National Central Cooling Co. (P.S.C.) (Tabreed) · DFM:TABREED
National Central Cooling Co. (P.S.C.) (Tabreed) — National Central Cooling Company PJSC (Tabreed) — H1 2010 Earnings Presentation
20 slides from National Central Cooling Co. (P.S.C.) (Tabreed)'s earnings presentation, Aug 11, 2010
Slide 1: Tabreed H1 10 Results Presentation
Tabreed H1 10 Results Presentation 11 August 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 11 August 2010. By attending the me
Slide 3: Agenda
Agenda • Overview • Operational Review – Sujit Parhar • Financial Review – Steve Ridlington • Update on Recapitalization program – Steve Ridlington • Summary – Sujit Parhar • Q&A 3
Slide 4: Overview
Overview • Strong H1 10 results demonstrate strength of underlying business • Group revenue of AED 432.3m – up 16% over H1 09 – Strong contribution from Chilled Water (+94%) • Gross profits of AED 197.5m up 16% from H1 09 • Net profit (excluding derivative liability) of AED 63.1m against AED 61.2m i
Slide 5: Operational Review
Operational Review Sujit Parhar CEO 5
Slide 6: H1 Operational Achievements
H1 10 Operational Achievements Chilled Water • Eight new plants came online during the first half and several new customers were connected • Total installed cooling capacity increased to 449,625 tons across 44 plants • Revenue and gross profit up 94% and 72% respectively Construction • Further progr
Slide 7: Operational Year: UAE Operational Plants
UAE Operational Plants • In total 27,525 RT of gross capacity came online in Q2 10, increasing capacity to 449,625 RT (gross) across 44 plants from 422,100 RT* (gross) at Q1 10 – Total billed capacity of chilled water in Q2 10 was 411,033 – Average reliability of 99.99% Q2 2010 • The capacity increa
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 Jebel Ali Industrial Q2 10 4,400 Rashidiya Plant Q2 10 7,500 Jebel Ali - Jumeirah Q2 10 5,625 Al Kifaf Plant Q2 10 10,000 T8 ZMC 2010 10,0
Slide 9: Financial Review
Financial Review Steve Ridlington CFO 9
Slide 10: H1 Financial Highlights
H1 10 Financial Highlights Consolidated results for H1 10 Key Figures – Un-audited Consolidated Financials • Group revenue of AED 432.3m 6-months – Strong contribution from Chilled Water (+94%) ending 30 June All figures in AED m H1 10 H1 09 • Gross Profits of AED 197.5m up 16% on H1 09 Revenues 432
Slide 11: Chilled Water (66% of Revenue)
Chilled Water (66% of Revenue) Key Metrics (AED m) H1 10 H1 09 % Change • Revenue sharply higher – 10 new plants have come online since H1 09 Revenues 285 147 94% – Billed capacity increased to 411,033 RT Cost (155) (72) 117% • Costs increased due to plant ramp up stage partly offset by utility effi
Slide 12: Contracting (20% of Revenue)
Contracting (20% of Revenue) Key Metrics * (AED m) H1 10 H1 09 % Change • Sales of AED 105m mainly due to GES projects on Sowwah Revenues 105 94 12% Island and Shams Cost (82) (79) 4% • Gross profit and GP margin in H1 10 reflect significant one off gain in Q1 10 Gross Profit 23 15 - • EBITDA of AED
Slide 13: Manufacturing (7% of Revenue)
Manufacturing (7% of Revenue) Key Metrics (AED m) H1 10 H1 09 % Change • Sales decreased by 64% over very high levels in H1 09 driven by economic downturn and resultant fall in order Revenues 41 117 (64%) books Cost (28) (75) (62%) • Costs declined by 62% due to fixed costs Gross Profit 13 42 (68%)
Slide 14: Services (8% of Revenue)
Services (8% of Revenue) Key Metrics (AED m) H1 10 H1 09 % Change • Sales decreased by 15% in 2009 reflecting slowdown in the Revenues 39 45 (15%) real estate sector Cost (6) (5) 11% • Costs increased by 11% over H1 09 Gross Profit 33 40 (19%) • Gross margins fell to 85% from 89% in H1 09 driven by
Slide 15: Update on Recapitalization Program
Update on Recapitalization Program Steve Ridlington CFO 15
Slide 16: Update on Recapitalization Process
Update on Recapitalization Process Recapitalisation Process Objectives Status Shareholders Obtain approvals for resolutions at EGA: • AGA and EGA held and resolutions approved • Continuation of business • Subject to regulatory approval, Tabreed intends to reduce the Company’s • Authority to director
Slide 17: Summary
| I * a oe fl tabreed Summary Sujit Parhar CEO 17
Slide 18: Summary
Summary • Robust H1 10 results announced – Sales of AED 432.3 million – Gross Profit of AED 197.5 million – Net Profit of AED 86.8 million (Tabreed’s share 80.7m) • Strong cash generating capability – EBITDA of AED 161.6m • Further progress made on recapitalization program – On-track for Q4 10 close
Slide 19: Q&A
IE et fl tubieed Q&A 19
Slide 20: Contact Details
Contact Details For further information please contact Kalpesh Shah kshah@tabreed.com +971 2 645 5007 20
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