National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — Q1 2011 Earnings Presentation
20 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, May 12, 2011
Slide 1: Tabreed Q1 11 Results Presentation
Tabreed Q1 11 Results Presentation 12 May 2011
Slide 2: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the National Central Cooling Company PJSC, ‘Tabreed’ (the “Company”). These materials have been prepared solely for your information and for use at the presentation to be made on 12 May 2011. By attending the meeti
Slide 3: Agenda
Agenda • Overview & Recapitalization Program – Sujit Parhar • Operational Review – Sujit Parhar • Financial Review – Adrian Kershaw • Summary – Sujit Parhar • Q&A 3
Slide 4: Tabreed – Well Positioned to Deliver Shareholder Value
Tabreed – Well Positioned to Deliver Shareholder Value • Completion of Recapitalization Program • Robust Q1 11 results demonstrate strength of underlying business • Group revenue of AED 245.6m – up 23% vs. Q1 10 – Strong contribution from Chilled Water (+32%) • Operating profit of AED 64.4m – up 55%
Slide 5: Closing of Recapitalization Program
Closing of Recapitalization Program EGA 30 May 2010 Tabreed’s shareholders approve recapitalization program Capital Reduction Creditor Agreement New Capital 08 Sukuk Cancellation of 970 Refinancing of AED 2.63 Up to AED 3.1 billion from Settlement of cash million shares billion bank debt Mubadala co
Slide 6: Operational Review
Operational Review Sujit Parhar CEO 6
Slide 7: UAE Operational Plants
UAE Operational Plants • In total 155,800 RT of gross capacity came online in FY 10, increasing capacity to 541,525 RT* (gross) across 49 plants – Average reliability of 99.99% • The capacity increase reflects 13 plants and 2 expansion plans completed in FY 2010 FY 2010 – T8 ZMC – 10,000 RT, Shams 0
Slide 8: Financial & Operational Metrics
Financial & Operational Metrics Key Metrics 2010 2012e Q1 11 Comment Number of Plants 49 62 49 No new plants came online in Q1 11 Installed Capacity (RT) 542k 600k 542k - Connected Capacity (RT) 477k 575k 498k 21k of capacity connections in Q1 11 EBITDA margins 40% Stable/Rising 46% - Capex Payments
Slide 9: Financial Review
Financial Review Adrian Kershaw CFO 9
Slide 10: Q1 11 Financial Highlights
Q1 11 Financial Highlights Consolidated results for Q1 11 Key Figures – Un-audited Consolidated Financials • Group revenue of AED 245.6m 3-months – Strong contribution from Chilled Water (+32%) ending 31 March All figures in AED m Q1 11 Q1 10(1) • Gross Profits of AED 102m up 21% on Q1 10 Revenues 2
Slide 11: Chilled Water (75% of Revenue)
Chilled Water (75% of Revenue) Key Metrics • Revenue sharply higher (AED m) Q1 11 Q1 10 % Change – 9 new plants have come online since Q1 10 Revenues 184 139 32% • Costs increase less rapidly than revenue growth due to utility efficiency improvements and scale impact Cost (97) (88) 10% • Gross profi
Slide 12: Value Chain Businesses (25% of Revenue)
Value Chain Businesses (25% of Revenue) • Contracting, Manufacturing & Services segment Key Metrics (AED m) Q1 11 Q1 10 % Change • Contraction of contribution from value chain businesses Revenues 62 61 2% driven by completion of Tabreed’s build-out program and economic conditions Cost (47) (27) 77%
Slide 13: Summary
| I * a oe fl tabreed Summary Sujit Parhar CEO 13
Slide 14: Summary
Summary • Tabreed has successfully completed its recapitalization program • Tabreed now has in place the necessary foundation for growth through the implementation of a stable long- term capital structure • Tabreed is well positioned to capitalize on future opportunities by meeting demand for coolin
Slide 15: Q&A
IE et fl tubieed Q&A 15
Slide 16: Contact Details
Contact Details For further information please contact Kalpesh Shah kshah@tabreed.com +971 2 645 5007 16
Slide 17: Appendix
| I emerges fl tubieed Appendix 17
Slide 18: Contracting (13% of Revenue)
Contracting (13% of Revenue) Key Metrics * • Sales of AED 33m with main contributions from GES (AED m) Q1 11 Q1 10 % Change projects on Sowwah Island and Military Revenues 33 29 13% • Gross profit and GP margin in Q1 11 lower mainly due to contractor discounts in Q1 10 Cost (30) (18) 71% Gross Profi
Slide 19: Manufacturing (7% of Revenue)
Manufacturing (7% of Revenue) Key Metrics • Revenues increased by 12% over Q1 11 (AED m) Q1 11 Q1 10 % Change • Gross margins fell to 27% over Q1 10 reflecting reduced Revenues 17 16 12% margins on new contracts and increased competition Cost (13) (8) (60%) • Profit from operations fell by 61% to AE
Slide 20: Services (5% of Revenue)
Services (5% of Revenue) Key Metrics • Sales decreased by 26% in 2010 reflecting slowdown in the (AED m) Q1 11 Q1 10* % Change real estate sector Revenues 12 16 (26%) • Costs increased by 128% over Q1 11 due to reclassification in Q1 10 Cost (4) (1) 128% Gross Profit 8 15 (48%) • Gross margins fell
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