• 17 Mar 2008
  • Global

TAQA Fourth Quarter and Full Year 2007 Financial Results

Revenues grew 72% to reach AED 8.3 billion and profit exceeds AED 1 billionAbu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today reported financial results for the fourth quarter and full year 2007.Key highlights of the results for Q4 2007:Key highlights of the results for the full year 2007:Upstream:Downstream:Comment:Peter Barker-Homek, Chief Executive Officer of TAQA, said:
“2007 was a pivotal year for TAQA as we built from our domestic power generation and desalination base, to a truly global energy company with operations in nine countries. Over the past twelve months we have diversified our business and expanded our footprint across the Middle East, Europe and North America with the acquisition of quality energy assets. I am pleased to confirm we remain on track to reach our aim of US$ 60 billion worth of assets by year-end 2012.“Integration has been a key focus for us throughout the year, as we have moved to quickly and efficiently to align processes, reporting and management across TAQA globally. We have simultaneously retained tight control on our costs and are proud to report a net profit of AED 1 billion for the year. During a period of great change for TAQA we have maintained a very respectable EBITDA margin of 62%, while doubling our earnings per share. While income from acquisitions has contributed to this increase, it is also balanced by organic revenue growth in our existing portfolio.“We look forward to continued growth in 2008 as TAQA continues to integrate its acquisitions and further develop our positioning as a global energy company.”Corporate activity during the period:During 2007, TAQA made strategic acquisitions that have transformed it into a global energy company comprised of quality energy assets. Today, TAQA operates in 9 countries, and employs 2,300 people who come from 38 different nations. TAQA prides itself on being a meritocracy and being the first company from the GCC to join the Combat Climate Change movement.2007 was an eventful year for TAQA. In January, the company announced its agreement to purchase Talisman’s Brae assets. This purchase was completed on 31 December. On 31 January TAQA completed its acquisition of BP Netherlands’ gas exploration and production (E&P) assets. Both deals position TAQA at the heart of the North Sea Oil basin.At the AGM in April 2007, TAQA declared a dividend of AED 207.5 million to its shareholders.During the second quarter, the company completed its acquisition of CMS Generation, a subsidiary of the US integrated energy firm CMS Energy as well as the acquisition of ownership interests held by ABB in Morocco and India, providing TAQA with a portfolio of quality assets in Morocco, Saudi Arabia, Ghana, UAE and India for an aggregate consideration of US$1.4 billion.The third quarter of 2007 marked the beginning of TAQA’s entry into Canada. In August, TAQA acquired from Pogo 100 per cent of Northrock Resources Ltd. (NRL), a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin for a total purchase price of US$2 billion. This company has subsequently been renamed as TAQA North Limited.Also that month, TAQA announced a US$540 million acquisition of Pioneer Canada, an oil and gas exploration and production company with operations in the Western Canadian Sedimentary Basin. The transaction completed in November 2007.In September, TAQA through TAQA North announced the acquisition of PrimeWest Energy Trust, a Calgary-based conventional oil and gas royalty trust. The total consideration paid for the transaction was approximately Cdn.$5 billion. The transaction was completed on 16 January 2008.In October, the company signed a Letter of Intent with Kuwait Energy Company (KEC), a Kuwait-based oil exploration and production company, in respect of opportunities in the oil and gas sector in Egypt, Oman, Yemen, Syria, Iraq, Kazakhstan and Iran.In November, TAQA completed the sale of 40% of Emirates CMS Power Company, acquired from CMS, to Marubeni Corporation.During 2007 TAQA raised US$2 billion in a two-part bond sale.- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL

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