Slide 1: Aksa Enerji - The leading IPP in Turkey
Aksa Enerji The leading IPP in Turkey Earnings Presentation 14 August 2015
Slide 2: The Sector
The Sector
Slide 3: Market Highlights - Generation & Consumption
Market Highlights- Generation & Consumption ►Electricity generation and consumption both increased by 3% YoY in 1H15. Consumption (GWh) Generation (GWh) 126.967 124.884 125.000 123.857 125.000 121.429 119.365 120.000 120.000 116.280 115.000 115.000 110.000 110.000 105.000 105.000 100.000 100.000 1H
Slide 4: Market Highlights - Installed Capacity
Market Highlights - Installed Capacity ►Total installed capacity in Turkey has MW Capacity Changes (2014 vs 1H15) Fossil Renewable increased by 2,087 MW Ytd to 71,604 MW in 1.416 1H2015, representing an increase of 3%. 1.500,0 1.250,0 ►The majority of the new capacity came from 1.000,0 hydro (1,416M
Slide 5: Market Update - Generation by Type
Market Update- Generation by Type ► Source of electricity generation in 1H15 changed Generation by type 1H14 vs 1H15 due to heavy rain and snow fall this year, with hydros producing 28% of the total generation, as opposed to Wind Fuel-Oil 18% in 1H14. 4% 3% Lignite & Coal ► The change is even more d
Slide 6: Market Update - Changes in Market and Trade Volumes
Market Update- Changes in Market and Trade Volumes ►The OTC market is a new platform allowing electricity producers to buy and sell via bilateral agreements amongst them. This is has allowed the production companies a new «bilateral sales» concept in addition to bilateral sales to end users. ►In 201
Slide 7: Aksa Enerji - Business Update
Aksa Enerji- Business Update What’s new? ► We have applied for 35 MW of solar capacity initially and are waiting for approval. The investment is expected to start in 2016. ►Bolu Göynük’s 1st phase (135 MW) became operational in July 2015. 2nd phase (135 MW) , is expected to be operational in October
Slide 8: 1H 2015
1H 2015
Slide 9: 1H 2015 Results - Snap Shot
1H 2015 Results - Snap Shot * YoY YoY Adjusted Actual Adjusted YoY Q2 2013 Q2 2014 Q2 2015 Change 1H 2013 1H 2014 1H 2015 Change Q1 2015 1H 2014 1H 2015 Change Installed Capacity (MW) 2.048 2.066 2.160 94 MW 2.048 2.066 2.160 94 MW 2.151 2.066 2.160 94 MW Sales Volume (GWh) 2.174 2.298 2.755 20% 4.1
Slide 10: 1H 2015 Results - Adjusted
1H 2015 Results - Adjusted * 1Q 2015 2Q 2015 1H 2015 MWh TL/MWh MWh TL/MWh MWh TL/MWh Bilateral Agreements (end user) 204.998 171,52 37.305 169,83 242.302 171,26 Northern Cyprus 170.814 261,78 168.578 295,81 339.393 278,68 Renewable Market (BSM Renewable) 99.740 168,52 104.792 173,62 204.531 171,13
Slide 11: Company Highlights - Cost Structure (TL)
Company Highlights - Cost Structure (TL) Cost Structure vs. Sales Price (1H15) Improving Lower Cost Output % of TL/MWh 179* Renewables 19% 16% &Sourcing 320 Average Cost: 136 5,768 GWh 280 4,756 GWh 240 217 673 3.113 200 32 229 179 160 25 125 120 604 96 80 3.502 185 329 80 154 125 96 1.367 40 28 80
Slide 12: Company Highlights - Sales mix and prices (TL)
Company Highlights - Sales mix and prices (TL) Capacity 44% 68% (adj) Utilization 10 TWh 9 Balancing Market Northern Cyprus 8 Wholesale Bilateral 7 Retail Bilateral 5.8 TWh 6 Sales 4.2 TWh 5 to BSM 1.6 BSM 28% 4 3 Total 4.2 3.63.6 Contracted 72% 86% BSM Contracted 2 Sales 1 14% Contracted 0.60.6 0 2
Slide 13: Financial highlights 1H 2015 Consolidated income statement
Financial highlights 1H 2015 Consolidated income statement Net sales & EBITDA (TL mn) EBITDA Margin 910 EBITDA Margin 503 856 2Q14: 12.5% 1H14: 14.0% 438 2Q15: 28.1% 1H15: 21.8% (Adj.) 141 228 55 128 Net Sales EBITDA Net Sales EBITDA 2Q14 2Q15 1H14 1H15 Operating income & Net income (TL mn) 109 163
Slide 14: Financial highlights 1H 2015 Net financial debt and repayment schedule
Financial highlights 1H 2015 Net financial debt and repayment schedule Net financial debt (TL mn) 2.500 80% 68% 61% 62% 70% 2.000 2.265 55% 55% 60% 52% 1.500 1.781 50% 40% 1.270 1.280 1.306 1.000 1.138 30% 20% 500 10% - 0% 2010 2011 2012 2013 2014 1H15 6.0 4.2 4.0 4.2 5.2 5.1 Net Financial Debt Leve
Slide 15: 2015 Guidance – Financials
2015 Guidance – Financials ►Sales: 12.7 TWh (70% bilateral and 30% BSM sales) ►Revenues: TRY 2.5 bn (adjusted) ►Average Aksa Price: TRY180-185 ►CAPEX: USD 250-280mn (including Ghana) ►EBITDA: TRY 420-430mn 14
Slide 16: Financial Highlights 1H 2015
Financial Highlights 1H 2015
Slide 17: Consolidated income statement
Consolidated income statement (TL mn) 2011 2012 2013 2014 1Q 2015 2Q 2015 1H 2014 1H 2015 Net sales 1315,4 1840,6 1786,0 1957,4 353,4 502,9 910,4 856,4 Cost of sales -1088,0 -1604,0 -1565,9 -1710,8 -295,4 -383,4 -831,5 -678,8 Gross profit 227,4 236,6 220,1 246,6 58,0 119,6 78,8 177,6 Gross profit ma
Slide 18: Consolidated balance sheet
Consolidated balance sheet (TL mn) Assets 2012 2013 2014 1Q 2013 1Q 2014 1Q 2015 1H 2013 1H 2014 1H 2015 Cash and cash equivalents 40,6 22,3 34,2 101,6 127,6 79,1 29,1 19,6 31,4 Trade receivables net 245,9 142,3 88,7 227,2 115,0 23,8 284,8 133,7 52,1 Due from related parties and shareholders 593,9 0
Slide 19: Consolidated statement of cash flows
Consolidated statement of cash flows (TLmn) 2010 2011 2012 2013 2014 1H 2013 1H 2014 1H 2015 Net income (loss) before tax 84,7 -116,5 226,5 -156,1 26,6 -51,8 37,6 -72,0 Depreciation and amortisation 71,7 92,5 105,3 111,8 121,5 52,5 59,2 65,5 Other adjustments 14,7 231,2 -53,1 193,9 82,0 83,9 -7,7 19
Slide 20: Appendix
Appendix
Slide 21: Operating (Current)
Operating (Current) Power Plant License Owner Fuel Type Installed Capacity (MW) % Mardin-1 Aksa Energy Fuel-oil 32 Mardin-2 Rasa Elektrik Fuel-oil 33 Northern Cyprus Aksa Cyprus Fuel-oil 120 İdil (Şırnak) İdil İki Energy Fuel-oil 24 Siirt Siirt Akköy Fuel-oil 24 Total Fuel-Oil fired power plants 233
Slide 22: Ongoing Investments and Revised Licence Portfolio
Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding Planned acquisition from Kazancı Power Plant Investment License Owner Fuel Type Additional Capacity (MW) Completion Year Holding: Datça Licenced Kazancı Holding Wind 12 2015 Datça 12 MW WPP licence 12 Und
Slide 23: Contact - Investor Relations
Contact- Investor Relations Özlem McCann Head of IR Ozlem.McCann@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mah. Selvi Çıkmazı No:10 Kavacık Beykoz, Istanbul 22