TAQA FY 2020 Proforma Consolidated Results and Dividend Policy
FY 2020 results
-
summary
Significant COVID-19 impact on oil and gas segment absorbed by expanded utilities business
Group financial highlights (AED million)
Full year pro-forma consolidated financials post ADPower asset transfer
Strong operational performance amidst COVID-19 circumstances
• High technical availability levels maintained for power and water businesses
Oil and gas production slightly lower on delayed drilling campaigns
Financial performance significantly impacted by lower commodity prices
. Revenue of AED 41.2bn (-6% y/y)
. EBITDA of AED 16.0bn (-13% y/y) with margin compression to 39% (from 42% FY 2019)
reflecting lower margins in the Oil & Gas segment
Net profit (TAQA-share) of AED 2.8bn for FY 2020
Revenues
FY 2019
FY 2020
EBITDA
43,898
41,151
FY 2019
FY 2020
18,310
16,004
42% margin
39%
Net income (TAQA-share)
FY 2019
5,435
FY 2020
2,788
CAPEX
.
Driven by lower revenues partially offset by lower operating and administrative expenses
FY 2019
4,990
FY 2020
4,045
. Further impacted by Q1 2020 impairment charges partially offset by lower finance costs
(debt amortization and floating rate RCF) and other gains
Recommended total dividend of AED 2.8 bn for FY 2020 implies close to 100% payout
Gross debt¹
YE 2019
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;
YE 2020
77,758
76,007
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