National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company PJSC (Tabreed) — Q1 2024 Earnings Presentation
26 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, May 15, 2024
Slide 1: Q1 2024 Earnings Presentation
National Central Cooling Company Q1 2024 Earnings Presentation 15 May 2024
Slide 2: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the National Central Cooling Company Securities Act) and may not be offered or sold except under an exemption from, or transaction not subject to, the PJSC, ‘Tabreed’ (the “Company”). These materials have been prep
Slide 3: Agenda
Agenda 1 Q1 2024 Key Highlights 4 2 Sustainability Overview 7 3 Q1 2024 Financial Results 11 4 Outlook and Concluding Remarks 16 5 Questions & Answers 3|
Slide 4: Key Highlights
01 Key Highlights Adel Al Wahedi, Chief Financial Officer
Slide 5: Q1 2024 Key Highlights
Key Highlights Q1 2024 Key Highlights Strong financial Strategic expansion in Sustainability remains management and profit the UAE and at the core of Tabreed’s generation capability Internationally strategy Revenue and EBITDA continued to 9% YoY increase in consumption Successfully completed Phase I
Slide 6: Q1 2024 consumption volumes and capacity update
Key Highlights Q1 2024 consumption volumes and capacity update Q1 2024 Chilled Water Revenue Q1 2024 Consumption Volumes Capacity by Country Fixed 71% 0.3 billion RTH UAE, 83% KSA, 10% +9% YoY 1,305k RT Oman, 4% Bahrain, 3% Egypt, 0.2% Variable India, 0.1% 29% Historical Capacity Addition (k RT) Q1
Slide 7: Sustainability Overview
02 Sustainability Overview Adel Al Wahedi, Chief Financial Officer
Slide 8: Sustainable, efficient and cost-effective cooling services
Sustainability Overview Sustainable, efficient and cost-effective cooling services Exclusive provider of District Cooling services to several Sustainable district cooling solutions enabling significant iconic projects energy savings and prevention of green house gas emissions 2.54 billion kWh Enough
Slide 9: Decarbonizing our operations for a cool future
Sustainability Overview Decarbonizing our operations for a cool future Our sustainability efforts reflects the company’s commitment to energy efficiency, protecting the environment, and to the sustainable socio-economic development of the region Some of the initiatives to enable sustainable use of e
Slide 10: Responsible business practices for a positive environmental impact
Sustainability Overview Responsible business practices for a positive environmental impact Our sustainability efforts reflects the company’s commitment to water and waste management to reduce consumption of potable water and other natural resources whilst simultaneously ensuring no harm to marine li
Slide 11: Q1 2024 Financial Results
03 Q1 2024 Financial Results Salik Malik, Vice President - Finance
Slide 12: Financial Summary
Q1 2024 Financial Results Financial Summary Income Statement Balance Sheet Cash Flows Q1 Q1 Q1 FY Q1 Q1 YoY (%) YoY (%) YoY (%) 2024 2023 2024 2023 2024 2023 Revenue 468 464 1% Non-current Cash flows 12,193 12,210 (0)% 274 268 2% Assets from Oper. Gross Profit 238 240 0% Current Changes in 2,675 2,6
Slide 13: Income Statement Highlights
Q1 2024 Financial Results Income Statement Highlights Q1 2024 Revenue Movement (YoY) Q1 2024 Gross Profit Movement (YoY) Chg. YoY +4% +19% -16% +1% Chg. YoY +1% +2% 0% Q1 2024 EBITDA Movement (YoY) Q1 2024 Net Profit Movement (YoY) Chg. YoY +1% +6% +11% +132% +2% Chg. YoY 0% +13% -32% NA NA -5% All
Slide 14: Balance Sheet Highlights
Q1 2024 Financial Results Balance Sheet Highlights Balance Sheet Breakdown Capital Structure Total Assets 5,378 6,165 5,536 5,274 4,929 4,770 Net Debt Profile 14,814 14,868 2,914 1,510 1,633 Cash & ST Deposits 775 720 622 642 2019 2020 2021 2022 2023 Q1 2023 Q1 2024 Receivables & Others 4,049 4,024
Slide 15: Highly cash generative business supports growth, deleveraging & dividends
Q1 2024 Financial Results Highly cash generative business supports growth, deleveraging & dividends Cash Movement Free Cash Flows AED 187 m All figures in AED millions (unless stated explicitly) rounded to nearest whole number 15 |
Slide 16: Outlook & Concluding Remarks
04 Outlook & Concluding Remarks Adel Al Wahedi, Chief Financial Officer
Slide 17: Capacity Growth Guidance
Outlook Capacity Growth Guidance 2022-2023 Two years guidance update kRT • 55k RT and 53k RT was added in 2022 and 2023 resp. - 67k RT in UAE, 20k RT in Oman, 14k RT in Saudi, 3.5kRT in Bahrain, 3k RT in Egypt and 1k RT in India. 2022 - 2023 Capacity Guidance 120 • 87% of the capacity added in 2022
Slide 18: Rising demand for space cooling reinforces strong growth outlook
Outlook Rising demand for space cooling reinforces strong growth outlook 1 2 3 4 Space Cooling District Cooling Energy Resilience, Rising District Cooling Demand Efficiency Decarbonisation Adoption Space Cooling accounts for District cooling offers Government policies to Tabreed’s key markets ~50% o
Slide 19: Leveraging on expansion opportunities to sustain long-term growth
Outlook Leveraging on expansion opportunities to sustain long-term growth Core market provides high revenue New markets offer visibility and stable growth strong growth upside UAE International +7% CAGR 0.3m RT 0.39m RT 1.30m RT 0.91m RT Largely driven by expansion in existing concessions areas New
Slide 20: Tabreed's Investment Proposition
Outlook Tabreed’s Investment Proposition • Resilient utility-like infrastructure model with robust tariff structure Sustainability Resilient implemented across countries Enabler Business • Long-term contracts with creditworthy customers underpin Model stability and high visibility of cashflows Stron
Slide 21: Q&A
Q&A
Slide 22: Appendix
Appendix
Slide 23: Connected Capacity
Overview Connected Capacity Consolidated 2019 2020 2021 2022 2023 Q1 2024 UAE 724 928 1,025 1,060 1,0531 1,054 Bahrain 28 32 33 34 37 37 Oman 32 32 33 52 53 53 India - - - - 1 1 Egypt - - - - 3 3 Total Consolidated 1,123 992 1,091 1,146 1,146 1,148 Equity Accounted UAE 71 71 9 9 332 33 KSA 110 110 1
Slide 24: Proven track record of growth with sustainable earnings and resilient margins
Financial Overview Proven track record of growth with sustainable earnings and resilient margins Group Connected Capacity1 (kRT) Group Revenue (AED m) 2,415 1,264 1,303 2,216 1,174 1,210 1,955 82 965 1,741 75 175 176 196 218 1,520 73 54 170 64 2,141 2,333 999 1,034 1,069 1,086 1,687 1,882 795 1,456
Slide 25: Robust cash flows underpin ability to deliver attractive shareholder returns
Financial Overview Robust cash flows underpin ability to deliver attractive shareholder returns • Consistently growing cash flows and sufficient balance sheet • Maintained Investment Grade credit rating, underscoring capacity provide a strong foundation to maintaining financial strong creditworthine
Slide 26: Contact Us
Contact Us Tabreed Investor Relations Salik Malik Yugesh Suneja Email: ir@tabreed.ae Vice President, Finance Head of Investor Relations For more information, please visit Tel: +971 2 202 0397 Tel: +971 2 202 0479 www.tabreed.ae/investor-relations Email: smalik@tabreed.ae Email: ysuneja@tabreed.ae
National Central Cooling Company PJSC (Tabreed) — Q1 2024 Earnings Presentation on 6ix