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 2013 Earnings Presentation
18 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Nov 4, 2013
Slide 1: Q3 2013 Results Presentation
National Central Cooling Company PJSC 4 November 2013 Q3 2013 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 4 November 2013. By attending the m
Slide 3: Agenda
Agenda • Overview • Headline Performance • Operational and Financial Highlights • Chilled Water Performance • Summary 3
Slide 4: Tabreed's Story
Tabreed’s Story …District Cooling (DC) is 50% more Overall cooling represents 70% of Abu …DC comes at ~16% lower life cycle energy efficient than Conventional Dhabi’s energy peak consumption… cost than CC Cooling (CC)… 100% 84% -16% 63% -50% Paid 49 Upfront 39 Capex KWh/RTh 7% Charged 51 45 Variable
Slide 5: What Do the Savings Mean for the UAE?
What Do the Savings Mean for the UAE? Over 630,000 RT delivered to customers 260 Sheikh Zayed Grand Mosques Energy Environment Reduction of Cutting CO2 Emissions by 1 billion KwH 400,000 Tons 30,000 - 40,000 80,000 cars homes 320,000 Trips 65,000 1 Person: residents Abu Dhabi-> NY 5
Slide 6: Headline Performance
Headline Performance VCB Profit from Ops CW Profit from Ops 4 5 Strong focus on • Core Chilled Water Revenue up 3% to AED 311.1m AED m 5 12 • Stable Profit from Operations Q on Q; 6% increase Y on Y 82 100 100 Core Business 74 • Core business represents 95% of Profit from Operations Q3 2010 Q3 2011
Slide 7: Operational Highlights
Operational Highlights Number of Plants Gross Capacity +8% +15% 829 kRT 65 65 66 745 kRT 689 kRT 52 550 kRT Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Group Revenue (AED m) Group EBITDA Margin Value Chain Business Chilled Water +6% +5% 43% 42% 24 18 38% 24 35% 72 303 311 286 212
Slide 8: Financial Highlights – Q3 Income Statement
Financial Highlights – Q3 Income Statement Unaudited Consolidated Financials (AED m) Q3 2013 Q3 2012 3% increase in Chilled Water revenue Revenues 329.2 326.4 partially offset by the expected contraction in the VCBs Chilled Water (94% of revenue) 311.1 302.8 Value Chain Businesses (6% of revenue) 18
Slide 9: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet Unaudited Consolidated Financials (AED m) Sep 2013 Dec 2012 Fixed Assets 6,720.6 6,790.3 Associates and Joint Ventures 482.0 459.5 5% reduction driven by customer Accounts Receivable & Prepayments 528.7 558.3 receivable optimisation Higher cash generation ,togeth
Slide 10: Financial Highlights – Q3 Cashflow
Financial Highlights – Q3 Cashflow Unaudited Consolidated Financials (AED m) Q3 2013 Q3 2012 EBITDA for the period 139.1 139.1 Finance income relating to finance lease receivable (30.4) (30.5) Lease Rentals Received 27.7 29.1 Significant improvement in Working Capital Adjustments 22.1 (90.9) receiva
Slide 11: Chilled Water Performance
Chilled Water Performance Gross Capacity (kRT) Revenue (AED m) +14% +15% 829 311 303 745 286 689 550 212 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Unaudited Consolidated Profit from Operations (AED m) Financials (AED m) Q3 2013 Q3 2012 Variance Margin 100 100 Revenues 311.1 302
Slide 12: Chilled Water – GCC Presence
Chilled Water – GCC Presence Total Gross Capacity (kRT) Gross Capacity by Region (kRT) Other Group UAE 635 194 149 124 88 597 635 565 461 141 21 32 Q3 2010 Q3 2011 Q3 2012 Q3 2013 UAE Bahrain Qatar Other Chilled Water Ownership (AED m) UAE Bahrain Qatar Other Total Subsidiary Associate Revenues 302.
Slide 13: Summary
Summary • We are the largest utility infrastructure business offering cooling services in the Strong Business Middle East Model • Long-term, stable, price certain contracts with guaranteed returns • 44% of our contracts are with UAE government entities • YTD 2013 Chilled Water Revenue up 4% to AED 7
Slide 14: Q&A
fi tabreed Q&A 14
Slide 15: Contact Details
Contact Details For further information please contact Salam Kitmitto Communications Director skitmitto@tabreed.ae +971 2 645 5007 ext. 692 Suzanne Holt Snr. Corporate Finance and Investor Relations Manager sholt@tabreed.ae +971 2 645 5007 ext. 424 15
Slide 16: Appendix
fi tabreed Appendix 16
Slide 17: Financial Highlights – YTD Income Statement
Financial Highlights–YTD Income Statement Unaudited Consolidated Financials (AED m) Sep 2013 Sep 2012 4% increase in Chilled Water revenue Revenues 826.5 842.0 partially offset by the expected contraction in Value Chain Business Chilled Water (93% of revenue) 775.9 747.6 Value Chain Businesses (7% o
Slide 18: Financial Highlights – YTD Cashflow
Financial Highlights – YTD Cashflow Unaudited Consolidated Financials (AED m) Sep 2013 Sep 2012 EBITDA for the period 379.7 362.2 Increase of 5% year on year Finance income relating to finance lease receivable (91.3) (91.2) Lease Rentals Received 94.5 78.8 Working Capital Adjustments 42.5 (60.7) Inc
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