Abu Dhabi, July 21 2015: Aldar Properties PJSC ("Aldar"), Abu Dhabi's leading listed property development, investment and management company, announced today changes to its accounting policies that will apply to its 2015 Financial Statements.
Following a detailed review of IFRS 15, the Board has taken the decision to adopt this standard from 1 January 2015.
The profile of revenue and profit recognition may therefore change for Aldar as a result of the introduction of IFRS 15. The most important change may relate to the timing of revenue recognition from off plan developments. Currently, revenues from off plan developments are recognised at a point in time on delivery of a completed unit. Under IFRS 15 Aldar may also recognise revenues over time up to the point of completion based on the terms of our contracts.
The H1 2015 Financial Statements for Aldar Properties PJSC will reflect the full adoption of IFR15.
For further information, please contact:
Investors:
Chris Wilson
Aldar Properties
+971 2 810 5624
Media:
Paul Middleton
Aldar Properties
+971 2 810 5555
Sheena Shah / Joudi Issa
Brunswick Group
+971 2 234 4600
About Aldar
Abu Dhabi-based Aldar Properties PJSC is one of the largest developers in the Middle East and North Africa region, with US$10 billion of assets. The company has developed some of Abu Dhabi's most iconic and complex projects, from Yas Mall and the Formula 1 facilities on Yas Island to the thriving new Shams Abu Dhabi community on Al Reem Island. Its property portfolio is diversified and balanced with a total asset mix comprising residential communities, retail property, with the remaining in commercial. There are also nine hotels with more than 2,500 available rooms. With a land bank of over 77 million square metres, 90 per cent of which is in special investment zones, Aldar Properties is focused on serving the growing demand in the UAE for high-quality and professionally managed property. Aldar Properties is a strong partner of the Government of Abu Dhabi, which is also a major shareholder. The business is aligned with the Emirate's "Vision 2030" strategy of economic diversification and social infrastructure development.
© Press Release 2015
