National Central Cooling Co. (P.S.C.) (Tabreed) · DFM:TABREED
National Central Cooling Co. (P.S.C.) (Tabreed) — National Central Cooling Company PJSC (Tabreed) — FY2010 Earnings Presentation
21 slides from National Central Cooling Co. (P.S.C.) (Tabreed)'s earnings presentation, Feb 10, 2011
Slide 1: Tabreed FY 2010 Results Presentation
Tabreed FY 2010 Results Presentation 10 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 10 February 2011. By attending the
Slide 3: Agenda
Agenda • Overview • Operational Review – Sujit Parhar • Financial Review – Steve Ridlington • Update on Recapitalization program – Steve Ridlington • Summary – Sujit Parhar • Q&A 3
Slide 4: Overview
Overview • Strong FY 10 results demonstrate strength of underlying business • Group revenue of AED 1,023.7m – up 31% vs. FY 09 – Strong contribution from Chilled Water (+73%) • Reported net profit attributable to parent (excluding non-cash impairment declared for FY 09) is up 243% to AED 136.8m • Th
Slide 5: Operational Review
Operational Review Sujit Parhar CEO 5
Slide 6: FY 10 Operational Achievements
FY 10 Operational Achievements Chilled Water • Thirteen new plants and two expansion plans came online during the year and several new customers were connected • Total installed cooling capacity increased to 541,525 tons across 49 plants • Revenue and gross profit up 73% and 93% respectively Constru
Slide 7: Significant Capacity Roll-out
Significant Capacity Roll-out • FY 10 saw thirteen plants and two expansion plans come online with installed capacity of 155,800 RT • Currently building a total of thirteen plants with a capacity of 48, 280 RT of which eight plants are for the Dubai Metro Green Line • Two expansion plans initiated w
Slide 8: UAE Operational Plants
UAE Operational Plants • In total 155,800 RT of gross capacity came online in FY 10, increasing capacity to 541,525 RT* (gross) across 49 plants – Total billed capacity of chilled water in Q4 10 was (gross) 477,066 – Average reliability of 99.99% FY 2010 • The capacity increase reflects 13 plants an
Slide 9: Chilled Water - Strategy Delivering
Chilled Water - Strategy Delivering • Focus on core chilled water, delivering the build out and selling capacity • Strong growth in Chilled Water EBITDA – over 80% of total EBITDA in FY 10 • Chilled Water Revenue per tonne AED 407 as at end December 10 • Utility Efficiency gains • 31,405 RT of spare
Slide 10: Financial Review
Financial Review Steve Ridlington CFO 10
Slide 11: FY 10 Financial Highlights
FY 10 Financial Highlights Consolidated results for FY 10 Key Figures – Un-audited Consolidated Financials • Group revenue of AED 1,023.7m 12-months – Strong contribution from Chilled Water (+73%) ending 31 December All figures in AED m FY 10 FY 09(1) • Gross Profits of AED 426.4m up 53% on FY 09 Re
Slide 12: Chilled Water
Chilled Water Key Metrics • Revenue sharply higher (AED m) FY 10 FY 09 % Change – 13 new plants have come online since FY 09 Revenues 753 435 73% • Costs increase lower than revenue growth due to utility efficiency improvements and scale impact Cost (433) (269) 61% • Gross profit margin of 43% recor
Slide 13: Contracting
Contracting Key Metrics * • Sales of AED 132m mainly due to GES projects on Sowwah (AED m) FY 10 FY 09 % Change Island and Shams Revenues 132 178 (26%) • Gross profit and GP margin in FY 10 higher mainly due to contractor discounts Cost (101) (155) (35%) Gross Profit 31 23 34% • Profit from Operatio
Slide 14: Manufacturing
Manufacturing Key Metrics • Revenues decreased by 34% over FY 09 driven by (AED m) FY 10 FY 09 % Change economic downturn and resultant fall in order books. Revenues 96 145 (34%) • Gross margins fell to 29% over FY 09 reflecting reduced margins on new contracts and increased competition Cost (68) (1
Slide 15: Services
Services Key Metrics • Sales decreased by 9% in 2010 reflecting slowdown in the (AED m) FY 10 FY 09* % Change real estate sector Revenues 76 84 (9%) • Costs decreased by 13% over FY 09 Cost (28) (32) (13)% • Gross margins fell to 85% from 89% in FY 09 driven by the Gross Profit 48 52 (6%) negative i
Slide 16: Update on Recapitalization Program
Update on Recapitalization Program Steve Ridlington CFO 16
Slide 17: Update on Recapitalization Process
Update on Recapitalization Process Recapitalization Process Objectives Status Banks • Consensual long term refinancing with existing banking • Bank lenders have unanimously approved the principal terms of an group agreement to refinance AED2.6 bn of bank debt – Consolidate financing arrangements – E
Slide 18: Summary
| I * a oe fl tabreed Summary Sujit Parhar CEO 18
Slide 19: Summary
Summary • Robust FY 10 results announced – Sales of AED 1,023.7 million – Gross Profit of AED 426.4 million – Net Profit of AED 146.3 million (Tabreed’s share 136.8m) • Strong cash generating capability – EBITDA of AED 377m • Focus remains on delivering enhanced performance in core chilled water bus
Slide 20: Q&A
IE et fl tubieed Q&A 20
Slide 21: Contact Details
Contact Details For further information please contact Kalpesh Shah kshah@tabreed.com +971 2 645 5007 21
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