National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — FY2018 Earnings Presentation
18 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Jan 31, 2019
Slide 1: FY2018 Earnings Presentation
National Central Cooling Company PJSC (DFM:TABREED) FY2018 Earnings Presentation 31 January 2019
Slide 2: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the • No person is authorized to give any information or to make any representation National Central Cooling Company PJSC, ‘Tabreed’ (the “Company”). These not contained in and not consistent with these materials a
Slide 3: Agenda
Agenda 1. Introduction and Performance Highlights 2. Financial Results 3. Conclusion NATIONAL CENTRAL COOLING COMPANY PJSC 3
Slide 4: 1. Introduction and Performance Highlights
1. Introduction and Performance Highlights
Slide 5: Performance Highlights and Corporate Developments
Performance Highlights Financial Highlights: 2018 vs. 2017 AED 1,447m AED 1,361m AED 694m AED 428m 9.5 fils +3.4% +3.3% +10.5% +6.9% +1.5 fils Total Revenue Chilled Water EBITDA Net Income Proposed Revenue Dividend Performance Highlights and Corporate Developments • Chilled Water revenue growth at 3
Slide 6: Tabreed at a Glance
Tabreed at a Glance One of the world’s largest district cooling companies Over Equivalent to cooling 74 plants in 1.1m RT 113 5 countries delivered to clients towers the size of Burj Khalifa Environmentally responsible operations reducing green house gas emissions 1.97 billion kWh 986,000 tons annua
Slide 7: Regional Presence
Regional Presence The only publicly listed district cooling company in the world National Central Cooling Company and its UAE investments • 5 GCC countries | 74 plants | Over 1.1m tons of cooling • 60 consolidated plants, 3 held through associates and joint ventures • Plants in 6 emirates of the UAE
Slide 8: Connected Capacity
Connected Capacity • Previously announced capacity guidance of 65,000 RT to be added by 2019 • Connected 39,000 RT during 2018 across the region. Key additions during Q4 2018 were Pearl Qatar (3,259 RT) and Al Araimi Mall in Oman (6,225 RT) • 32,800 RT for S&T recorded as consolidated capacity from
Slide 9: Headline Performance
Headline Performance UAE Other • Providing over 1.1m RT of cooling across GCC – growing 5% Long-term annually since 2015 Group Connected 1,131 Capacity (kRT) 1,092 contracts with • Long term contracts (~25 years) mean over 90% of 974 1,048 358 302 321 credit worthy contracted capacity locked in for
Slide 10: 2. Financial Results
fl tabreed Sustainable Cooling 2. Financial Rest
Slide 11: 2018 Income Statement
2018 Income Statement Consolidated Financials (AED m) 2018 2017 Variance % Revenue 1,447 1,399 47 3% Chilled water revenue (94%) 1,361 1,317 44 3% Value chain businesses (6%) 86 82 3 4% Operating cost (784) (772) (12) 2% Gross Profit 663 628 35 6% Gross profit margin 46% 45% Administrative and other
Slide 12: 2018 Financial Position
2018 Financial Position Consolidated Financials (AED m) Dec 31, 2018 Dec 31, 2017 Variance % Fixed Assets 7,026 6,874 152 2% Associates and Joint Ventures 579 826 (247) -30% Accounts Receivable 568 517 52 10% Cash and Short Term Deposits 249 418 (169) -40% Other Assets 61 60 1 2% Total Assets 8,484
Slide 13: 2018 Cash Flow Statement
2018 Cash Flow Statement Consolidated Financials (AED m) 2018 2017 Variance % Profit from Operations 459 432 27 6% Finance lease amortization 85 56 30 53% Depreciation 150 140 9 7% Working Capital and other adjustments (32) (73) 41 56% Net cash flows from Operating Activities 662 555 107 19% Capital
Slide 14: 2018 Debt Portfolio and Return Ratios
2018 Debt Portfolio and Return Ratios • Significantly reduction in net debt over the last 4 years with commensurate reduction in gearing to 39%. 69% of the total debt fixed rate • No significant debt repayments until the Sukuk matures in 2025 • Strong improvement in Net Debt to EBITDA ratio as EBITD
Slide 15: 3. Conclusion
fl tabreed Sustainable Cooling 3. Conclusion
Slide 16: Unique GCC-wide Infrastructure Assets Company
Unique GCC-wide Infrastructure Assets Company Why District • District Cooling is a critical part of the growing GCC infrastructure Cooling? • District Cooling is 50% more energy efficient than conventional cooling and 16% cheaper for the customer • One of the largest district cooling companies in th
Slide 17: Contact Us
Contact Us Saket Somani Churchgate Partners Tel: +971 4 3132432 Email: Tabreed@churchgatepartners.com Richard Rose Rachel Emmett VP – Finance Sr. Manager – Treasury & IR Tel: +971 2 2020400 Tel: +971 2 2020433 Email: IR@tabreed.ae Email: remmett@tabreed.ae NATIONAL CENTRAL COOLING COMPANY PJSC
Slide 18: Stable Core Business Model Delivering Consistent Performance
Stable Core Business Model Delivering Consistent Performance Business Model - Profit Statement (% of revenue)* Billing structure and profitability Capacity Consumption • Tabreed bills customers for capacity Chilled Water (fixed) (variable) Total (fixed) charges and consumption Revenue, net of amorti
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