National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — Q3 2018 Earnings Presentation
18 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Nov 14, 2018
Slide 1: National Central Cooling Company PJSC Q3 2018 Earnings Presentation
National Central Cooling Company PJSC (DFM:TABREED) Q3 2018 Earnings Presentation 14 November 2018
Slide 2: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the • No person is authorized to give any information or to make any representation National Central Cooling Company PJSC, ‘Tabreed’ (the “Company”). These not contained in and not consistent with these materials a
Slide 3: Agenda
Agenda 1. Introduction and Performance Highlights 2. Financial Results 3. Conclusion NATIONAL CENTRAL COOLING COMPANY PJSC 3
Slide 4: 1. Introduction and Performance Highlights
1. Introduction and Performance Highlights
Slide 5: Performance Highlights
Performance Highlights Financial Highlights: 9M 2018 vs. 9M 2017 AED 1,090m AED 1,034m AED 506m AED 319m +3.9% +4.0% +8.9% +10.0% Total Revenue Chilled Water EBITDA Net Income Performance Highlights and Corporate Developments • Chilled Water revenue growth at 4.0%; Chilled Water EBITDA up 7.7% Perfo
Slide 6: Regional Presence
Regional Presence The only publicly listed district cooling company in the world National Central Cooling Company and its UAE investments • 5 GCC countries | 73 plants | Over 1.1m tons of cooling • 60 consolidated plants, 3 held through associates and joint ventures • Plants in 6 emirates of the UAE
Slide 7: Connected Capacity
Connected Capacity • Previously announced capacity guidance of 65,000 RT to be added in 2018 and 2019 • Key addition during Q3 2018 was Jabal Omar (7,202 RT) in Saudi Tabreed • 32,800 RT for S&T recorded as consolidated capacity from Q1 2018 Consolidated Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 1 UAE
Slide 8: Headline Performance
Headline Performance UAE Other • Providing over 1.1m RT of cooling across GCC – growing 6% Long-term annually since 2015 Group Connected 1,087 1,121 Capacity (kRT) contracts with • Long term contracts (~25 years) mean over 90% of 954 1,011 316 348 264 287 credit worthy contracted capacity locked in
Slide 9: 2. Financial Results
fl tabreed Sustainable Cooling 2. Financial Rest
Slide 10: 9M 2018 Income Statement
9M 2018 Income Statement Consolidated Financials (AED m) 9M 2018 9M 2017 Variance % Revenue 1,090 1,049 41 3.9% Chilled water revenue (95%) 1,034 994 40 4.0% Value chain businesses (5%) 56 56 0 1.4% Operating cost (597) (590) (7) 1.2% Gross Profit 494 459 34 7.4% Gross profit margin 45% 44% Administ
Slide 11: 9M 2018 Financial Position
9M 2018 Financial Position Consolidated Financials (AED m) Sept 30, 2018 Dec 31, 2017 Variance % Fixed Assets 7,104 6,874 230 3.3% Associates and Joint Ventures 579 826 (247) -29.9% Accounts Receivable 597 517 80 15.4% Cash and Short Term Deposits 324 418 (94) -22.5% Other Assets 58 60 (2) -3.3% Tot
Slide 12: 9M 2018 Cash Flow Statement
9M 2018 Cash Flow Statement Consolidated Financials (AED m) 9M 2018 9M 2017 Variance % Profit from Operations 345 318 27 8.5% Finance lease amortization 50 42 8 19.0% Depreciation 111 104 6 6.2% Working Capital and Other adjustments 26 (98) 124 -126.2% Net cash flows from Operating Activities 532 36
Slide 13: 9M 2018 Debt Portfolio and Return Ratios
9M 2018 Debt Portfolio and Return Ratios Net Debt Profile (AED m) 3,214 • Conservative leverage profile with Q3 2018 gearing of 3,081 2,902 2,791 40% (debt to debt + equity) • 95% of debt is denominated in AED, with the balance in USD and OMR • Target hedging range of 50-75% − 57% of the total debt
Slide 14: Capital Raise and Refinancing
Capital Raise and Refinancing o Improved operating and financial performance coupled with a strong shareholders base (Mubadala and ENGIE) led to an improved credit standing o Enabled Tabreed to implement revised financing strategy: • Public credit ratings – Investment grade ratings from both Moody’s
Slide 15: 3. Conclusion
fl tabreed Sustainable Cooling 3. Conclusion
Slide 16: Unique GCC-wide Infrastructure Assets Company
Unique GCC-wide Infrastructure Assets Company Why District • District Cooling is a critical part of the growing GCC infrastructure Cooling? • District Cooling is 50% more energy efficient than conventional cooling and 16% cheaper for the customer • One of the largest district cooling companies in th
Slide 17: Contact Us
Contact Us Saket Somani Churchgate Partners Tel: +971 4 3132432 Email: Tabreed@churchgatepartners.com Richard Rose Rachel Emmett VP – Finance Sr. Manager – Treasury & IR Tel: +971 2 2020400 Tel: +971 2 2020433 Email: IR@tabreed.ae Email: remmett@tabreed.ae NATIONAL CENTRAL COOLING COMPANY PJSC
Slide 18: US$ 500 million, senior unsecured 7-year Sukuk
US$ 500 million, senior unsecured 7-year Sukuk Key Transaction Terms Top Investors Issuer Tabreed Sukuk SPC Limited Obligor National Central Cooling Company PJSC Credit Rating Moody’s: Baa3 (Stable), Fitch: BBB (Stable) Issue Size US$ 500 million Format Trust Certificates (Sukuk) Tenor 7 Years Settl
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