National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — FY2016 Earnings Presentation
20 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Jan 30, 2017
Slide 1: 2016 Year-end Earnings Call
1 Tabreed – 2016 earnings call National Central Cooling Company PJSC 30 January 2017 2016 Year-end Earnings Call
Slide 2: Disclaimer
• No person shall have any right of action (except in case of fraud) against the Company or any other person in relation to the accuracy or completeness of the information contained herein. Whilst the Company has taken all reasonable steps to ensure the accuracy of all information, the Company canno
Slide 3: Agenda
3 Tabreed – 2016 earnings call Agenda A | Introduction and Performance Highlights – Jasim Thabet, CEO B | Financial Results – Steve Ridlington, CFO C | Conclusion – Jasim Thabet, CEO
Slide 4: 2016 – delivering robust growth in earnings and dividends
4 Tabreed – 2016 earnings call 2016 – delivering robust growth in earnings and dividends Another • Delivering on growth promises : successful We announced 100kRT capacity additions by end of 2017 year with 74kRT of new capacity added in 2016 including Dubai Parks and Nation Towers 74kRt of new • Con
Slide 5: Tabreed at a glance
5 Tabreed – 2016 earnings call Tabreed at a glance One of the world’s largest district cooling companies 71 Over Equivalent to cooling plants in 1m RT 100 towers the size of Burj Khalifa 5 countries delivered to clients Environmentally responsible operations reducing green house gas emissions 1.4bil
Slide 6: The only listed DC Company and operating across the region
6 Tabreed – 2016 earnings call The only listed DC Company and operating across the region 5 GCC Countries | 71 Plants | over 1m tons of cooling • Only listed DC company in GCC markets • Uniform utility infrastructure model implemented across GCC • Long term contracts underpinning stability of earnin
Slide 7: Headline Performance
7 Tabreed – 2016 earnings call Headline Performance Gov’t customers • Providing over 1m RT of cooling across GCC– growing 8% annually since 2013 Long-term +8% p.a. Group Connected • Consolidated capacity increase of 3% p.a and equity accounted capacity of 22% p.a. 1,048 Capacity (kRT) 956 974 contra
Slide 8: Agenda
8 Tabreed – 2016 earnings call Agenda A | Introduction and Performance Highlights – Jasim Thabet, CEO B | Financial Results – Steve Ridlington, CFO C | Conclusion – Jasim Thabet, CEO
Slide 9: Utility business model with fixed revenue providing ~90% of returns
9 Tabreed – 2016 earnings call Utility business model with fixed revenue providing ~90% of returns Contracted cooling load (RT) Capacity Charges FIXED 25 year contract Cooling consumed (RTh) Consumption Charges VARIABLE (METERED) 59% 9% 55% 36% 36% 45% 43% 61% 91% 64% 39% 64% Revenue Costs and Total
Slide 10: Financial Highlights – Income Statement
10 Tabreed – 2016 earnings call Financial Highlights Income Statement Consolidated Financials (AED m) 2016 2015 Variance % Revenue 1,280 1,204 76 +6% Chilled water revenue (91%) 1,168 1,103 65 +6% Value chain businesses (9%) 112 115 (3) -2% Operating cost (682) (643) (39) +6% Gross Profit 598 561 37
Slide 11: Financial Highlights – Financial Position
11 Tabreed – 2016 earnings call Financial Highlights Financial Position Consolidated Financials (AED m) 2016 2015 Variance % Fixed Assets 6,977 6,766 210 +3% Associates and Joint Ventures 826 714 113 +16% Accounts Receivable 409 410 (0) -0% Cash and Short Term Deposits 390 177 213 +120% Other Assets
Slide 12: Financial Highlights – Cash flow Statement
12 Tabreed – 2016 earnings call Financial Highlights Cash flow Statement Consolidated Financials (AED m) 2016 2015 Variance % Profit from Operations 405 383 22 6% Finance lease amortization 48 42 6 14% Depreciation 129 120 9 8% Working capital and other adjustments (30) 60 (90) -150% Net cash flows
Slide 13: Debt portfolio adequately hedged against interest rate increases
13 Tabreed – 2016 earnings call Debt portfolio adequately hedged against interest rate increases • Tabreed’s current gearing is 44% (debt: debt + equity), approaching global utility peers • 95% of debt is denominated in AED, with the balance in USD and OR, in line with cash flow generation profile •
Slide 14: Agenda
14 Tabreed – 2016 earnings call Agenda A | Introduction and Performance Highlights – Jasim Thabet, CEO B | Financial Results – Steve Ridlington, CFO C | Conclusion – Jasim Thabet, CEO
Slide 15: Unique GCC-wide infrastructure assets company
15 Tabreed – 2016 earnings call Unique GCC-wide infrastructure assets company • District Cooling is a critical part of the growing GCC infrastructure Why District • District Cooling is 50% more efficient in consuming electricity than conventional cooling reducing energy consumption, carbon Cooling f
Slide 16: Questions
16 Tabreed – 2016 earnings call Questions
Slide 17: Contact Us
17 Tabreed – 2016 earnings call Contact Us Faisal Tahir Bhatti Ahmed Al Nowais Investor Relations Communications Tel: +971 2 2020336 Tel: +971 2 2020333 Email: FBhatti@tabreed.ae Email: AAlnowais@tabreed.ae Management looks forward to engaging with shareholders and investors at the following 2017 ev
Slide 18: Appendices
18 Tabreed – 2016 earnings call Appendices
Slide 19: Stable core business model delivering consistent performance
19 Tabreed – 2016 earnings call Stable core business model delivering consistent performance Profit Statement (% of revenue) – based on 2016 results Capacity (fixed) Consumption Total (variable) Capacity Consumption Revenue 64 36 100 Utility Costs - (32) (32) Plant operation & maintenance (9) - (9)
Slide 20: Core Chilled Water business drives performance growth
20 Tabreed – 2016 earnings call Core Chilled Water business drives performance growth Capacity (kRT) Chilled Water Revenue and Share of results (AED m) Consolidated Equity accounted CW Revenue Share of Results +4% p.a. 1,168 +21% p.a. 117 +4% p.a. 1,103 1,027 1,035 +22% p.a. 99 683 616 638 638 365 8
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