National Central Cooling Co. (P.S.C.) (Tabreed) · DFM:TABREED
National Central Cooling Co. (P.S.C.) (Tabreed) — National Central Cooling Company PJSC (Tabreed) — Corporate Update (April 2010)
11 slides from National Central Cooling Co. (P.S.C.) (Tabreed)'s corporate update, Apr 1, 2010
Slide 1: Tabreed Recapitalisation Process Update
Tabreed Recapitalisation Process Update 1 April 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 1 April 2010. By attending the meet
Slide 3: Summary Financials
Summary Financials Key Figures – Audited Consolidated Financials • Audited consolidated financials approved 12‐months – Consistent with previously announced un‐ ending 31 December audited figures All figures in AED m 2009 2008 Sales 742 735 • Audited financials include an emphasis of Gross Profit 29
Slide 4: 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 realization of Tabreed’s long term potential – Ensure fair treatment of creditors and
Slide 5: Debt Facilities and Maturity Profile
Debt Facilities and Maturity Profile Capitalization Table(1)(2) AED m ‐ As of 31 December 2009 Amount Outstanding 2009 EBITDA (AED m) (x) Syndicated Facilities 1,143 Bilateral Facilities 1,647 Bank Overdraft 52 Total Bank Debt 2,842 06 Sukuk USD 200m 735 Mandatory Convertible Liability 279 Finance L
Slide 6: Tabreed Share Price
Tabreed Share Price Tabreed Volume Weighted Average Price Performance – LTM AED ‘000 1.2 200 180 1.1 Legal minimum price to raise new equity 160 1.0 140 0.9 120 0.8 100 80 0.7 60 0.6 40 0.5 20 0.48 0.4 0 Mar‐09 May‐09 Jun‐09 Jul‐09 Aug‐09 Sep‐09 Nov‐09 Dec‐09 Jan‐10 Feb‐10 Mar‐10 Price VWAP L3M VWAP
Slide 7: Status Update
Status Update Recapitalisation Process Objectives Status Shareholders Obtain approvals for resolutions at EGA: • EGA/AGA notices have been made public • Continuation of business – EGA Meeting #1 (quorum: 75% share capital): 21 April • Authority to directors to implement recapitalisation measures – A
Slide 8: Extraordinary General Assembly Agenda
Extraordinary General Assembly Agenda Description of Resolution Explanation 1 • Continuation of Tabreed • Required by law in light of financial results for 2009 showing losses are greater than 50% of share capital 2 • Amend articles (44) and (58) of the articles of association of the • Removes legac
Slide 9: Conclusions
Conclusions • Status quo is not sustainable – Significant new financing is required to implement the business plan – Capital structure today does not allow the business plan to be implemented or capital to be raised • Capital is not available without a stable long term debt structure – Decisive acti
Slide 10: Q&A
ELE ; =! ca fl tabreed Q&A 10
Slide 11: Contact Details
Contact Details For further information please contact Kalpesh Shah Investor Relations Associate kshah@tabreed.com +971 2 645 5007 11
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