Successfully completes 11 new district cooling plants in Q3 2011National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, released its unaudited consolidated third quarter financial results today.  The company registered a robust operational performance driven by its chilled water business.  New customer connections and continued cost discipline drove the growth in profit during the period.Financial Highlights – Nine months ended 30 September 2011Group revenue Year to Date (YTD) increased by 10 per cent to AED 842.0 million, compared to AED 763.3 million for the same YTD period in 2010Net profit YTD increased by 12 per cent to AED 129.8 million, compared to AED 115.7 million for the same YTD period in 2010Economies of scale and cost discipline improved gross profit margins to 41 per centChilled water revenue YTD was AED 712 million, a 26 per cent increase over the same YTD period in 2010Whilst earnings compared to 2010 have increased, as expected, with the increase in share capital from 243,380,000 to 659,063,000 (from the settlement of the 2008 Sukuk) and the inclusion of the AED 1.7 billion Mandatory Convertible Bond and the AED 825 million from the Subordinated Bridge Loan, Earnings per Share reduced from AED 0.31 to AED 0.07 over the same period in 2010Debt to equity ratio now stands at 0.97, as compared to 3.11 as at the same period last yearEBITDA of AED 323.7 million, a 23 per cent increase over the same YTD period in 2010Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said:“As these results demonstrate, Tabreed continues to improve its performance, with revenue and net profit increasing throughout the year.  The Company is well positioned to deliver consistent value.Operationally, Tabreed has delivered a number of vital projects during this period and will continue to benefit from improved operational efficiencies and economies of scale.  Tabreed’s track record and experience of successfully delivering pioneering projects makes it a vital partner in developing our region’s infrastructure and supporting our economic growth.”Sujit S. Parhar, Tabreed’s CEO, said:“Tabreed’s business model is anchored in long-term, profitable contracts, many of which are with UAE government entities, thus ensuring strong cash generation well into the future. Today’s results demonstrate the underlying strength of our business, and Tabreed’s ability to deliver shareholder value from its projects. With our stronger balance sheet, we have cash available to fund the completion of our existing projects and continue to focus on growing our core chilled water business.”Q3 2011 Highlights:Chilled WaterTabreed’s chilled water division remained the key driver for the business, delivering further growth in revenues and profits – revenues increased 26 per cent to AED 712 million while gross profit increased 34 per cent to AED 305 million, as compared to the same period in 2010.  Profits from operations registered a 54 per cent increase to AED 212 million and gross margins increased to 43 per cent, compared to 40 per cent in the same YTD period last year.  EBITDA, an indicator of cash flow generation, increased to AED 299 million against AED 206 million in the same YTD period last year.This performance was driven by new customer connections as well as 11 new plants  which have come online during the quarter. Progress on the capacity build-out program continued with 36,200 RT (gross) of capacity coming online in Q3 2011, of which the Dubai Metro Green Line accounted for 8 plants and a capacity of 20,400 RT.Value Chain BusinessIn line with the company’s strategy to reduce the contribution of its value chain business and to focus on the core chilled water business, revenues stood at AED 130 million and gross profits at AED 40 million for the period as Tabreed’s current capital spending program draws to a close. 0-03

Q2 net profits up 37% from Q1 as chilled water business drives strong growthQ2 net profits up 37% from Q1 as chilled water business drives strong growthNational Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, released its consolidated second quarter financial results today. The company has registered robust performance from operations demonstrating the strength of its core chilled water business. Compared to the first quarter of 2011, group revenues grew 17 per cent to AED 286.6 million, while gross profits increased 15 per cent to AED 117.3 million. A reduction of AED 25m in finance costs as a result of the closure of the recapitalization program contributed to net profits increasing 37 per cent to AED 43.8m.Financial Highlights – First half 2011 ended 30 June 2011Total revenue increased by 14 per cent to AED 532.2 million, compared to AED 465.1million in the same period in 2010Gross profit increased by 22 per cent to AED 219.3 million, compared to AED 180.1 million in the same period in 2010Chilled water revenue for the period was AED 425.6 million, a 29 per cent increase over the same period in 2010Utility efficiency gains and growth in scale have led to gross profit margin of 45 per cent and 102 per cent growth in profit from operations over H1 2010; EBITDA of AED 187 million – a 63 per cent increase over the same period in 2010US$ 200m Sukuk 06 repaid on maturity on 20th July 2011Whilst earnings remained comparable to the same period in 2010, as expected, with the increase in share capital from 243,380,000 to 659,063,000 (from the settlement of the 2008 Sukuk) and the inclusion of the AED 1.7 billion Mandatory Convertible Bond, EPS reduced from AED 0.21 to AED 0.06 over the same period in 2010Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman said:“An increased contribution from the company’s core chilled water business, a strong balance sheet, and full repayment, on maturity, of the US$ 200 million Sukuk all demonstrate that we continue to make good progress in the current year. Our focus remains on delivering financial and operational growth across the company, while maintaining a conservative balance sheet, creating sustainable value for shareholders.”Sujit S. Parhar, Tabreed’s CEO, said:“Our strong results prove Tabreed’s cash-generating capabilities. Our strategy of developing the business for the longer term by focusing on the core business of chilled water is paying off – this business segment has contributed over 90 per cent of the total EBITDA in H1 2011. Our diversifiedcustomer base, long-term contracts, stable cost structure and strengthened corporate governance ensure that we are well positioned to deliver on our stated business plan.”First Half 2011 Highlights: Chilled WaterTabreed’s chilled water division delivered robust revenues and profits – revenues increased 29 per cent to AED 425.6 million, while gross profit increased 54 per cent to AED 190.6 million. Profits from operations registered a 102 per cent increase to AED 129.8 million and operating margins increased 31 per cent, compared to 19 per cent in the same period last year. This is largely driven by the inclusion of five new plants which have come online since H1 2010 and new customer connections. Progress on the capacity build-out program continued with 10,000 RT coming online in Q2 11, following the completion of two plant expansions. Total installed cooling capacity increased to 551,525 TR across 49 plants. 13plants currently remain under construction, including eight plants for the Dubai Metro Green Line.Value Chain BusinessIn line with the company’s strategy to focus on its core chilled water business, the contribution from the value chain businesses continued to decline as a result of Tabreed’s current capital spending program drawing to a close. Revenues stood at AED 106.7 million and gross profits at AED 28.7 million.

Settlement of AED 735m Follows Successful Completion of Recapitalization ProgramNational Central Cooling Company PJSC (‘Tabreed’), the world’s leading district cooling company, announced today that it has repaid in full its 06 Sukuk.  The repayment follows the completion of the Company’s recapitalization program on 1 April 2011.The total amount paid today to certificate holders of the 06 Sukuk is AED 735 million.Waleed Al Mokarrab Al Muhairi, Chairman of Tabreed said:“The strong capital structure that was put in place with the recapitalization program underpins Tabreed’s long-term growth potential.  The repayment of the 06 Sukuk today was contemplated in our structuring of the recapitalisation program and improves the Company’s overall financial position.”The Sukuk 06 was launched in July 2006 and matured today, 20th July 2011.

National Central Cooling Company PJSC (‘Tabreed’),  the Abu Dhabi-based utility company, today announced that it has completed the tender offer in relation to its 08 Sukuk by way of delivery of the relevant shares. This announcement follows the regulatory approval given by the UAE Ministry of Economy on 17th May 2011 approving its planned capital increase in relation to its 08 Sukuk, and the earlier approval by 08 Sukuk holders for Tabreed’s tender offer as disclosed by Tabreed on 28th  March 2011.The Company’s tender offer for the 08 Sukuk formed a part of Tabreed’s recapitalization program – approved by Tabreed shareholders on 30th May 2010 and which completed on 1st April 2011.  The completed recapitalization program provides the Company with a stable capital structure and long-term funding for future growth

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, today announced that it has received a Ministerial Resolution from the UAE Ministry of the Economy approving its planned capital increase in relation to its 08 Sukuk. The announcement today follows the approval by 08 Sukuk holders for Tabreed’s tender offer as disclosed by Tabreed on 28th March 2011.The Company’s tender offer for the 08 Sukuk formed a part of Tabreed’s recapitalization program – approved by Tabreed shareholders on 30th May 2010 and which completed in its entirety on 1st April 2011. The completed recapitalization program provides the Company with a stable capital structure and long-term funding for future growth.

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, released its first quarter consolidated financial results today.  These results, the first to be announced since the successful completion of Tabreed’s recapitalization program on 1st April 2011, demonstrate the Company’s strong operating performance driven by continued growth in its core business of chilled water.  For the three months ended 31st March 2011, total revenue increased by 23 per cent to AED 245.6 million and operating profit increased by 55 per cent to AED 64.4 million over the same period in 2010.  Net profit fell by 25 per cent to AED 32.8 million due to higher finance costs.Financial Highlights – Three months ended 31 March 2011Total revenue increased by 23 per cent to AED 245.6 million, compared to AED 199.7 million in the same period in 2010Gross profit increased by 21 per cent to AED 101.9 million, compared to AED 84.4 million in the same period in 2010Net profit decreased by 25 per cent to AED 32.8 million, compared to AED 43.8 million in the same period in 2010Chilled water revenue for the period was AED 183.6 million, a 32 per cent increase over the same period in 2010Basic and diluted earnings per share of AED 0.08 per shareKhaled Al Qubaisi, Tabreed’s Managing Director said:“With the completion of the recapitalization program, Tabreed has established the foundations of a strong utility business.  Tabreed delivers value, efficiency and dependability to its institutional customers and is positioned to build long-term returns for its stakeholders.  These results demonstrate the continuing improvements made by the management team and we look forward to a successful year ahead as Tabreed meets the strong demand for cooling infrastructure in the region.”Sujit S. Parhar, Tabreed’s CEO, said:“The first three months of 2011 have been extremely positive for Tabreed.   Our efforts have remained focused on strengthening our core business of chilled water, which is reflected in the sustained growth of our revenues.  We continue to improve operational efficiencies and reduce our costs by applying discipline in everything we do.  I am pleased to report that we remain profitable, continue to improve margins and look forward to delivering successfully on our business plan in the year ahead.”First Quarter 2011 Highlights:Chilled WaterTabreed’s core business of chilled water produced revenues of AED 183.6 million, compared to AED  139.1 million in the same period in 2010.  This performance was driven by additional connections.  Gross profit increased to AED 86.7 million from AED 50.9 million in the same period the year before.No additional plants were added in Q1 2011 but work continues on 13 plants under construction, including 8 plants for the Dubai Metro Green Line.  Tabreed’s total installed cooling capacity remained to 541,525 (gross) TR across 49 plants.ContractingThe Company’s contracting segment recorded revenues of AED 64.1 million, compared to AED 32 million over the same period in 2010, with gross profit of AED 2.8 million compared to AED 11.5 million in the same three months of the previous year.  The results reflecting completion of the IKEA – Yas Island project and further progress with the Sowwah Island project in Tabreed’s wholly owned subsidiary, Gulf Energy Systems.ManufacturingTabreed’s manufacturing segment reported revenues of AED 17.5 million compared to AED 22.7 million in the same period in 2010, while gross profit fell to AED 4.7 million compared to AED 7.6 million in the same period of 2010.  This decline was due to weak market conditions and reduced order books due to an increase in competition at Tabreed’s 60 per cent owned subsidiary, Emirates Pre-insulated Pipes Industries.ServicesTabreed’s services segment, which is involved in the design and supervision of building electrical and mechanical works, reported revenues of AED 13.3 million compared to AED 17.4 million in the same period in 2010, while gross profit decreased to AED 7.8 million compared to AED 15 million in the same period in 2010.  The change reflects the regional real estate slowdown that affected the services division, which includes Ian Banham & Associates, l2l and Cooltech.

Waleed Al Mokarrab Al Muhairi appointed new Chairman and Khaled Al Qubaisi reappointed Managing DirectorThe shareholders of National Central Cooling Company PJSC (‘Tabreed’), the world’s leading district cooling company, today approved the appointment of the Company’s Board of Directors at its Annual General Assembly (AGA). New Board Members Ahmed Yahia Al Idrissi and Khaled Saleh Al Rashedi join Waleed Al Mokarrab al Muhairi, Khaled Abdulla Al Qubaisi, Ibrahim Al Ansaari, Abdul Raouf Al Bitar and Ali Saeed Al Badi Al Dhaheri who retained their Directorships. The new Board has been approved to represent the Company for the next three years.H.E. Khadem Al Qubaisi steps down as Chairman having successfully guided the Company through its recapitalization program, while H.E. Khalifa Mohamed Al Mazrouei, H.E. Abdulla Khouri, and Sujit S. Parhar also step down.At the first meeting of the new Board of Directors immediately following the AGA, Waleed Al Mokarrab al Muhairi was elected by the members of the Board as the Company’s new Chairman and Khaled Al Qubaisi was reappointed as Managing Director.Waleed Al Mokarrab al Muhairi, Tabreed’s new Chairman commented: “I would personally like to thank Khadem and the other departing Board Members for their immense contribution and guidance in overseeing the successful completion of our recapitalization program and the significant improvement in our operational performance. Tabreed is now positioned to capitalize on future growth opportunities and I am confident that our new Board has the right blend of skills and experience to help the Company achieve its full potential in the years ahead.”Other resolutions approved by shareholders included the Board of Directors’ report, the Auditor’s report, the Company’s balance sheet and profit and loss accounts, the absolution of the Directors’ and Auditor’s liability for 2010 and the appointment of the Auditor for the year.

Company pursuing long-term growth opportunitiesAbu Dhabi, 1 April 2011 – National Central Cooling Company PJSC (‘Tabreed’), the world’s leading district cooling company, today announced that it has successfully completed its recapitalization program by refinancing AED 2.63 billion of bank debt and securing up to AED 3.1 billion of committed long-term capital from Mubadala. Tabreed is now focusing its efforts on future growth and expansion.Khadem Al Qubaisi, Tabreed’s Board Chairman commented: “We are pleased that Tabreed has successfully completed its recapitalization program. We now have the foundations in place for future growth and look forward to benefiting from the strong demand for district cooling in the region to deliver shareholder value. The Company’s performance over the last four quarters demonstrates both the management team’s determination in building the business and the Company’s future prospects.”Khaled Al Qubaisi, Tabreed’s Managing Director remarked: “Despite the difficult environment last year, our focus on organisational and operational efficiency has enabled us to maintain profitability.Complete terms of the recapitalization program elements can be found in the ‘Investor Presentation’ dated 1 April 2011 at www.tabreed.com/InvestorsReport.aspx

National Central Cooling Company PJSC announces tender offer and proposal to the holders of the outstanding…Click below link to read moreSukuk Process Announcement 

Recapitalization program scheduled to close by 31 MarchAbu Dhabi, 2 March 2011 – National Central Cooling Company PJSC (‘Tabreed’ or ‘the Company’), the world’s leading district cooling company, today announced that it has reached an agreement-in-principle with Mubadala Development Company PJSC (‘Mubadala’) to provide up to AED 3.1 billion in new long-term capital commitments. Upon closing the recapitalization program, Tabreed will have the long-term capital structure required to transform its business and realize disciplined growth.Long-term CapitalUnder the agreement, Mubadala will commit up to AED 3.1 billion in new long-term capitalcomprised of:AED1.7 billion Subordinated Mandatory Convertible Notes (the ‘Subordinated Notes’) to refinance the Company’s existing AED 1.7 billion Bridge Financing. The Notes mature in 2019, have a conversion price of approximately AED1.13 and are convertible by the Holders on certain dates.Up to AED1.4 billion Subordinated Convertible Loan Facility, which may be drawn by the Company to satisfy certain liquidity needs, complete its build-out program and pursue near-term growth opportunities. The facility matures on 31 December 2012, and to the extent not repaid, the drawn amount will convert into additional Subordinated Notes.The Company may repurchase a portion of the Subordinated Notes in the future. The Subordinated Notes will be transferable to shareholders and other investors interested in participating in the new instruments.Khadem Al Qubaisi, Tabreed’s Board Chairman commented: “The Board of Directors is pleased that Tabreed has successfully entered the final stages of its recapitalization program. Tabreed has reached an AED 2.63 billion refinancing agreement with its banks and secured up to AED 3.1 billion in long-term capital commitments from its strategic investor.This program provides the foundation for future growth and we look forward to closing this program by 31 March. The Company’s potential has been underscored by its performance over the last four quarters, which demonstrates the management team’s determination in building the business. By delivering value and dependability to our institutional clients, Tabreed will meet future demand for cooling infrastructure in the region.”Khaled Al Qubaisi, Tabreed’s Managing Director commented: “Following the successful completion of the recapitalization program, Tabreed will be in a stronger position to deliver on its business plan and achieve its full earnings potential. Management’s focus will be on completing Tabreed’s build-out program, developing the Company’s core chilled water business, and increasing profitability by enhancing value from existing plants while maximizing organizational and operational efficiencies.’’08 SukukThe Company has also today launched an amendment process to settle the AED246.5 million annual distribution amounts under its convertible 08 Sukuk. The amendment process comprises a tender offer and proposal that on completion will result in the annual distribution amounts being settled in ordinary shares. The amendment process is also scheduled for completion by 31 March.The issuance of the Notes and the completion of the amendment process are subject to regulatory approval. Complete terms of the recapitalization program elements can be foundin the 2 March 2011 Analyst Presentation at www.tabreed.com/InvestorsReport.aspx