Table 2: Emaar Properties PJSC | Ratios - Key Metrics | Ratios - Key Metrics Column1 Earnings Quality Score Industry Median 2018 2017 2016 2015 2014 50 57 41 40 66 69 Profitability Gross Margin 42.6% 54% 55% 58% 60% 60% EBITDA Margin 27.5% 39% 39% 40% 40% 47% Operating Margin 26.4% 329 33% 34% 3196 35% Pretax Margin 29.8% 35% 35% 39% 33% 37% Effective Tax Rate 23.7% 096 196 196 -196 0% Net Margin 22.6% 35% 35% 39% 34% 37% DuPont/Earning Power Asset Turnover 0.19 0.23 0.18 0.18 0.18 0.14 x Pretax Margin 29.8% 35% 35% 39% 33% 37% Pretax ROA 5.5% 8% 6% 7% 696 5% x Leverage (Assets/Equity) 2.92 2.32 2.37 2.44 2.09 2.25 Pretax ROE 18.5% 199 15% 16% 13% 11% x Tax Complement 0.73 68% 84% 89% 90% 89% ROE 13.8% 13% 13% 14% 1296 10% x Earnings Retention 0.67 82% 100% 80% 74% 67% Reinvestment Rate 10.2% 11% 13% 11% 996 7% Liquidity Quick Ratio 0.60 - - Current Ratio 1.31 - - Times Interest Earned 6.5 Cash Cycle (Days) 658.1 141.6 104.4 86.2 18.3 50.1 Leverage Assets/Equity 2.92 Debt/Equity 0.72 % LT Debt to Total Capital 21.3% 2.32 2.37 2.44 0.44 0.45 0.44 0.35 0.241 0.252 0.275 0.235 2.09 2.25 0.37 0.242 (Total Debt - Cash)/EBITDA 4.14 0.6 0.04 - - Operating A/R Turnover 2.6 2.2 3.5 4.2 4 7.3 Avg. A/R Days 141.8 167.3 104.4 86.2 92.1 50.1 Inv Turnover 0.5 53.5 - Avg. Inventory Days 811.1 6.8 - Avg. A/P Days 135.0 32.5 - Fixed Asset Turnover 12.87 2.35 1.82 1.67 - 73.9 1.56 1.22 WC/Sales Growth 1.1% - - - Bad Debt Allowance (% of A/R) 1.4% 0.01 0.019 - 0.027 0.05 ROIC 0.127 0.098 | 0.107 | 0.096 0.083