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 2023 Earnings Presentation
23 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, May 12, 2023
Slide 1: National Central Cooling Company PJSC Q1 2023 Earnings Presentation
National Central Cooling Company PJSC (DFM: TABREED) Q1 2023 Earnings Presentation 12 May 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 Tabreed Leadership 18 5 Conclusion 21 | 3
Slide 4: Introduction and Business Highlights
01 Introduction and Business Highlights
Slide 5: 1Q 2023 Income Statement Highlights
1Q 2023 Income Statement Highlights Financial Highlights: 1Q 2023 vs. 1Q 2022 Performance Highlights and Other Developments Total Chilled Water Revenue Revenue AED 464m AED 447m • The company's total revenue has witnessed a growth of 10%, +10% +10% driven by the revenue generated from the Chilled Wa
Slide 6: Tabreed at a Glance
Tabreed at a Glance First and one of the world’s largest publicly listed district Exclusive provider of District Cooling services to several cooling companies with strong regional presence iconic projects 4 Countries: UAE, Saudi Arabia, Oman and Bahrain Further expansion in new geographies (India an
Slide 7: Expansion of Connected Capacity (kRT) and Capital Expenditure
Expansion of Connected Capacity (kRT) and Capital Expenditure Consolidated 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 UAE 1,033 1,038 1,053 1,060 1071 Bahrain 34 34 34 34 34 Oman 51 51 52 52 53 Total Consolidated 1,118 1,123 1,139 1,146 1,158 Equity Accounted UAE 9 9 9 9 9 KSA 110 110 110 110 110 Total
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 contributed by consolidated entities and balance 40% by 2023/24 Capacity Guidance 120 equity accounted entities 1Q 2023 Actual Capacity d
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) +4% p.a. +16% p.a. 1,276 464 1,236 420 17 VCB 1,175 1,121 197 14 175 195 358 Other 175 18 294 17 447 Chilled Water 1,080 406 UAE 946 1,000 1,042 339 277 1Q 2020 1Q 2021 1Q 2022 1Q 2023 1Q 2020 1Q 2021 1Q 2022 1Q 2023 Lo
Slide 11: Performance Highlights (2/3)
Performance Highlights (2/3) Financial Results (AED m) Key Margins +15% p.a. 264 268 61% 63% 63% 58% 227 236* 51%* 178 172 38% 37% 37% 154 32% 135 117 28% 95 24% 21% 25% 82 86 88 1Q 2020 1Q 2021 1Q 2022 1Q 2023 EBITDA Margin Operating Profit Margin Net Income Margin Profit from Ops EBITDA Net Income
Slide 12: Performance Highlights (3/3)
Performance Highlights (3/3) Cashflow from operations (AED m) Gearing +87% p.a. 391 54% 53% 53% 323 49% 169 49 1Q 2020 1Q 2021 1Q 2022 1Q 2023 1Q 2020 1Q 2021 1Q 2022 1Q 2023 Cashflow from operations Gearing • Resilient business model generates sustainable • The improvement in the gearing ratio can
Slide 13: Financial Results
03 Financial Results Otabreed
Slide 14: Income Statement
Income Statement Consolidated Financials (AED m) 1Q 2023 1Q 2022 Variance % Revenue 463.7 419.9 43.8 10% Chilled water revenue (97%) 446.9 405.7 41.1 10% Value chain businesses (3%) 16.8 14.2 2.6 18% Operating cost (224.1) (206.2) (18.0) 9% Gross Profit 239.6 213.8 25.8 12% Gross profit margin 52% 5
Slide 15: Balance Sheet and Debt Maturity
Balance Sheet Consolidated (AED m) 31 Mar 2023 31 Dec 2022 Capital Structure Fixed Assets and Intangibles 12,176.7 12,251.8 Net Debt* Profile 6,165 5,378 5,536 5,277 (AED m) Associates and Joint Ventures 509.8 457.3 Receivables & Other Current 623.7 704.7 Assets Derivative – MTM 191.4 263.8 2020 202
Slide 16: Cash Flow Statement
Cash Flow Statement Consolidated Financials (AED m) 1Q 2023 1Q 2022 Variance % Profit from Operations 172.0 153.7 18.3 12% Finance lease amortization 11.8 27.6 (15.8) (57)% Depreciation and Amortization 83.8 82.3 1.5 2% Working Capital and other adjustments 55.2 127.6 (72.4) (57)% Net cash flows fro
Slide 17: Cashflow Highlights
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 m) +2% p.a. 264 268 391 358 306 323 1Q 2022 1Q 2023 1Q 2022 1Q 2023 1Q 2022 1Q 2023
Slide 18: Tabreed Leadership
04 Tabreed Leadership 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 Nadia Bardawil Dr. Yousif Al Hammadi Antonio Di Cecca Philippe Coquelle Chief Executive Officer Chief Financial Officer Chief Legal Counsel Chief Asset Management Officer Chief Operating Officer Chief Development Officer Appointed as CEO of T
Slide 21: Conclusion
05 Conclusion Otabreed
Slide 22: 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 LTM 1Q 2023 Utilization of TSE1 water
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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