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 2019 Earnings Presentation
18 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, May 2, 2019
Slide 1: National Central Cooling Company PJSC Q1 FY2019 Earnings Presentation
National Central Cooling Company PJSC (DFM:TABREED) Q1 FY2019 Earnings Presentation 2 May 2019
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 and Corporate Developments
Performance Highlights Financial Highlights: Q1 2019 vs. Q1 2018 AED 297m AED 276m AED 170m AED 80m +8.1% +6.7% +14.5% +2.9% Total Revenue Chilled Water Revenue EBITDA Net Income Performance Highlights and Corporate Developments Performance • Total Revenue growth at 8.1% and Chilled Water revenue at
Slide 6: Tabreed at a Glance
Tabreed at a Glance One of the world’s largest district cooling companies Over Equivalent to cooling 74 plants in 1.1m RT 113 5 countries delivered to clients towers the size of Burj Khalifa Environmentally responsible operations reducing green house gas emissions 1.97 billion kWh 986,000 tons annua
Slide 7: Regional Presence
Regional Presence The only publicly listed and regional district cooling company in the world National Central Cooling Company and its UAE investments • 5 GCC countries | 74 plants | Over 1.1m tons of cooling • 55 consolidated plants, 8 held through associates and joint ventures • Plants in 6 emirat
Slide 8: Connected Capacity
Connected Capacity • Previously announced capacity guidance of 65,000 RT to be added in 2019 and 2020 • Added 2,950 RT during Q1 2019 all at the consolidated level Consolidated Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 UAE 702 702 702 702 705 Bahrain 26 26 26 27 27 Oman 17 18 18 24 24 Total Consolidat
Slide 9: Headline Performance
Headline Performance UAE Other • Providing over 1.1m RT of cooling across GCC – growing 5% Long-term annually since 2016 Group Connected 1,134 Capacity (kRT) 1,094 contracts with • Long term contracts (~25 years) mean over 90% of 977 1,068 358 306 321 credit worthy contracted capacity locked in for
Slide 10: 2. Financial Results
fl tabreed Sustainable Cooling 2. Financial Rest
Slide 11: Q1 2019 Income Statement
Q1 2019 Income Statement Consolidated Financials (AED m) Q1 2019 Q1 2018 Variance % Revenue 297 274 22 8% Chilled water revenue (93%) 276 259 17 7% Value chain businesses (7%) 21 16 5 31% Operating cost (135) (129) (6) 5% Gross Profit 162 146 16 11% Gross profit margin 54% 53% Administrative and oth
Slide 12: Q1 2019 Financial Position
Q1 2019 Financial Position Consolidated Financials (AED m) Mar 31, 2019 Dec 31, 2018 Variance % Fixed Assets 7,374 7,026 348 5% Associates and Joint Ventures 586 579 7 1% Accounts Receivable 470 568 (98) -17% Cash and Short Term Deposits 434 249 185 74% Other Assets 61 61 (0) -1% Total Assets 8,924
Slide 13: Q1 2019 Cash Flow Statement
Q1 2019 Cash Flow Statement Consolidated Financials (AED m) Q1 2019 Q1 2018 Variance % Profit from Operations 110 97 13 14% Finance lease amortization 14 17 (2) -13% Depreciation 46 35 11 30% Working Capital and other adjustments 68 23 45 201% Net cash flows from Operating Activities 238 171 67 39%
Slide 14: IFRS 16 Leases – First Time Adoption and Impact
IFRS 16 Leases – First Time Adoption and Impact Summary of Balance Sheet Impact Assets AED m Increase in operating lease assets 223 • IFRS 16 became effective 1 Jan 2019 Increase in finance lease receivables 172 Background • IFRS 16 impacts both Operating and Finance Lease 395 accounting Liabilities
Slide 15: Q1 2019 Debt Portfolio and Return Ratios
Q1 2019 Debt Portfolio and Return Ratios • Current gearing of 41% (vs. 39% in Dec 2018 and 42% in Mar 2018); Increase in debt in Q1 2019 due to implementation of IFRS 16 • No significant debt repayments until the Sukuk matures in 2025 • Strong improvement in Net Debt to EBITDA ratio as EBITDA contin
Slide 16: 3. Conclusion
fl tabreed Sustainable Cooling 3. Conclusion
Slide 17: Unique GCC-wide Infrastructure Assets Company
Unique GCC-wide Infrastructure Assets Company Why District • District Cooling is a critical part of the growing GCC infrastructure Cooling? • District Cooling is 50% more energy efficient than conventional cooling and 16% cheaper for the customer • One of the largest district cooling companies in th
Slide 18: Contact Us
Contact Us Saket Somani Churchgate Partners Tel: +971 4 3132432 Email: Tabreed@churchgatepartners.com Richard Rose Salik Malik Vice President, Finance Head, Financial Planning & Analysis Tel: +971 2 2020400 Tel: +971 2 2020397 Email: IR@tabreed.ae Email: smalik@tabreed.ae NATIONAL CENTRAL COOLING CO
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