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4-Traders Homepage  >  Equities  >  ABU DHABI SECURITIES MARKET  >  Abu Dhabi National Energy Company PJSC    TAQA   AEA002401015

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Abu Dhabi National Energy Company PJSC : TAQA Q3 2013 Results

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11/06/2013 | 08:50am CEST

06 Nov 2013

6 November 2013, Abu Dhabi, United Arab Emirates - TAQA, the international energy company from Abu Dhabi, today reported its operational and financial results for the nine months to 30 September 2013.

Key Highlights

AED million Q3 2012 Q3 2013 % +/- 9M  2012 9M 2013 % +/-
Total revenues 8,833 7,396 16 20,618 18,681 9
Power & Water (1) 2,094 2,285 11 6,086 6,230 2
Construction revenue 2,814 491 83 2,814 1,453 48
Fuel revenue (2) 952 807 15 2,890 2,381 18
Oil & Gas (2) 2,973 3,813 28 8,828 8,617 2
EBITDA 3,293 3,888 18 9,855 9,447 4
Profit Before Tax 695 591 15 3,196 1,116 65
Net profit After Minority Interests (288) 146 n/a 693 80 88
Basic earnings per share (AED) (0.05) 0.02 n/a 0.11 0.01 91
Net Debt/EBITDA (times) 5.3 6.2 -
Net debt to capital (%) 77 80 -

The company reported today it had returned to profit in the third quarter after posting a loss in the same period last year.

The positive figures were down to strong operational performances across its main divisions, following the successful resolution of a series of issues that had affected its UK Oil and Gas business and its Power and Water division.

Total revenues for 9M 2013 were AED 18.7 billion, compared with AED 20.6 billion in 9M 2012. If construction and fuel revenues are excluded, underlying revenues were flat at AED 14.9 billion.

Total revenue in Q3 2013 was almost AED 6.1 billion compared to AED 4.5 billion in the second quarter of 2013, excluding fuel and construction revenues, reflecting a 36% increase in underlying revenues, as key operations returned to full production.

The company demonstrated resilient cash generation of AED 8.2 billion, and maintained its robust financing position, with AED 4.0 billion in cash and cash equivalents.

Total year to date net income was AED 80 million, compared to AED 693 million for the first nine months of 2012.

The weaker year to date profit reflects reduced revenue due to the operational issues that have now been successfully resolved. In addition, the proceeds of a number of disposals in 2012, principally consisting of Tesla stock and excess North American acreage, complicate any direct comparison between the periods.

The company highlighted the successful completion of the integration of Harding, Morrone and Maclure fields in UK North Sea. In addition, Cormorant Alpha returned to production on 30 June, with full production restored on 24 August. Overall, UK production increased to 57.8 mboe/day in the third quarter, up 39% from the same period last year.

There was strong technical availability within the power business, following the successful resolution of technical problems at the Jorf Lasfar power plant in Morocco.

The refinancing for the Shuweihat 2 power and desalination plant was successfully completed, raising AED 3.0 billion of non-recourse project bonds.

At the end of the period, TAQA had four major projects underway. They are the expansion of the Jorf Lasfar power plant, due to be completed next year; the Takoradi plant in Ghana, due in 2015; the completion of the Bergermeer Gas Storage complex in the Netherlands and the Atrush oil and gas field in the Kurdistan region of Iraq. TAQA confirmed all four projects were on schedule and within budget.

Comment

Carl Sheldon, Chief Executive Officer, said:
"I am proud of the strong operational performance across the company as we recovered from the challenges faced in the first half of the year. In the UK, seamless integration of the assets we acquired in the Central North Sea, combined with the restoration of production at Cormorant Alpha, led to record levels of production in September. In October, the first of the two new units at Jorf Lasfar in Morocco was synchronised with the national grid, a major milestone in the full commissioning of both units by early 2014."

Stephen Kersley, Chief Financial Officer, said:
"I am pleased that we have returned to profitability in the third quarter, reflecting our strong operational performance. However, we operate in tough economic conditions, particularly in the North American natural gas market. We must remain focused on executing our capital program efficiently and continue to review our operating and overhead costs globally."

1 Excludes fuel revenue and construction revenues, also includes certain other operating revenue relevant to the Power & Water business.
2 Fuel revenues are a pass through from the offtaker to pay for input fuel
3Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business
4Excluding fuel and construction revenues

Click here to view the full release in PDF format.

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Financials ( AED)
Sales 2016 14 411 M
EBIT 2016 662 M
Net income 2016 -
Debt 2016 70 142 M
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017
EV / Sales 2016 5,09x
EV / Sales 2017 5,27x
Capitalization 3 276 M
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Mean consensus OUTPERFORM
Number of Analysts 1
Average target price -
Spread / Average Target -100%
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Managers
NameTitle
Saeed Mubarak Rashed Al-Hajeri Chairman
Saeed Hamad Al-Dhaheri Chief Operating Officer
Mohammed Al Ahbabi Chief Financial Officer
Abdul Aziz Abdulrahman Al-Hemaidi Director
Salem Sultan Obaid Al-Dhaheri Director
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