National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — H1 2015 Earnings Presentation
18 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Jul 23, 2015
Slide 1: H1 2015 Results Presentation
National Central Cooling Company PJSC 23 July 2015 H1 2015 Results Presentation
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 23 July 2015. By attending the meet
Slide 3: Agenda
Agenda 1. Introduction and Operational Highlights Jasim Thabet, CEO 2. Financial Results Steve Ridlington, CEO 3. Conclusion Jasim Thabet, CEO 3
Slide 4: Three-pillar strategy
Three-pillar strategy OUR VISION As an integral part of the region's growth, Tabreed will be the leading utility company, delivering and operating district cooling infrastructure, while creating sustainable value for our shareholders as we maintain the comfort of the communities we serve. 1 2 3 EFFI
Slide 5: Achievements at a glance
Achievements at a glance One of the World’s Largest District Cooling Companies Iconic Projects 69 Plants in the GCC …delivering 953,000 RT …equivalent to cooling 96 220,000+ RT growth in Burj Khalifa towers connections since 2012 ..of cooling to our clients High Contributor to Environmental Savings
Slide 6: MCB repurchase approved
MCB repurchase approved Tabreed beats DFM index in May B • Leveraging its improved credit profile and availability of funding at attractive rates, 1.65 Tabreed 35 1.60 DFM (indexed) Tabreed has substituted MCBs, which attract coupons and dividends, with cheaper 30 1.55 Volumes debt financing 1.50 25
Slide 7: Headline Performance
Headline Performance • 45% of UAE capacity contracted to UAE Government clients Overseas Non Government 926 Government 953 Long-term stable 729 814 238 263 • 9% annual growth in connected capacity since 2012 193 AED m 149 customer base 306 346 374 378 • 110kRT increase in UAE capacity contracted sin
Slide 8: Performance Highlights
Performance Highlights Over the last 4 years Tabreed has delivered consistent growth in earnings on the back of sustained growth in connected capacity and top line revenues Group Connected Capacity (kRT) Group Revenue (AED m) Value Chain Business Chilled Water CAGR +9% 926 952 CW CAGR +3% 814 516 52
Slide 9: Regional Presence in GCC
Regional Presence in GCC CONNECTED CAPACITY PLANTS OWNERSHIP Q2 ‘14 Q2 ‘15 QATAR 3 44% 158 kRT 168 kRT KSA 2 25% 42 kRT 63 kRT BAHRAIN 1 90.3% 21 kRT 22 kRT OMAN 2 60% 5 kRT 10 kRT Tabreed has presence across GCC and the investments contribute positively to the Group’s bottom line led by Qatar Cool
Slide 10: Financial Highlights – Income Statement
Financial Highlights – Income Statement Unaudited Consolidated Financials (AED m) H1 2015 H1 2014 Variance % Revenue 555.3 526.3 29.0 6% Chilled water revenue (91%) 507.2 483.1 24.1 5% Value chain businesses (9%) 48.1 43.2 4.9 11% Operating cost (286.9) (267.9) (19.0) 7% Gross Profit 268.4 258.4 10.
Slide 11: Financial Highlights – Financial Position
Financial Highlights – Financial Position Unaudited Consolidated Financials (AED m) Jun 2015 Dec 2014 Variance % Fixed Assets 6,806.7 6,679.4 127.3 2% Associates and Joint Ventures 660.7 650.9 9.8 2% Accounts Receivable 398.7 466.8 (68.1) -15% Cash and Short Term Deposits 1,252.8 417.9 834.9 200% Ot
Slide 12: Financial Highlights – Cash flows
Financial Highlights – Cash flows Unaudited Consolidated Financials (AED m) H1 2015 H1 2014 Variance % Operating Profit for the period 178.3 178.5 (0.2) -0% Finance Income relating to Finance Lease receivable (93.4) (77.8) (15.6) 20% Lease Rentals received 117.9 93.6 24.3 26% Depreciation 61.4 65.6
Slide 13: Q2 Chilled Water Performance
Q2 Chilled Water Performance Gross Connected Capacity (kRT) Revenue (AED m) GCC UAE CAGR +5% CAGR +9% 293 262 275 926 953 252 814 729 236 263 149 193 580 620 690 690 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Chilled Water Gross Profit (AED m) GCC breakdown (AED m) GP Margin (%)
Slide 14: Debt Portfolio
Debt Portfolio • Tabreed’s current gearing is 46% (debt: debt+equity), in line with global utility peers Debt • 95% of Tabreed’s debt is denominated in AED, with the balance in USD and OR characteristics • Virtually all the debt is floating rate, but just over 50% of the Tabreed facilities are hedge
Slide 15: Key Developments
Key Developments Repurchased 28% of MCBs after 5 fils dividend paid unanimous for 3rd approval of voting consecutive year shareholders 30-year contract renewed with Re-financing of Aldar and AED 2.6 bn of framework set out loans with for future 45.6kRT connections concession signed increased tenor w
Slide 16: Summary
Summary -50% • Tabreed is the largest utility infrastructure business offering cooling services in the Middle East KWh/RT Why Tabreed? • Providing critical cooling infrastructure at 50% less energy consumption and carbon footprint • Proven track record in its operations and the industry leading in-h
Slide 17: Q&A
al I = a | tabreed Q&A
Slide 18: Contact Details
Contact Details For further information, please contact: Faisal Tahir Bhatti Ahmed Al Nowais Senior Analyst Senior Manager - Communications Tel: +971 2 2020400; Ext: 336 Tel: +971 2 2020400; Ext: 333 Email: Fbhatti@tabreed.ae Email: Aalnowais@tabreed.ae 18
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