National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — Q2 2012 Earnings Presentation
21 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Aug 1, 2012
Slide 1: Q2 2012 Results Presentation
National Central Cooling Company PJSC Tabreed 1 August 2012 Q2 2012 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 1 August 2012. By attending the mee
Slide 3: Agenda
Agenda • Business Overview • Operational Review • Financial Review • Summary • Q&A 3
Slide 4: Overview
Overview District cooling is an essential utility Tabreed’s Competitive Advantage service in the region It has a number of benefits over traditional air conditioning: • Lower life cycle costs • Lower operating costs • Property owner benefits • Energy reduction for governments • Environmentally frien
Slide 5: Foundations for Growth
Foundations for Growth • We are a district cooling company in an economically strong region that requires year-round cooling • Long-term, stable contracts • High percentage of contracts are with UAE government entities • Funds available to complete existing projects • Substantially completed build o
Slide 6: Core Business – Chilled Water
Core Business – Chilled Water Plant Profit and Loss Account Fixed and Variable Costs as % of Total Cost Consumption Capacity Total Variable Costs Consumption revenue 82.8 - 82.8 Fixed Costs 76% Capacity revenue - 189.0 189.0 24% Revenue 82.8 189.0 271.8 Other Va ria ble Electricity cost 58.7 - 58.7
Slide 7: Operational Review
Operational Review 7
Slide 8: Operational Achievements
Operational Achievements Group Capacity 800 65 65 64 55 700 162 162 162 156 148 148 162 600 120 Thousands RT 500 38 67 400 60 605 597 587 300 571 555 555 542 477 395 200 340 100 0 FY 2009 FY 2010 FY 2011 Q1 2012 H1 2012 UAE Ins tal l ed Other Group Ins tal l ed UAE Connected Other Group Connected Nu
Slide 9: Long-term, Stable, Customer Base
Long-term, Stable, Customer Base 48% Q2 2012 274,227 296,585 570,812 48% Operational Year 2011 265,720 289,461 555,181 39% 2010 186,787 290,279 477,066 42% 2009 142,954 196,618 339,572 44% 2008 120,434 153,767 274,201 - 100,000 200,000 300,000 400,000 500,000 600,000 Connected Capacity (RT) Governme
Slide 10: Q2 2012 Results Summary
Q2 2012 Results Summary Financial Highlights Strong Q2 2012 results continue to demonstrate strength of our underlying business • Q2 2012 Revenue up 3% to AED 296.6m (Q2 2011: AED 286.6m) • Q2 2012 Operating Profit up by 4% to AED 83.5m (Q2 2011: AED 80.4m) • Q2 2012 Net Profit attributable to Paren
Slide 11: Financial & Operational Metrics
Financial & Operational Metrics Key Metrics - UAE Q2 2012 Q2 2011 % Change Comment FY 2011 11 new plants in 2011, 2 small plants Number of Plants 59 49 20% closed (total of 400 RT) 58 One new plant in Q1 2012, and one plant expansion in Q2 2012 Installed Capacity (RT) 605,325 551,525 10% Increase of
Slide 12: Financial Review
Financial Review 12
Slide 13: Chilled Water
Chilled Water Contribution to Revenue 85% (Q2 2011: 84%) • Revenues increased Key Metrics Q2 Q2 % – 11 new plants have come online since Q2 2011 and (AED m) 2012 2011 Change we are now seeing the full impact Revenues 251.7 242.0 4% • Chilled water has contributed 99% of our Profit from Operations fo
Slide 14: Value Chain Businesses
Value Chain Businesses Contribution to Revenue 15% (Q2 2011: 16%) • Continued and expected contraction of contribution from Key Metrics Q2 Q2 % value chain businesses, driven by the completion of (AED m) 2012 2011 Change Tabreed’s build-out program – Real estate slowdown impacts services segment Rev
Slide 15: Q2 2012 Financial Highlights
Q2 2012 Financial Highlights • Revenues increased by 3% driven by Chilled Water Key Figures – Unaudited Consolidated Financials 3 months • Operating Costs are up 5% as a result of higher costs ended 30 June (increase of AED 8.2m) in the Value Chain Businesses % All figures in AED m 2012 2011 change
Slide 16: H1 2012 Financial Highlights
H1 2012 Financial Highlights • Chilled Water Revenue increased 5%, but there was an Key Figures – Unaudited Consolidated Financials overall decrease in revenues of 3% due to the expected decrease in revenues of 34% from the Value 6 months Chain Businesses ended 30 June All figures in AED m % • Opera
Slide 17: Summary
Summary 17
Slide 18: Summary
Summary Financial and Operational Successes Q2 2012 • Robust Q2 2012 results – Q2 2012 Revenue up 3% to AED 296.6m (Q2 2011: AED 286.6m) – Q2 2012 Operating Profit up 4% to AED 83.5m (Q2 2011: AED 80.4m) – Q2 2012 Net Profit attributable to Parent up by 32% to AED 57.9m (Q2 2011: AED 43.8m) • Strong
Slide 19: Looking Forward
Looking Forward • Tabreed is well positioned to capitalize on growth opportunities by meeting demand for cooling infrastructure in the region • GCC economies continue to grow and district cooling is a vital component of economic growth • Our fundamental business model is strong: – Many of our contra
Slide 20: Q&A
Q&A 20
Slide 21: Contact Details
Contact Details For further information please contact Salam Kitmitto Communications Director skitmitto@tabreed.com +971 2 645 5007 ext. 692 Suzanne Holt Snr. Corporate Finance and Investor Relations Manager sholt@tabreed.com +971 2 645 5007 ext. 424 21
National Central Cooling Company PJSC (Tabreed) — Q2 2012 Earnings Presentation on 6ix