Tabreed 06 Prospectus - London Stock Exchange

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NATIONAL CENTRAL COOLING COMPANY (PJSC) CONSOLIDATED BALANCE SHEET At 31 December 2004 ASSETS Non-current assets Capital work in progress.......................................................................................... 7 330,869,051 129,174,890 Plant, furniture and equipment................................................................................ 8 772,893,901 862,402,237 Investments in associates.......................................................................................... 9 18,518,900 4,978,051 Advance to employee incentive scheme ................................................................... 11 12,416,431 5,673,662 Intangibles ................................................................................................................ 12 30,044,298 11,133,400 Prepayments ............................................................................................................. 21,987,485 11,550,000 Notes 2004 AED 2003 AED 1,186,730,066 1,024,912,240 Current assets Inventories................................................................................................................ 8,417,912 4,804,823 Trade and other receivables ..................................................................................... 13 131,325,255 67,844,920 Contract work in progress ....................................................................................... 14 70,457,460 29,434,991 Prepayments ............................................................................................................. 8,183,753 5,209,078 Bank balances and cash ........................................................................................... 15 255,389,978 110,600,318 473,774,358 217,894,130 TOTAL ASSETS..................................................................................................... 1,660,504,424 1,242,806,370 EQUITY AND LIABILITIES Equity Share capital............................................................................................................. 16 500,000,000 500,000,000 Statutory reserve ...................................................................................................... 17 7,914,371 5,160,205 Retained earnings..................................................................................................... 29,669,010 25,838,149 Proposed dividend.................................................................................................... 18 25,000,000 15,000,000 Cumulative changes in fair value of derivatives ...................................................... 29 (6,419,667) (4,315,300) Total equity 556,163,714 541,683,054 MINORITY INTERESTS 19 14,529,845 7,986,372 Non-current liabilities Accounts payable and accruals ................................................................................ 23 1,194,280 44,755,852 Term loans ............................................................................................................... 20 213,680,402 169,239,594 Islamic Ijara loans ................................................................................................... 21 324,322,983 241,000,000 Islamic Istisna’a loans .............................................................................................. 7 & 21 180,075,029 — Islamic Muqawala loans ...................................................................... 21 121,826,103 42,195,906 Employees’ end of service benefits ........................................................................... 22 5,603,590 3,451,744 846,702,387 500,643,096 Current liabilities Accounts payable and accruals ................................................................................ 23 171,578,635 152,162,162 Bank overdrafts........................................................................................................ 15 27,500,632 20,464,466 Current portion of term loans ................................................................................. 20 26,312,840 15,680,000 Current portion of Ijara loans ................................................................................. 21 9,395,644 — Current portion of Muqawala loans ................................................... 21 8,320,727 4,187,220 243,108,478 192,493,848 TOTAL EQUITY AND LIABILITIES................................................................... 1,660,504,424 1,242,806,370 Mohamed Saif Al Mazrouei Dany Safi CHAIRMAN CHIEF EXECUTIVE OFFICER The attached notes 1 to 29 form part of these consolidated financial statements. F-43
NATIONAL CENTRAL COOLING COMPANY (PJSC) CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2004 OPERATING ACTIVITIES Net profit for the year.............................................................................................. 31,585,027 23,373,321 Adjustment for: Depreciation ......................................................................................................... 36,415,484 23,282,593 Amortisation of goodwill and trademarks ........................................................... 861,509 776,103 Provision for employees’ end of service benefits.................................................. 2,151,846 1,383,136 Interest income ..................................................................................................... (3,961,583) (1,209,008) Finance costs ........................................................................................................ 20,400,967 7,340,599 Employee incentive scheme award ....................................................................... 821,680 — Profit on sale of plant, furniture and equipment ................................................. (745,591) (210,060) Operating profit before working capital changes..................................................... 87,529,339 54,736,684 Inventories ............................................................................................................ (3,613,089) (898,842) Receivables and prepayments............................................................................... (88,378,759) (44,445,511) Contract work in progress.................................................................................... (41,022,469) (13,930,041) Accounts payable and accruals ............................................................................ (16,711,309) 81,355,320 Net cash (used in) from operations ......................................................................... (62,196,287) 76,817,610 Minority interest ...................................................................................................... 6,543,473 1,769,777 Finance costs............................................................................................................ (20,400,967) (7,340,599) Net cash (used in) from operating activities ............................................................ (76,053,781) 71,246,788 INVESTING ACTIVITIES Purchase of plant, furniture and equipment ............................................................ (5,701,416) (4,459,558) Proceeds from sale of plant, furniture and equipment ............................................ 76,565,205 537,500 Investments in associates.......................................................................................... (13,540,849) (4,978,051) Advance to the employee incentive scheme ............................................................. (285,430) (14,456) Additions to capital work in progress ..................................................................... (218,719,507) (267,111,819) Acquisition of subsidiaries, net of cash acquired..................................................... (25,103,319) (220,000) Interest received ....................................................................................................... 3,961,583 1,209,008 Net cash used in investing activities......................................................................... (182,823,733) (275,037,376) FINANCING ACTIVITIES Share capital received............................................................................................... — 71,176,740 Dividends paid ......................................................................................................... (15,000,000) — Term loans received ................................................................................................. 250,039,996 45,415,907 Term loans repaid .................................................................................................... (194,966,348) (86,060,000) Islamic Ijara loans received...................................................................................... 187,425,030 — Islamic Ijara loans repaid......................................................................................... (94,706,403) Muqawala loans received ......................................................................................... 86,228,242 15,014,305 Muqawala loans repaid............................................................................................ (2,464,538) (3,491,430) Islamic Istisna’a loans received ................................................................................ 180,075,029 10,319,313 Cash from financing activities.................................................................................. 396,631,008 52,374,835 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS................... 137,753,494 (151,415,753) Cash and cash equivalents at the beginning of the year.......................................... 15 90,135,852 241,551,605 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR ................ 15 227,889,346 90,135,852 Significant non-cash transactions, which have been excluded from the statement of cash flows, are as follows: Accounts payable and accruals – fair value adjustment for derivatives.................. 1,247,562 — Receivables and prepayments – fair value adjustment for derivatives .................... (3,351,929) — Increase in value of employee incentive scheme ...................................................... (7,279,019) (1,599,758) Notes The attached notes 1 to 29 form part of these consolidated financial statements. F-44 2004 AED 2003 AED
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TABREED 06 FINANCING CORPORATION (i
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Table of Contents Page STRUCTURE DI
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above, the Dissolution Distribution
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OVERVIEW OF THE OFFERING This follo
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‘‘Margin’’ means 1.25 per c
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Redemption for Tax Reasons accordan
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Lease Agreement Date. The balance s
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(d) fourth, only if such payment is
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Governing Law The Declaration of Tr
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Legionnaire’s Disease Tabreed is
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Enforcement of Liabilities Ultimate
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TERMS AND CONDITIONS OF THE CERTIFI
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3 Status - Limited Recourse 3.1 Sta
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4.3 Late Payment Amounts Received I
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(i) the amount of any liability in
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(d) if LIBOR cannot be determined i
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8.6 Agents act solely as agents of
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‘‘Total Loss Event’’ means
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13.2 The Trustee shall not be bound
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19 Governing Law and Submission to
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transferred into the names of holde
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Issuer. Unless otherwise agreed, th
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Under the Lease Agreement, if Tabre
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USE OF PROCEEDS The proceeds of the
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* Manufacturing: Tabreed, in conjun
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* High barriers to entry. District
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Detailed customer profile of plants
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Contractual Overview Contracts for
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Servicing Ian Banham and Associates
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Tabreed Bahrain is setting up its f
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Plants Expected Commissioning Date
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* Dany Safi, Chief Executive Office
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Marketing district cooling services
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TABREED 06 FINANCING CORPORATION In
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TAXATION The following is a general
Page 71 and 72: THE UNITED ARAB EMIRATES The UAE is
Page 73 and 74: The growth of Dubai began in the ea
Page 75 and 76: Saudi Arabia Any investor in the Ki
Page 77 and 78: GENERAL INFORMATION 1. It is expect
Page 79 and 80: FINANCIAL INFORMATION AED Interim C
Page 81 and 82: ERNST &YOUNG P.O. Box 136 11th Floo
Page 83 and 84: NATIONAL CENTRAL COOLING COMPANY (P
Page 91 and 92: ERNST &YOUNG P.O. Box 136 11th Floo
Page 119 and 120: National Central Cooling Company PJ
Page 121: NATIONAL CENTRAL COOLING COMPANY (P
Page 141 and 142: Registered/Head Office of the Issue
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Tabreed 06 Prospectus - London Stock Exchange

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