Aksa Enerji Uretim A.s. · BIST:AKSEN

Aksa Enerji Uretim A.s — Investor Presentation (January 2014)

25 slides from Aksa Enerji Uretim A.s's investor presentation, January 2014

  1. Slide 1: Aksa Enerji: The leading IPP in Turkey

    Aksa Enerji The leading IPP in Turkey Investor Presentation January 2014

  2. Slide 2: Disclaimer

    Disclaimer Aksa Enerji Üretim A.Ş. ("Aksa Enerji") has prepared this presentation material (the “Document”) for the sole purposes of providing information which includes opinions and estimates and certain forward looking projections and statements relating to Aksa Enerji, the Turkish electricity mar

  3. Slide 3: Key investment highlights

    Key investment highlights 1 Part of a dedicated energy group 2 Second largest Independent Power Producer (IPP) in Turkey 3 Strong exposure to growing Turkish electricity market 4 Large portfolio with 16 operational assets totalling 2,052 MW 5 Diversified pipeline of 23 projects adding 2,116 MW to ou

  4. Slide 4: We are part of a dedicated energy group

    We are part of a dedicated energy group  Entered energy business in 1960s with the production of generating sets  Focused only on the energy sector since then Kazancı Group  Gradually expanded into main segments of electricity & natural gas  Excellent track record in building and integrating ene

  5. Slide 5: We are the second largest IPP in Turkey with 2,052 MW installed capacity

    We are the second largest IPP in Turkey with 2,052 MW installed capacity IPPs by Installed Capacity 2.430 2.052 1.605 1.585 1.490 (MW) 952 777 746 410 365 Enerjisa Aksa Enerji İÇDAŞ Limak Eren Enerji Cengiz Zorlu Enerji Akenerji Bis Enerji AES Entek Source: Information obtained from each IPP’s annua

  6. Slide 6: We provide strong exposure to the growing Turkish electricity market

    We provide strong exposure to the growing Turkish electricity market 1 Strong Electricity Demand Growth (1) 2 Increasing per Capita Consumption (2) 500 TWh High CAGR – High Demand: 8.4% MWh/pa 450 467 Demand Scenario 9 400 CAGR – Low Demand: 7.1% Low 425 8 350 Demand Scenario 7 300 245 6 250 CAGR: 5

  7. Slide 7: We have 16 assets under operation across Turkey

    We have 16 assets under operation across Turkey 1 2 3 AYVACIK AYRES ÇORUM-İNCESU SAMSUN 5 MW 15 MW 131 MW 4 VAN 16 115 MW BALIKESİR KAPIDAĞ 24 MW 15 BALIKESIR ŞAMLI 114 MW Total 2,052 MW 14 MANISA KARAKURT 11 MW 13 MANISA 115 MW ŞIRNAK 5 24 MW 12 ANTALYA 1,150 MW 6 MARDIN-1 33 MW 11 9 8 7 NORTHERN C

  8. Slide 8: Each of our assets has key specifications to fortify our strategy

    Each of our assets has key specifications to fortify our strategy A D Baseload Natural Gas Fired PP – Antalya Wind Farms  One of the most efficient  Located in a favorable wind CCGT plants in Turkey, with corridor to benefit from high a capacity of 1,150 MW with load factors Siemens and GE equipme

  9. Slide 9: We have a diversified pipeline of 23 projects adding 2,116 MW

    We have a diversified pipeline of 23 projects adding 2,116 MW to our portfolio Installed Pipeline Capacity 438 MW 2,116 MW 1,153 MW Hydro 15 projects 698 MW Wind 83 MW 4 projects Lignite 1 project 270 MW 488 MW Natural Gas 2 projects 1,041 MW 37 MW 2,052 MW Fuel-oil 1 project 24 MW (1) 2 6 7 8 23 2

  10. Slide 10: We target to reach 3,730 MW by 2017

    We target to reach 3,730 MW by 2017 and create significant cost improvement with our renewables and lignite fired PP pipeline Targeted Capacity Increases in Renewables & Lignite (MW) MW 9% 14% 27% MWh Further 900 4000 (+) 260 MW Hydro pipeline of 800 3500 (+) 83 MW Wind 700 185 (+) 438 MW 108% 270 3

  11. Slide 11: We are utilizing our own generation as well as sourcing capabilities

    We are utilizing our own generation as well as sourcing capabilities to supply our customers Cost Structure vs. Sales Price (3Q13) Improving Lower Cost Output % of TL/MWh 172 371 Renewables 6% 15% 24% &Sourcing Total Sales Volume 9,127 GWh 320 9,784 GWh 286 280 Average Cost: 138 38 240 200 6,181 GWh

  12. Slide 12: Our sales mix is getting more diversified and secure

    Our sales mix is getting more diversified and secure, increasing our capacity utilization Capacity Utilization 44% 56% 11 9.1 TWh TWh Balancing Market 8 Northern Cyprus Sales Wholesale Bilateral to BSM 2.5 BSM 27% Retail Bilateral 6 4.2 TWh 4 Total 6.7 Contracted 73% 86% BSM 3.6 Contracted 2 Sales 1

  13. Slide 13: We are shifting bilateral mix towards more profitable commercial clients

    At the same time, we are shifting bilateral mix towards more profitable commercial clients Evolution of Eligibility Limit Increasing Contracted Volume Supported by Affiliated Distribution Regions 19.6x # of Bilateral 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 245 610 1,275 24,9

  14. Slide 14: We have increased efficiencies of our CCGT plants and cut opex

    We have successfully increased efficiencies of our CCGT plants and managed to cut our opex to improve our cost base 1 Low Unit Capex 3 Improving Fuel Efficiency US$m/MW US$/MWh 95 312 305 287 403 60% CCGT 0,4 90 89 54% 55% (1) Lignite 1,3 83 50% 76 Wind 1,4 77 74 70 71 44% Hydro 2,2 41% 65 40% 0,0 0

  15. Slide 15: Tailored strategy to create sound and secure profitability

    Tailored strategy to create sound and secure profitability Evolution of Capacity and Sales Mix Sales Mix Total Contracted (1) Total Contracted (1) 3,815 MW 14% Lignite Shifting strategy 39% Fortify baseload Hydro to become baseload 61% strategy & build cost producer effective pipeline Wind Total Spo

  16. Slide 16: Financial Highlights

    Financial Highlights

  17. Slide 17: Financial highlights

    Financial highlights Consolidated income statement Net sales & EBITDA (TL mn) 22,9% 1.841 EBITDA Margin EBITDA Margin 1.408 20,7% 1.329 Q3 2012: 17.1% Jan-Sep 2012: 18.2% 1.315 Jan-Sep 2013: 18.0% Q3 2013: 20.9% 17,5% 912 540 537 301 323 256 240 188 112 92 2010 2011 2012 Net sales EBITDA Net sales E

  18. Slide 18: Financial highlights: Net financial debt and repayment schedule

    Financial highlights Net financial debt and repayment schedule Net financial debt 1.280 (TLm) 1.254 55% 51% 61% 52% 1.195 1.138 829 985 279 620 2010 2011 2012 30.09.2013 6.0 2007 2008 4.2 2009 3.9 Q3 2010 3.4 Net financial debt Leverage ratio Net NetFinancial financialDebt / EBITDA debt/EBITDA Repay

  19. Slide 19: Consolidated income statement

    Consolidated income statement * (TLm) 2010 2011 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Net sales 911,9 1.315,4 1.840,6 526,9 340,8 540,1 432,8 391,5 400,3 536,7 Cost of sales -775,5 -1.088,0 -1.604,2 -431,5 -313,7 -470,7 -388,3 -341,0 -367,1 -448,5 Gross profit 136,4 227,4 236,

  20. Slide 20: Consolidated balance sheet

    Consolidated balance sheet (TL mn) Assets 2010 2011 2012 30.09.2013 Cash and cash equivalents 78,3 110,5 40,9 24,2 Trade receivables net 113,0 261,5 245,9 253,5 Due from related parties and shareholders 607,9 360,0 593,9 0,0 Inventory 81,3 121,5 135,5 188,6 Derivative Financial Instruments – – – 1,9

  21. Slide 21: Consolidated statement of cash flows

    Consolidated statement of cash flows (TLmn) 2010 2011 2012 30.09.2012 30.09.2013 Net income (loss) 69,4 -122,0 219,7 206,2 -60,6 Depreciation and amortisation 71,7 92,5 105,3 77,5 81,2 Other adjustments 13,0 236,8 -46,4 -75,0 174,0 Change in w orking capital -67,1 -20,3 -189,4 -75,6 -84,2 Operating

  22. Slide 22: Appendix

    Appendix

  23. Slide 23: Operating (Current)

    Operating (Current) Installed capacity Power plant Licensed owner Fuel type MW (Current) Mardin 1 Aksa Energy Fuel-oil 30.00 Mardin 2 Rasa Elektrik Fuel-oil 35.10 Northern Cyprus Aksa Cyprus Fuel-oil 120.00 İdil İdil İki Energy Fuel-oil 24.00 Total fuel-oil fired power plants 209.10 Antalya NGCC Aks

  24. Slide 24: Ongoing Investments and Revised Licence Portfolio

    Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding Additional Capacity  Planned acquisitions from Kazancı Holding Power Plant Investment License Owner Fuel Type (MW) Completion Year  Siirt 24 MW operating fuel-oil PP Siirt Operational Kazancı Holding Fuel-O

  25. Slide 25: Turkish power market

    Turkish power market Installed Capacity by Fuel Annual Installed Capacity Increases GW CAGR GW 23.2 70 64.0 9.4% 18 57.1 16 60 52.9 49.5 14 11.5 44.8 25,0 12.9% 52% 50 41.8 39% 12 22,0 19,0 40 17,2 10 34% 15,4 6.8 14,2 8 30 4.7 4.3 6 3.4 11.7 2.9 20 39,0 7.4% 4 3.0 48% 33,9 35,0 1,8 29,3 32,3 1.0 3,

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