National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — FY2017 Earnings Presentation
19 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Jan 31, 2018
Slide 1: Q4 2017 and Full Year Earnings Presentation
National Central Cooling Company PJSC (DFM:TABREED) Q4 2017 and Full Year Earnings Presentation 31 January 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: 2017 vs. 2016 Total Revenue Chilled Water EBITDA Net Profit Proposed Dividend AED 1,399m AED 1,317m AED 628m AED 400m 8.0 fils +9% +13% +8% +9% +1.5 fils Operational Highlights and Developments Performance • Capacity additions, higher consumption volumes
Slide 6: Tabreed at a Glance
Tabreed at a Glance One of the world’s largest district cooling companies 72 Approaching Equivalent to cooling plants in 5 countries 1.1m RT delivered to clients 109 towers the size of Burj Khalifa Environmentally responsible operations reducing green house gas emissions 1.53 billion kWh annual redu
Slide 7: 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 | 72 plants | 1.1m tons of cooling • 59 consolidated plants, 4 held through associates and joint ventures • Plants in 6 emirates of the UAE - Ab
Slide 8: Connected Capacity
Connected Capacity • Tabreed previously announced 60k RT of capacity additions across the GCC by end of 2018 • Of this, 44k RT of new capacity already added during full year 2017 • Revised capacity guidance of 65k RT to be added in 2018 and 2019 Consolidated Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 U
Slide 9: 2017 Headline Performance
2017 Headline Performance UAE Other • Providing almost 1.1m RT of cooling across GCC – growing Long-term 5% annually since 2014 1,048 1,092 957 974 contracts with Group Connected Long term contracts (~25 years) mean over 95% of Capacity (kRT) • 268 284 302 321 credit worthy contracted capacity locke
Slide 10: 2. Financial Results
fl tabreed Sustainable Cooling 2. Financial Rest
Slide 11: 2017 Income Statement
2017 Income Statement Consolidated Financials (AED m) 2017 2016 Variance % Revenue 1,399 1,280 120 9% Chilled water revenue (94%) 1,317 1,168 149 13% Value chain businesses (6%) 82 112 -30 -27% Operating cost (772) (682) -90 13% Gross Profit 628 598 30 5% Gross profit margin 45% 47% Administrative a
Slide 12: 2017 Financial Position
2017 Financial Position Consolidated Financials (AED m) Dec 31, 2017 Dec 31, 2016 Variance % Fixed Assets 6,874 6,977 (103) -1% Associates and Joint Ventures 826 826 0 0% Accounts Receivable 517 409 108 26% Cash and Short Term Deposits 418 390 28 7% Other Assets 61 60 1 0% Total Assets 8,696 8,661 3
Slide 13: 2017 Cash Flow Statement
2017 Cash Flow Statement Consolidated Financials (AED m) 2017 2016 Variance % Profit from Operations 432 405 27 7% Finance lease amortization 56 48 7 15% Depreciation 140 129 11 8% Working Capital and Other adjustments (73) (30) (43) 146% Net cash flows from Operating Activities 555 554 2 0% Capital
Slide 14: Debt Portfolio
Debt Portfolio Net Debt Profile (AED m) • Conservative leverage profile with current gearing of 3,500 3,097 3,034 40% (debt to debt + equity) 3,000 2,750 • 95% of debt is denominated in AED, with the balance 2,500 2,244 in USD and OMR, in line with cash flow generation 2,000 profile 1,500 • Target h
Slide 15: 3. Conclusion
fl tabreed Sustainable Cooling 3. Conclusion
Slide 16: Unique GCC-wide Infrastructure Assets Company
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, Cooling? carbon footprint, and state subsidies w
Slide 17: Contact Us
Contact Us Saket Somani Churchgate Partners Tel: +971 4 3132432 Email: Tabreed@churchgatepartners.com Richard Rose Rachel Emmett Leila Al Marashi VP – Finance Sr. Manager – Treasury & IR VP – Corporate Communications Tel: +971 2 2020400 Tel: +971 2 2020433 Tel: +971 2 2020399 Email: IR@tabreed.ae Em
Slide 18: Appendices
fl tabreed Sustainable Cooling Appendices
Slide 19: Stable Core Business Model Delivering Consistent Performance
Stable Core Business Model Delivering Consistent Performance 2017 Profit Statement (% of revenue) Billing structure and profitability Capacity Consumption • Tabreed bills customers for capacity Chilled Water (fixed) (variable) Total (fixed) charges and consumption Revenue, net of amortization 60 40
National Central Cooling Company PJSC (Tabreed) — FY2017 Earnings Presentation on 6ix