National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — FY2011 Earnings Presentation
20 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Feb 1, 2012
Slide 1: Tabreed 2011 Results Presentation
Tabreed 2011 Results Presentation 1 February 2011
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 November 2011. By attending the m
Slide 3: Agenda
Agenda • Our Business • Foundations for Growth • Operational Review • Financial Review • Summary • Q&A 3
Slide 4: Our Business
fl Ip ° tabreed Our Business Chilled Water = Core Business Positive Impact on Financial Profitability Results Many New Connections New & Plants in Connections the Past 24 & Plants Months
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 • Recapitalization program put in place a stable capital structure • This provide
Slide 6: 2011 Results Summary
2011 Results Summary Financial Highlights 1) Strong 2011 results demonstrate strength of underlying business • 2011 Group Revenue up by 9% to AED 1,114.6m (2010: 1,023.7m) • 2011 Operating Profit up by 13% to AED 301.4m (2010: 265.9m) • 2011 Net profit attributable to parent up by 34% to AED 182.7m
Slide 7: Operational Review
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Slide 8: 2011 Operational Achievements (Group)
2011 Operational Achievements (Group) 800 64 700 55 162 148 162 600 120 Thousands RT 500 67 38 400 60 587 300 555 542 477 395 200 340 100 0 2009 2010 2011 Number of Plants UAE Installed Other Group Installed UAE Connected Other Group Connected • Additions of 45,800 RT to Installed capacity up by 7%
Slide 9: UAE Operational Plants
UAE Operational Plants • In total 45,800 RT of gross capacity came online in 2011, increasing capacity to 587,325 RT* (gross) across 58 plants – Average reliability of 99.99% • The capacity increase reflects 11 plants which were completed in 2011 2011 – 8 plants for the Dubai Metro Green Line, capac
Slide 10: Financial & Operational Metrics
Financial & Operational Metrics Key Metrics 2010 2011 % Change Comment Number of Plants 49 58 18% 11 new plants came online in 2011* Installed Capacity (RT) 541,525 587,325 8% Increase of 45,800 RT Connected Capacity (RT) 477,066 555,181 16% Increase of 78,115 RT Percentage of Connected Capacity 88%
Slide 11: Financial Review
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Slide 12: 2011 Financial Highlights
2011 Financial Highlights Key Figures – Unaudited Consolidated Financials FY 2011 All figures in AED m 2011 2010 % change Revenues 1,114.6 1,023.7 9% Operating costs (654.8) (597.4) -10% Gross Profit 459.8 426.4 8% Gross Profit Margin 41% 42% Admin & other Expenses (158.4) (160.4) 1% Operating Profi
Slide 13: Tabreed's Utility Business growth
Tabreed’s Utility Business growth Percentage of Chilled Water Contribution to Tabreed's Operating Profit 100% 90% 91% 80% 70% 75% 60% 50% 40% 42% 30% 20% 27% 27% 10% 0% 2007 2008 2009 2010 2011 Percentage of Value Chain Business Contribution to Tabreed's Operating Profit 80% 70% 73% 73% 60% 50% 56%
Slide 14: Chilled Water Contribution to Revenue up to 85% (2010: 74%)
Chilled Water Contribution to Revenue up to 85% (2010: 74%) • Revenues increased sharply Key Metrics – Over the year, billed capacity increased to 555,181 RT 2011 2010 % Change (AED m) as at Dec 2011 (up from 477,066 RT as at Dec 2010) – 11 new plants and 2 plant expansions have come online since De
Slide 15: Value Chain Businesses Contribution to Revenue down to 15% (2010: 26%)
Value Chain Businesses Contribution to Revenue down to 15% (2010: 26%) • Contraction of contribution from value chain businesses Key Metrics % continues as expected, driven by the completion of Tabreed’s build-out program (AED m) 2011 2010 Change – Real estate slowdown impacts services segment – Red
Slide 16: Summary
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Slide 17: Summary
Summary Financial and Operational Successes • Robust 2011 results – 2011 Group Revenues up by 9% to AED 1,114.6m (2010: AED 1,023.7m) – 2011 Gross Profit up by 8% to AED 459.8m (2010: AED 426.4m) – 2011 Net Profit up by 34% to AED 182.7m (2010: AED 136.8m) • Strong cash generating capability – 2011
Slide 18: 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 19: Q&A
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Slide 20: Contact Details
Contact Details For further information please contact Mark Chapmlin Finance Director Mchapmlin@tabreed.com +971 2 645 5007 ext. 403 Salam Kitmitto Communications Manager skitmitto@tabreed.com +971 2 645 5007 ext. 692 20
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