National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — FY2022 Earnings Presentation
23 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Feb 15, 2023
Slide 1: National Central Cooling Company PJSC Full Year 2022 Earnings Presentation
National Central Cooling Company PJSC (DFM: TABREED) Full Year 2022 Earnings Presentation 15 February 2023
Slide 2: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the National Central • No person is authorized to give any information or to make any representation not contained in and Cooling Company PJSC, ‘Tabreed’ (the “Company”). These materials have been prepared solely f
Slide 3: Agenda
Agenda 1 Introduction and Business Highlights 4 2 Performance Highlights 9 3 Financial Results 13 4 Conclusion 18 | 3
Slide 4: Introduction and Business Highlights
01 Introduction and Business Highlights
Slide 5: Tabreed Sustainable Investment Case
Tabreed Sustainable Investment Case Resilient Business Model Strategic Partnerships • A utility-like service considering the warm climate of the Middle • Recently implemented Nemo, ENGIE’s bespoke AI operations East with operational track record of 25 years software, for Downtown DCP network • The p
Slide 6: 2022 Income Statement Highlights
2022 Income Statement Highlights Financial Highlights: 2022 vs. 2021 Performance Highlights and Other Developments Total Chilled Water Profit from • EBITDA increased by 19.2% to AED 1.23 billion with a Revenue Revenue Operations margin of 56% • Starting 2022, Tabreed Acquired Al Mouj DC assets AED 2
Slide 7: Connected Capacity (kRT)
Connected Capacity (kRT) Consolidated Dec 2021 Q1 2022 Q2 2022 Q3 2022 Dec 2022 UAE 1,025 1,033 1,038 1,053 1,060 Bahrain 33 34 34 34 34 Oman 33 51 51 52 52 Total Consolidated 1,091 1,118 1,123 1,139 1,146 Equity Accounted UAE 9 9 9 9 9 KSA 110 110 110 110 110 Total Equity Accounted 119 119 119 119
Slide 8: Capacity Growth Guidance
Capacity Growth Guidance • New capacity guidance for 2023 and 2024 is 120k RT 2023/24 Two years guidance kRT • Of the guided capacity around 60% is expected to be 2023/24 Capacity Guidance 120 contributed by consolidated entities and balance 40% by equity accounted entities • 55k RT was added in 202
Slide 9: Performance Highlights
02 Performance Highlights Otabreed
Slide 10: Performance Highlights (1/3)
Performance Highlights (1/3) Group Connected Capacity (kRT) Group Revenue (AEDm) 2,216 1,404 1,955 1,210 1,264 1,741 1,183 75 405 196 1,520 176 73 388 54 64 1,034 1,069 1,882 2,141 999 1,687 795 1,456 2019 2020 2021 2022 2019 2020 2021 2022 UAE Others Chilled Water Value Chain Long-term Contracts Wi
Slide 11: Performance Highlights (2/3)
Performance Highlights (2/3) Financial Results (AED m) Key Margins 1,232 56% 56% 53% 1,033 50% 970 763 802 35%36% 36% 32% 31%32%30% 630 623 585 600 27% 532 550 472 EBITDA Margin Operating Profit Margin Net Income Margin 2019 2020 2021 2022 Profit from Operations EBITDA Net Income 2019 2020 2021 2022
Slide 12: Performance Highlights (3/3)
Performance Highlights (3/3) Operating Cashflow Pre Working Capital (AED m) EPS and Dividend Breakup 21 20 21 17 1,232 1,033 13.5 970 11.5 12.0 763 10.5 50% 50% 50% 50% 2019 2020 2021 2022 2019 2020 2021 2022 EPS Cash Dividend % Share Dividend % Operating Cashflows Pre Working Capital Returns to Sha
Slide 13: Financial Results
03 Financial Results Otabreed
Slide 14: Income Statement
Income Statement Consolidated Financials (AED m) FY 2022 FY 2021 Variance % Revenue 2,216.2 1,955.1 261.1 13% Chilled water revenue (97%) 2,141.2 1,882.1 259.1 14% Value chain businesses (3%) 75.0 73.0 2.0 3% Operating cost (1,177.9) (1,084.3) (93.7) 9% Gross Profit 1,038.2 870.8 167.4 19% Gross pro
Slide 15: 2022 Balance Sheet and Debt Maturity
2022 Balance Sheet Consolidated (AED m) 31 Dec 2022 31 Dec 2021 Capital Structure Net Debt* Profile Fixed Assets and Intangibles 12,251.8 12,521.5 (AED m) Associates and Joint Ventures 457.3 372.8 5,378 6,165 5,536 Receivables & Other Current 704.7 741.8 2,914 Assets Derivative – MTM 263.8 (16.2) De
Slide 16: Cash Flow Statement
Cash Flow Statement Consolidated Financials (AED m) FY 2022 FY 2021 Variance % Profit from Operations 801.9 623.2 178.7 29% Finance lease amortization 110.1 136.8 (26.7) -20% Depreciation and Amortization 319.9 273.2 46.7 17% Working Capital and other adjustments 123.2 283.2 (160.0) -56% Net cash fl
Slide 17: 2022 Cashflow Highlights
2022 Cashflow Highlights Net Cashflows Net Cashflows Net Cashflows from Operating Activities from Operating Activities from Operating Activities (AED m) Pre-Working Capital (EBITDA) (AED m) Post-Investing Activities (AED mn) 1,141 1,232 +3% p.a. 1,355 1,316 1,033 340 2021 2022 2021 2022 2021 2022 •
Slide 18: Conclusion
04 Conclusion Otabreed
Slide 19: Board of Directors
Board of Directors Continuity of board with four directors each appointed by Mubadala and ENGIE. Khaled Al Qubaisi is the Chief Executive Officer, Real Estate & Infrastructure Investments at Mubadala. Paulo Almirante is currently Senior Executive Vice President of global energy leader ENGIE in charg
Slide 20: Senior Management
Senior Management Khalid Al Marzooqi Adel Salem Al Wahedi Sean Magee Dr. Yousif Al Hammadi Antonio Di Cecca François Xavier Boul Chief Executive Officer Chief Financial Officer Acting Chief Legal Counsel Chief Asset Management Officer Chief Operating Officer Chief Development Officer Appointed as CE
Slide 21: Environmental Impact
Environmental Impact Tabreed has set its own targets to support energy consumption reduction and emission prevention, through innovative technology solutions and environmentally-friendly practices. Pioneered various innovations Demonstrated environmental impact 2022 Utilization of TSE1 water Pioneer
Slide 22: Tabreed at a Glance
Tabreed at a Glance One of the world’s largest district cooling companies with Exclusive provider of District Cooling services to several strong regional presence iconic projects 4 Countries: UAE, Saudi Arabia, Oman and Bahrain Further expansion in new geographies (India and Egypt) Cleveland Yas Mar
Slide 23: Contact Us
Contact Us Rajiv Pandya Churchgate Partners Email: Tabreed@churchgatepartners.com Salik Malik Riyad Hammad Vice President, Finance Head of Treasury and IR Tel: +971 2 2020397 Tel: +971 2 2020367 Email: smalik@tabreed.ae Email: rhammad@tabreed.ae
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