ABUDHABI--(Marketwire - Nov 27, 2012) -
TAQA Nine Month 2012 Results 14 November 2012, Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its operational and financial results for the third quarter and the nine months to 30 September 2012. Q3 Q3 % 9M 9M % 2012 2011 change 2012 2011 change Total assets 114,666 114,200 - 114,666 114,200 - Total revenues 8,833 6,168 +43% 20,618 18,743 +10% Power & Water (1) 2,094 1,998 +5% 6,086 5,575 +9% Oil & Gas (2) 2,973 3,012 -1% 8,828 9,011 -2% Fuel revenue 952 1,158 -18% 2,890 4,157 -30% Construction revenues 2,814 0 n/a 2,814 0 n/a Total Cost of sales 6,718 3,724 +80% 14,412 11,713 +23% Cost of sales (excl construction costs)3,987 3,724 +7% 11,681 11,713 - Construction costs 2,731 0 n/a 2,731 0 n/a EBITDA 3,290 3,727 -12% 9,786 10,670 -8% Profit before tax 695 1,513 -54% 3,196 3,851 -17% Net profit after minority interests (288) 537 693 1,124 -38% Basic earnings per share (AED) (0.05) 0.09 0.11 0.19 -42% Net debt/EBITDA (times) 5.3 4.9 Net debt to capital (%) - 77% 77% - All amounts in AED million unless otherwise stated (1) Excludes supplemental fuel revenue and includes net liquidated damages in relation to Shuweihat 2 (2) Includes Gas Storage and Other Operating Revenue Executive Summary The global economy continued to be volatile in the third quarter, particularly with respect to commodity prices. Both Brent and WTI crude oil saw softening compared with the same period last year and North American natural gas prices were 40% lower, though some improvement has been seen post period. TAQA's nine month results demonstrated the resilience of its global portfolio with a strong performance from Power & Water helping to ease the effect of weaker commodity prices - particularly in North America. Power & Water delivered a solid operational performance, with forced outage rates at Shuweihat 2 and Jorf Lasfar, in particular, well below best in class worldwide standards. Oil & Gas had mixed results, with a solid performance from the UK and Dutch entities, although North America continued to show weak results. Click on, or paste the following link into your web browser, to view the associated PDF document: http://www.rns-pdf.londonstockexchange.com/rns/1011R_1-2012-11-14.pdf This information is provided by RNS The company news service from the London Stock Exchange END
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