- 17 Mar 2010
TAQA Full Year 2009 Financial Results
TAQA Fourth Quarter and Full Year 2009 Financial ResultsStable Power Water business helped offset volatile commodity prices in Upstream business Progress made in integrating and optimising recently acquired assets Positioned to take advantage of organic growth opportunities Board recommends a dividend of 10 fils per share 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 Fourth Quarter and Full Year 2009 financial results. Key highlights for the full year 2009: Comment Carl Sheldon, General Manager of TAQA, said“This has been a challenging 12 months for TAQA but I am proud of our achievements. Having grown and diversified our portfolio over the preceding years, we benefited from strong performance from our Power Water business, partially offsetting the lower commodity prices in our Upstream activities. We are now implementing the next stage of our growth strategy by identifying and executing the organic opportunities our portfolio offers. We started this in 2009 and have already seen results throughout the business, such as the Jorf Lasfar expansion project, Bergermeer Gas Storage and the optimisation of our recently-acquired North Sea wells. We have strong foundations for 2010: our diversified portfolio of assets; opportunities for organic growth; experienced management team; reliable cash flows; and strong liquidity. With these factors in mind, I am confident in the outlook for the next 12 months and beyond.” Financial Results Operational Highlights Power Water Upstream and Midstream Key highlights for the fourth quarter of 2009: Significant activities in Q4 2009 In relation to the Bergermeer Gas Storage project, the consortium and Gazprom confirmed the final investment decision on the project in October. The consortium will invest €800 million in the construction and design of the gas storage facility. TAQA is the operator and holds a 36% interest in the project. Bergermeer Gas Storage is expected to become north west Europe’s largest commercial underground gas storage facility and will contribute to the development of the Netherlands into a main gas hub. In October, TAQA Energy closed a transaction to purchase 100% of the share capital of DSM Energie Holding B.V. (DSM Energy) for €285 million, spanning both its upstream and midstream portfolios. TAQA Energy acquired non-operated interests in the pipeline company Noordgastransport B.V. (NGT), three other pipelines and 20 producing oil and gas fields in the Dutch North Sea. Furthermore, the assets provide TAQA Energy with additional daily production of approximately 5,000 barrels of oil equivalent (2008 average) of which 85% is natural gas. Also in October, TAQA Bratani brought its first new North Sea oil well on stream. The well was drilled from the TAQA Bratani operated North Cormorant platform and was completed safely, on time and within budget.On 4 March, Moody’s Investors Services downgraded TAQA’s corporate credit rating from Aa2 (review for downgrade) to A3 (stable). This was as a result of a change in Moody’s ratings criteria that apply to government related issuers as a whole. All Abu Dhabi government related issuers were downgraded. The support for TAQA from the Government of Abu Dhabi remains unchanged. As the Government stated in their press release following the Moody’s announcement, TAQA “plays an important role in the Emirate’s energy policy.” During a meeting of the Board of Directors on 16 March 2010, the board recommended a dividend of 10 fils per share. This dividend is subject to shareholder approval at the company’s Annual General Meeting to be held on 20 April 2010.- ENDS – For further information: TAQA Investor Relations, Abu Dhabi Tanis Thacker, Head of Investor Relations+971 2 691 4933Mohammed Mubaideen, Investor Relations Manager+971 2 691 4964Capital MSL Dubai – Maram Alkadhi on +971 4 367 6160 London – Nick Bastin / Claire Maloney on + 44 7931 500 066 / +44 7770 958 firstname.lastname@example.orgAbout Abu Dhabi National Energy Company PJSC (TAQA) TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and Canada, our oil and gas business includes exploration, production, storage and pipelines. We produce almost 135,000 boe/d in the North Sea and Canada, as well as operating and developing extensive gas storage facilities in the Netherlands.