National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — Q3 2020 Earnings Presentation
17 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Nov 12, 2020
Slide 1: National Central Cooling Company PJSC Q3 2020 Earnings Presentation
National Central Cooling Company PJSC (DFM:TABREED) Q3 2020 Earnings Presentation 12 November 2020
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
Performance Highlights Financial Highlights: 9M 2020 vs. 9M 2019 AED 1,219m AED 1,258m AED 677m AED 370m +13.6% +11.5% +20.3% +12.6% Chilled Water Revenue Total Revenue EBITDA Net Income Performance Highlights and Corporate Developments • Chilled Water revenue grew 13.6%. Total Revenue increased by
Slide 6: Tabreed at a Glance
Tabreed at a Glance One of the world’s largest district cooling companies 83 Equivalent to cooling plants in 1.35m RT 135 5 countries delivered to clients towers the size of Burj Khalifa Environmentally responsible operations reducing green house gas emissions 2.06 billion kWh 1.23 million tons annu
Slide 7: Connected Capacity
Connected Capacity • Previously announced capacity guidance of 75,000 RT to be added over 2020 and 2021 • Organic capacity addition of over 23,087 RT during 9M 2020 • Acquisition of Dubai Downtown in April 2020 added another 146,596 RT Consolidated Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 UAE 708 724
Slide 8: Headline Performance
Headline Performance UAE Other • Providing over 1.35m RT of cooling across GCC – grown at Long-term 8% CAGR since 2017 1,352 Group Connected 1,161 Capacity (kRT) 1,087 1,122 contracts with • Long term contracts (~25 years) mean over 90% of 381 399 316 348 credit worthy contracted capacity locked in
Slide 9: 2. Financial Results
fl tabreed Sustainable Cooling 2. Financial Rest
Slide 10: Income Statement
Income Statement Consolidated Financials (AED m) 9M 2020 9M 2019 Variance % Revenue 1,258 1,128 130 11.5% Chilled water revenue (97%) 1,219 1,073 146.0 13.6% Value chain businesses (3%) 39 55 (16) -29.1% Operating cost (666) (580) (85) 14.7% Gross Profit 592 548 45 8.2% Gross profit margin 47% 49% A
Slide 11: Financial Position
Financial Position Consolidated Financials (AED m) Sep 30, 2020 Dec 31, 2019 Variance % Fixed Assets 10,311 7,317 2,994 41% Associates and Joint Ventures 736 732 4 1% Accounts Receivable 873 593 280 47% Cash and Short Term Deposits 322 227 95 42% Other Assets 44 35 10 28% Total Assets 12,286 8,904 3
Slide 12: Cash Flow Statement
Cash Flow Statement Consolidated Financials (AED m) 9M 2020 9M 2019 Variance % Profit from Operations 426 390 36 9% Finance lease amortization 89 45 44 99% Depreciation 140 127 12 10% Amortization 22 - 22 Working Capital and other adjustments (172) 12 (184) Net cash flows from Operating Activities 5
Slide 13: Debt Portfolio and Return Ratios
Debt Portfolio and Return Ratios • Current gearing of 50% (vs. 39% in Dec 2019); Increase in debt in 2020 due to financing of AED 2.5bn for Downtown DCP • No significant debt repayments until the Sukuk matures and new acquisition term loan bullet becomes due in 2025 • However, the robust cash flow p
Slide 14: Bond Issuance
Bond Issuance Testament to Tabreed’s ability to generate sustainable cash flows and returns Amount Raised USD 500 mn (AED 1.8 bn) Use of Proceeds Tenure 7 Years Coupon Rate 2.5% p.a payable semi-annually • Fund two potential acquisitions in the UAE with Exchange London Stock Exchange combined capaci
Slide 15: 3. Conclusion
fl tabreed Sustainable Cooling 3. Conclusion)
Slide 16: Key Highlights
Key Highlights 1 2 3 Robust operating performance and business model Prudent debt and liquidity ➢ Strong operational track record of over Solid corporate governance and management 22 years market-leading transparency ➢ Healthy balance sheet with solid ➢ A utility-like service considering the ➢ Liste
Slide 17: Contact Us
Contact Us Bijay Sharma Churchgate Partners Email: Tabreed@churchgatepartners.com Richard Rose Salik Malik SVP, Finance Head, Financial Planning & Analysis Tel: +971 2 2020400 Tel: +971 2 2020397 Email: IR@tabreed.ae Email: SMalik@tabreed.ae NATIONAL CENTRAL COOLING COMPANY PJSC
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