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 2010 Earnings Presentation
22 slides from National Central Cooling Co. (P.S.C.) (Tabreed)'s earnings presentation, May 3, 2010
Slide 1: Tabreed Q1 10 Results Presentation
Tabreed Q1 10 Results Presentation 3 May 2010
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 3 May 2010. By attending the meetin
Slide 3: Agenda
Agenda • Overview • Operational Review – Sujit Parhar • Financial Review – Steve Ridlington • Update on Recapitalization program – Sujit Parhar • Q&A 3
Slide 4: Overview
Overview • Strong Q1 results demonstrate strength of underlying business • Group revenue of AED 184.6m – broadly flat over Q1 09 – Strong contribution from Chilled Water (+91%) – Increased contribution from Qatar Cool • Gross profits of AED 88.9m up 11% from Q1 09 • Net profit (excluding derivative
Slide 5: Operational Review
Operational Review Sujit Parhar CEO 5
Slide 6: Q1 10 Operational Achievements
Q1 10 Operational Achievements Chilled Water • Four new plants came online during the first quarter and several new customers were connected • Total installed cooling capacity increased to 422,100 tons across 40 plants • Revenue and gross profit up 91% and 109% respectively Construction • GES commis
Slide 7: UAE Operational Plants
UAE Operational Plants • In total 27,000 RT of gross capacity came online in Q1 10, increasing capacity to 422,100 RT (gross) across 40 plants from 395,100 RT (gross) at year end 2009 – Total billed capacity of chilled water in Q1 10 was 382,503 – Average reliability of 99.99% Q1 2010 • The capacity
Slide 8: Significant Capacity Roll-out
Significant Capacity Roll-out Plant Completion Installed Capacity Al Wadi Scheme Q1 10 2,000 SZR Dubai 2 Q1 10 7,500 Al Barchaa Q1 10 7,500 Al Rigga Q1 10 10,000 T8 ZMC 2010 10,000 Fujairah Naval Base 2010 4,400 Jebel Ali Industrial 2010 4,400 Rashidiya Plant 2010 7,500 Jebel Ali - Jumeirah 2010 5,6
Slide 9: Dubai Metro
Dubai Metro • Al Rigga and Al Barchaa plants ahead of schedule Jebal Ali Industrial (DM01) Jumaira Island (DM06) • Tabreed also billed additional 25,255 RT to Dubai metro for serving chilled water through temporary chillers in Q1 Al Barcha 1 (DM05) • Majority of Dubai Metro plants are expected to be
Slide 10: Tabreed Overseas
Tabreed Overseas • Qatar (Tabreed 44%) – Status: 40k RT of chilled water production on line in West Bay and the Pearl – Focus for 2010: Further commissioning and ramp up at 130k RT Pearl plant • Bahrain (Tabreed 74%) – Status: Customers being served from temporary chillers. 1st plant nearing complet
Slide 11: Financial Review
Financial Review Steve Ridlington CFO 11
Slide 12: Q1 10 Financial Highlights
Q1 10 Financial Highlights Consolidated results for Q1 10 Key Figures – Un-audited Consolidated Financials • Group revenue of AED 184.6m 3-months – Strong contribution from Chilled ending 31 March Water (+91%) All figures in AED m Q1 10 Q1 09 • Gross Profits of AED 88.9m up 10% on Q1 Revenues 184.6
Slide 13: Chilled Water (63% of Revenue)
Chilled Water (63% of Revenue) Key Metrics (AED m) Q1 10 Q1 09 % Change • Revenue sharply higher – 7 new plants have come online since Q1 09 Revenues 117 61 91% – Billed capacity increased to 382,503 RT Cost (62) (28) 125% • Costs increased due to plant ramp up stage partly offset by utility efficie
Slide 14: Contracting (20% of Revenue)
Contracting (20% of Revenue) Key Metrics * (AED m) Q1 10 Q1 09 % Change • Sales of AED 36m mainly due to commissioning the chilled Revenues 36 26 37% water network on Al Reem Island Cost (18) (26) (29)% • Gross profit and GP margin in Q1 10 reflect significant one off gain Gross Profit 18 0 - • GES
Slide 15: Manufacturing (8% of Revenue)
Manufacturing (8% of Revenue) Key Metrics (AED m) Q1 10 Q1 09 % Change • Sales decreased by 81% over very high levels in Q1 09 Revenues 16 81 (81%) driven by economic downturn and resultant fall in order books Cost (13) (54) (76%) • Costs declined by 76% due to fixed costs Gross Profit 3 28 (90%) •
Slide 16: Services (9% of Revenue)
Services (9% of Revenue) Key Metrics (AED m) Q11 10 Q1 09 % Change • Sales decreased by 23% in 2009 reflecting slowdown in the Revenues 16 21 (23%) real estate sector Cost (2) (2) (4%) • Costs decreased by only 4% over Q1 09 Gross Profit 13 18 (26%) • Gross margins fell to 85% from 88% in Q1 09 driv
Slide 17: Update on Recapitalization Program
Update on Recapitalization Program Sujit Parhar CEO 17
Slide 18: Tabreed's Recapitalisation Process
Tabreed’s Recapitalisation Process • Overall objectives – Achieve a stable long-term capital structure • Condition Tabreed to be able to raise new capital • Raise sufficient capital to support the business plan and realize Tabreed’s long-term potential – Ensure fair treatment of creditors and a tran
Slide 19: Status Update
Status Update Recapitalisation Process Objectives Status Shareholders Obtain approvals for resolutions at EGA: • EGA Meeting #1: 21 April. Meeting adjourned as 75% quorum • Continuation of business not reached • Authority to directors to implement recapitalisation measures • AGA Meeting #1 and EGA M
Slide 20: Summary
Summary • 2010 is a critical year that if successful will establish the foundation for the long-term success of Tabreed • Completing the recapitalization program will be a priority – Stabilizes capital structure – Stronger balance sheet provides financial flexibility to realize growth opportunity •
Slide 21: Q&A
IE et fl tubieed Q&A 21
Slide 22: Contact Details
Contact Details For further information please contact Kalpesh Shah Investor Relations Associate kshah@tabreed.com +971 2 645 5007 22
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