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 2015 Earnings Presentation
18 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Apr 29, 2015
Slide 1: Q1 2015 Results Presentation
National Central Cooling Company PJSC 29 April 2015 Q1 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 29 April 2015. By attending the mee
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: Steve Ridlington
Steve Ridlington • Steve Ridlington is Tabreed’s newly appointed Chief Financial Officer, a position he previously held between 2009 - 2011. • Steve led the company through its AED 3 billion recapitalization • Before re-joining Tabreed in February 2015, Steve was the CFO for London-based Buried Hill
Slide 5: 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 6: 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 950,000 RT …equivalent to cooling 96 250,000 RT growth in Burj Khalifa towers connections since 2012 ..of cooling to our clients High Contributor to Environmental Savings E
Slide 7: Headline Performance
Headline Performance • 43% of UAE capacity contracted to UAE Government clients Overseas Non Government Government 950 Long-term stable 703 801 852 263 • 11% annual growth in connected capacity since 2012 199 203 AED m 153 customer base 292 328 374 394 • 130 kRT increase in UAE capacity contracted s
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) Chilled Water Value Chain Business CAGR +11% 950 CAGR +4% chilled water 80
Slide 9: Regional Presence in GCC
Regional Presence in GCC CONNECTED CAPACITY PLANTS OWNERSHIP Q1 ‘14 Q1 ‘15 QATAR 3 44% 150 kRT 168 kRT KSA 2 25% 27 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) Q1 2015 Q1 2014 Variance % Revenue 239.4 227.2 12.2 5% Chilled water revenue (90%) 214.4 208.2 6.2 3% Value chain businesses (10%) 25.0 19.0 6.0 32% Operating cost (116.9) (108.2) (8.7) 8% Gross Profit 122.6 119.0 3.5
Slide 11: Financial Highlights – Financial Position
Financial Highlights – Financial Position Unaudited Consolidated Financials (AED m) Mar 2015 Dec 2014 Variance % Fixed Assets 6,784.9 6,679.4 105.5 2% Associates and Joint Ventures 661.3 650.9 10.3 2% Accounts Receivable 392.2 466.8 (74.6) -16% Cash and Short Term Deposits 407.4 417.9 (10.5) -3% Oth
Slide 12: Financial Highlights – Cash flows
Financial Highlights – Cash flows Unaudited Consolidated Financials (AED m) Q1 2015 Q1 2014 Variance % EBITDA for the period 119.7 118.6 1.1 1% Finance Income relating to Finance Lease receivable (46.8) (30.4) (16.4) 54% Lease Rentals received 61.4 35.9 25.5 71% Working Capital Adjustments (9.0) 9.5
Slide 13: Q1 Chilled Water Performance
Q1 Chilled Water Performance Gross Connected Capacity (kRT) Revenue (AED m) GCC UAE CAGR +4% CAGR +11% 950 203 208 214 852 193 801 703 266 189 203 138 612 649 685 565 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Chilled Water Gross Profit (AED m) GCC breakdown (AED m) Margin (%) C
Slide 14: Debt Maturity Profile
Debt Maturity Profile Debt repayments (AED in millions) 1,144 262 166 166 166 166 157 3 3 2015 2016 2017 2018 2019 2020 2021 2022 2023 Debt position (AED in millions) Borrower Type Amount (AED m) Undrawn amount (AED m) Tabreed Term loan 2,065 - Tabreed Revolver - 450 Bahrain District Cooling Company
Slide 15: Key Announcements
Key Announcements 5 fils dividend paid for 3rd 30-year contract consecutive renewed with year Re-financing of Aldar and AED 2.6 bn of framework set 45.6kRT loans with out for future concession increased tenor connections Acquisition of a signed with and up to 25% 30 year Meraas for reduction in Cont
Slide 16: Summary
Summary Why District • Providing critical cooling infrastructure at 50% less energy consumption and carbon footprint Cooling? • District Cooling is 16% cheaper than conventional cooling on a lifecycle basis • Tabreed is the largest utility infrastructure business offering cooling services in the Mid
Slide 17: Q&A
al I = a | tabreed Q&A
Slide 18: Contact Details
Contact Details For further information, please contact: Faisal Tahir Bhatti Salam Kitmitto Senior Analyst Director of Communications Tel: +971 2 6455007; Ext: 483 Tel: +971 2 6455007; Ext: 692 Email: Fbhatti@tabreed.ae Email: Skitmitto@tabreed.ae 18
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