National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — FY2012 Earnings Presentation
20 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Feb 3, 2013
Slide 1: 2012 Results Presentation
National Central Cooling Company PJSC Tabreed 3 February 2013 2012 Results Presentation
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 31 January 2013. By attending the m
Slide 3: Agenda
Agenda • Introduction • Business Overview • Operational Review • Financial Review • Summary • Q&A 3
Slide 4: Overview
Overview District cooling is an essential utility Tabreed’s Competitive Advantage service in the region It has a number of benefits over traditional air conditioning: • Lower life cycle costs • Lower operating costs • Property owner benefits • Energy reduction for governments • Environmentally frien
Slide 5: Operational Review
Operational Review 5
Slide 6: Operational Achievements
Operational Achievements 65 64 55 38 Number of Plants Group • Installed Capacity at the end of 2012 at 767,125 RT across 65 plants • Connected Capacity for the Group 766,997 RT and 99% of Installed Capacity • The increase in Connected Capacity outside of the UAE has been driven by Qatar, with
Slide 7: Long-term, Stable, Customer Base
Long-term, Stable, Customer Base 46% 602,444 48% 555,181 39% 477,066 42% 339,572 44% 274,201 Percentage of Government customers • The graph shows the split in the UAE Connected Capacity between our government and non government customers • At the end of 2012, 46% of our Capacity has been contr
Slide 8: 2012 Results Summary
2012 Results Summary Financial Highlights Strong 2012 results continue to demonstrate strength of our underlying business • Core Chilled Water Revenue up 7% to over AED 1bn (2011: AED 943.8m) • 2012 Revenue up 1% to AED 1,128.7m (2011: AED 1,114.6m) • 2012 Operating Profit up by 18% to AED 356.3m (2
Slide 9: Financial & Operational Metrics - UAE
Financial & Operational Metrics - UAE Key Metrics - UAE 2012 2011 % Change Comment Number of Plants 59 58 2% One new plant in Q1 2012 Installed Capacity (RT) 605,325 587,325 3% Increase of 18,000 RT in 2012 Connected Capacity (RT) 602,444 555,181 9% Increase of 47,263 RT Percentage of Installed 99%
Slide 10: Financial Review
Financial Review 10
Slide 11: Chilled Water
Chilled Water Contribution to Revenue 90% (2011: 85%) Key Metrics % 2012 2011 (AED m) Change Revenues 1,011.0 943.8 7% Operating Costs (536.5) (537.8) - Revenue (AED m) Gross Profit 474.5 406.1 17% Profit from Operations 347.1 274.4 27% Operating Profit Margin 34% 29% EBITDA Margin 48% 43% • Revenue
Slide 12: Value Chain Businesses
Value Chain Businesses Contribution to Revenue 10% (2011: 15%) Key Metrics % 2012 2011 (AED m) Change Revenues 117.8 170.7 -31% Operating costs (91.7) (117.0) 22% Revenue (AED m) Gross Profit 26.1 53.7 -51% Profit from Operations 9.2 27.0 -66% Operating Profit Margin 8% 16% EBITDA Margin 13% 19% • I
Slide 13: 2012 Financial Highlights
2012 Financial Highlights • Whilst the core Chilled Water Revenue increased Key Figures – Audited Consolidated Financials 7%, total revenue increased by 1% Year ended • Operating Costs are down 4% as a result of 31 December continued cost control, efficiencies and economies % All figures in AED m 20
Slide 14: Key Balance Sheet Movements
Key Balance Sheet Movements Asset classified as held for sale • In our 2011 financial statements, we were showing an asset classified as ‘held for sale’, with a carrying value of AED 103m • After not reaching an agreement, the Board of Directors resolved not to sell a plant and its related distribut
Slide 15: Mandatory Convertible Bonds
Mandatory Convertible Bonds • New Mandatory Convertible Bonds were issued on 31 December 2012 as settlement of the Subordinated Loan Tranches A and B Summary Terms and Conditions AED 3.0bn subordinated Mandatory Convertible Notes Instrument AED 1.9bn (including PIK of AED 183m) issued on 31 March
Slide 16: Summary
Summary 16
Slide 17: Summary
Summary Financial and Operational Successes • Strong results for Full Year 2012 – Core Chilled Water up 7% to over AED 1bn (2011: AED 943.8m) – 2012 Revenue up 1% to AED 1,128.7m (2011: AED 1,114.6m) – 2012 Operating Profit up 18% to AED 356.3m (2011: AED 301.4m) – 2012 Net Profit attributable to Pa
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
flee Q&A 19
Slide 20: Contact Details
Contact Details For further information please contact Salam Kitmitto Communications Director skitmitto@tabreed.ae +971 2 645 5007 ext. 692 Suzanne Holt Snr. Corporate Finance and Investor Relations Manager sholt@tabreed.ae +971 2 645 5007 ext. 424 20
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