• 14 Feb 2012
  • Global

TAQA Preliminary Financial Results for FY 2011

TAQA delivers robust operational performance
Gross profit up 20%, Net profit affected by one-off impairment plus increase in UK taxesAbu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (TAQA), the international energy company (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2011.14 February 2012, Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (TAQA), the international energy company (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2011.Comprehensive, audited full year 2011 results are due to be published on 14 March 2012.TAQA recorded a strong top line performance with a 14% increase in revenues due to higher oil prices, plus growth in its Power & Water portfolio. Gross Profit increased 20% compared with 2010 despite an impairment charge taken in North America. Net Profit decreased by 26% to AED 752 million in 2011 compared to 2010. The basic earnings per share decreased from 17 fils to 12 fils. Total assets decreased by 1% to reach AED 114,848 million in 2011.The decline in total assets and net profit was partially due to a one-off impairment charge at TAQA North, following the annual revaluation of TAQA’s portfolio. The net impairment charge of AED 528 million, or 8 fils per share, reflects an impairment of AED 706 million, offset by a deferred tax benefit of AED 178 million.In addition, profits were affected by additional taxes on UK oil and gas producing companies which came into effect on 24 March 2011. Income tax expense for the UK was AED 1,588 million higher in 2011, compared with 2010.CommentCarl Sheldon, Chief Executive Officer of TAQA, said:“TAQA’s performance during 2011 is evidence of our operational maturity and our ability to identify new, exciting opportunities for growth. Across every aspect of our business we have continued to focus on driving these efficiencies while harnessing the opportunities our portfolio offers. An excellent example of this is the Falcon Field in the UK North Sea, which we identified and brought on-stream within two years, a record for the region, adding new production to our Oil & Gas portfolio.“While financial performance was ultimately dampened by external factors beyond our control, our vigorous focus on costs and our proven ability to exploit opportunities, combined with the steps we have already taken to secure our future growth and financing, position TAQA for a strong start to 2012.”Corporate activity during 2011During the 12 month period, TAQA completed the following corporate initiatives:In addition to the above, TAQA achieved the following milestones during 2011:Oil & GasPower & WaterPost-period itemsComprehensive, audited full year 2011 results are due to be published on 14 March 2012.– ENDS –For further information:
TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
Tel +971 2 691 4933Mohammed Mubaideen, Investor Relations Manager
Tel +971 2 691 4964
firstname.surname@taqa.comTAQA Media Relations, Abu Dhabi
Allan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
Mob +971 56 685 2717
firstname.surname@taqa.comAbout TAQATAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.Its activities include oil and gas, power generation and water desalination across five continents.With operations in the UK, the Netherlands, North America, the company’s Oil & Gas business includes exploration and production, storage and pipelines. TAQA produces almost 137,000 barrels of oil equivalent per day as well as operating and developing extensive gas storage facilities in the Netherlands.TAQA is one of the largest independent power producers in the world with power plants located in the United Arab Emirates, Oman, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

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