TAQA FY 2020 Proforma Consolidated Results and Dividend Policy
Liquidity and debt profile
Strong liquidity levels and stable debt levels
Robust liquidity position
Total liquidity of AED 16.5bn consisting of:
-
Cash and cash equivalents of AED 8.3bn
-
Undrawn credit facilities of AED 8.2bn
Debt levels stable despite RCF borrowing
Gross debt¹ of AED 76.0bn (-2% vs. YE 2019) with net RCF borrowing
(AED 0.9bn during FY 2020) partially offsetting project debt amortization
Corporate debt maturity profile³ (US$ million)
2,554
1,353
3,295
2,229
1,606 1,783
1,651
757 719
674
Key metrics
YE/FY 2019
YE/FY 2020
Net debt-to-capital ratio²
52%
49%
EBITDA / net finance costs³
5.1x
4.9x
Net debt / EBITDA
4.0x
4.2x
Term loan
Undrawn RCF
Drawn RCF
Bonds
Project / subsidiary debt
1,212
481
479
502
470
326
500
120
117 286
37
38
40
14
21
22
23
24
25
26
27
28
29
30
31
32
33
34 35
36
37
38
39
40
41
42
43
2049
1. Gross debt includes bonds that have been fair valued on TAQA's books as of 1 Jul 2020, resulting in a mark-up of c.AED 4.7bn in excess of par value as of 1 July 2020; 2. Net capital defined as net debt plus equity (including minorities and
accumulated changes in the fair value of derivatives); 3. net finance costs include ARO accretion expenses
30
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