Smiths Group plc and
Director of Burberry Group