National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Co. (Tabreed) — Q3 2017 Earnings Presentation
19 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Nov 8, 2017
Slide 1: Q3 2017 Earnings Presentation
National Central Cooling Co. (DFM:TABREED) Q3 2017 Earnings Presentation 8 November 2017
Slide 2: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the • The merits or suitability of any securities to any investor's particular situation should National Central Cooling Company PJSC, ‘Tabreed’ (the “Company”). These be independently determined by such investor.
Slide 3: Agenda
Agenda A | Introduction and Performance Highlights B | Financial Results C | Key Takeaways NATIONAL CENTRAL COOLING COMPANY (PJSC)
Slide 4: Continued strong performance
Tabreed – Q3 2017 Earnings Presentation 4 Continued strong performance Financial Highlights: YTD Q3 2017 vs. YTD Q3 2016 Operational Highlights and Developments • Capacity additions in the second half of 2016, higher consumption Performance Highlights volumes and utility pass through resulted in the
Slide 5: Tabreed at a glance
Tabreed – Q3 2017 Earnings Presentation 5 Tabreed at a glance One of the world’s largest district cooling companies 72 Approaching 1.1m RT Equivalent to cooling plants in 5 countries delivered to clients 108 towers the size of Burj Khalifa Environmentally responsible operations reducing green house
Slide 6: The only listed DC company and operating across the region
Tabreed – Q3 2017 Earnings Presentation 6 The only listed DC company and operating across the region… 5 GCC Countries | 72 Plants | Approaching 1.1m tons of cooling • Only listed DC company in GCC markets • Uniform utility infrastructure model implemented across GCC • Long term contracts underpinnin
Slide 7: With a total connected capacity of about 1.1m RT
Tabreed – Q3 2017 Earnings Presentation 7 … With a total connected capacity of about 1.1m RT Tabreed previously announced 60kRT of capacity additions across the GCC by end of 2018… Consolidated Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 UAE 635.9 657.4 661.4 666.8 667.8 Bahrain 22.3 23.1 23.1 26.1 26.1
Slide 8: Headline Performance
Tabreed – Q3 2017 Earnings Presentation 8 Headline Performance UAE Govt • Providing almost 1.1m RT of cooling across GCC – growing 5% annually since 2014 Long-term Group Connected Capacity 1,087 938 949 1,011 contracts with • Long term contracts (~25 years) mean over 95% of contracted capacity locke
Slide 9: Agenda
Agenda A | Introduction and Performance Highlights B | Financial Results C | Key Takeaways NATIONAL CENTRAL COOLING COMPANY (PJSC)
Slide 10: Financial Highlights: Income Statement
Tabreed – Q3 2017 Earnings Presentation 10 Financial Highlights Income Statement Consolidated Financials (AED m) YTD Q3’17 YTD Q3’16 Variance % Revenue 1,049 960 89 +9% Chilled water revenue (95%) 994 871 123 +14% Value chain businesses (5%) 56 90 (34) -38% Operating cost (590) (519) (71) +14% Gross
Slide 11: Financial Highlights: Financial Position
Tabreed – Q3 2017 Earnings Presentation 11 Financial Highlights Financial Position Consolidated Financials (AED m) Sep 30, 2017 Dec 31, 2016 Variance % Fixed Assets 6,903 6,977 (73) -1% Investments in associates and JVs 791 826 (35) -4% Accounts Receivable 587 409 178 +43% Cash and Short Term Deposi
Slide 12: Financial Highlights: Cash flow Statement
Tabreed – Q3 2017 Earnings Presentation 12 Financial Highlights Cash flow Statement Consolidated Financials (AED m) YTD Q3’17 YTD Q3’16 Variance % Profit from Operations 318 304 15 +5% Finance lease amortization 42 37 5 +14% Depreciation 104 94 10 +11% Working Capital and Other adjustments (98) (108
Slide 13: Debt portfolio
Tabreed – Q3 2017 Earnings Presentation 13 Debt portfolio • Tabreed’s current gearing is 41% (debt: debt + equity), in line with global utility peers • 95% of debt is denominated in AED, with the balance in USD and OMR, in line with cash flow generation profile • Majority of the debt is floating rat
Slide 14: Agenda
Agenda A | Introduction and Performance Highlights B | Financial Results C | Key Takeaways NATIONAL CENTRAL COOLING COMPANY (PJSC)
Slide 15: Unique GCC-wide infrastructure assets company
Tabreed – Q3 2017 Earnings Presentation 15 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, carbo
Slide 16: 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 17: Appendices
17 Tabreed – H1 2017 Earnings Presentation Appendices
Slide 18: Conversion of MCBs and strategic investment from ENGIE
Tabreed – Q3 2017 Earnings Presentation 18 Conversion of MCBs and strategic investment from ENGIE • Mubadala became the majority shareholder of Tabreed in 2011 after the recapitalization, investing AED 3.1bn in the company 42% 40% • Tabreed has successfully completed its turn around into a profitabl
Slide 19: Improved leverage and return ratios
Tabreed – Q3 2017 Earnings Presentation 19 Improved leverage and return ratios Net Debt / Equity (x) Net Debt / EBITDA (x) 0.75x 0.75x 5.58x 5.54x 0.62x 4.68x 4.38x 0.50x Sep-14 Sep-15 Sep-16 Sep-17 Sep-14 Sep-15 Sep-16 Sep-17 Return on Equity (%) Return on Capital Employed (%) 8.2% 8.3% 8.3% 6.9% 6
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