Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Q1 2018 Earnings Presentation
31 slides from Aksa Enerji Uretim A.s's earnings presentation, May 11, 2018
Slide 1: Transforming into a Global Energy Player - 1Q2018 Earnings Presentation
TRANSFORMING INTO A GLOBAL ENERGY PLAYER... 1Q2018 EARNINGS PRESENTATION 18 MARCH 2 019 – REVISED AND AUDITED RESULTS P O W E R B E Y O N D B O R D E R S
Slide 2: Turkish Market
TURKISH MARKET
Slide 3: Market Highlights: 1Q2018 Key Figures
MARKET HIGHLIGHTS 1Q2018 – Key Figures GENERATION BY FUEL TYPE Generation via natural gas decreased 8% 3% 1% by 6 ppts QoQ mostly due to the 37% Fuel-Oil increase in natural gas prices and the Lignite & Coal low spark spread. On the other hand, 20% Natural gas generation from coal & lignite made up
Slide 4: Installed Capacity Changes by Fuel Type
MARKET HIGHLIGHTS Installed Capacity Changes by Fuel Type 1Q2018- 1Q2017 CAPACITY CHANGES When new and MW Fossil Renewable decommissioned capacities are 4.000,00 netted off, there is an increase 3.500,00 3.334 of 1.449 MW in coal&lignite, 3.000,00 2.500,00 958 MW in natural gas, 543 MW 2.000,00 1.44
Slide 5: Generation & Consumption
MARKET HIGHLIGHTS Generation & Consumption Electricity generation increased by 3% and consumption by 2% YoY in 1Q2018. GENERATION (GWh) CONSUMPTION (GWh) 71.010 73.111 71.141 72.917 1Q17 1Q18 1Q17 1Q18 3
Slide 6: Prices
MARKET HIGHLIGHTS Prices 230 Weighted average spot price in 200 1Q18 was TRY 175, 2% higher 188 178 180 177 184 168 178 170 156 than 1Q2017’s TRY 171. 148 151 158 140 148 110 80 2017 2018 WEIGHTED AVERAGE PRICE (TRY) 200,0 190,0 180 176 176 175 180,0 173 171 168 166 170,0 162 160 156 160,0 149 152 1
Slide 7: Developments
2018 DEVELOPMENTS
Slide 8: New Agreement - Madagascar Refurbishment Project (24 MW)
MARKET HIGHLIGHTS New Agreement- Madagascar Refurbishment Project (24 MW) Aksa Energy’s subsidiary, Aksaf The power plant, owned by Jirama, will be rehabilitated to Power Ltd., signed an agreement become operational and Aksa Energy will operate the power with Societe Jiro Sy Rano plant for five year
Slide 9: Financial & Operational Highlights 1Q 2018
FINANCIAL & OPERATIONAL HIGHLIGHTS 1Q 2018
Slide 10: 1Q 2018 Results: Sales Breakdown (Turkey+N.Cyprus)
FINANCIAL HIGHLIGHTS 1Q 2018 Results Sales Breakdown (Turkey+N.Cyprus) 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh Northern Cyprus 179,631 378 175,906 388 176,615 380 175,897 431 175,664 467 Renewable Market 192,332 266 112,655 272 116,784 263
Slide 11: 1Q 2018 Results Snap Shot
FINANCIAL HIGHLIGHTS 1Q 2018 Results Snap Shot 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 QoQ Change 1Q 2017 1Q 2018 YoY Change Installed Capacity 2,104 MW 2,211 MW 2,377 MW 2,236 MW 2,221 MW -15 MW 2,104 MW 2,221 MW 117 MW Sales Volume (GWh)* 4,676 3,764 4,204 4,310 3,778 -12% 4,676 3,778 -10% Net Sal
Slide 12: 1Q 2018 Results Snap Shot: EBITDA and Net Financial Debt/EBITDA
FINANCIAL HIGHLIGHTS 1Q 2018 Results Snap Shot EBITDA NET FINANCIAL DEBT/EBITDA No TRY mn +35% renewable contribution but full Renewable Africa Limited 250 contribution renewable and partial contribution 217 Africa but full Africa 10 200 Renewable 8,6 8,3 contribution 174 but limited 161 8 7,1 Renew
Slide 13: 1Q 2018 Results: Sales Breakdown
FINANCIAL HIGHLIGHTS 1Q 2018 Results Sales Breakdown 9M 2017 FY 2017 4Q 2017 1Q 2018 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh TURKISH MARKET 12,644,181 169 16,953,769 170 4,309,588 173 3,778,091 187 (Inc. N.Cyprus) AFRICAN MARKET 591,853 661 963,832 698 371,979 757 432,862 732 TOTAL 13,236,03
Slide 14: 1Q 2018 Results: Regional Breakdown
FINANCIAL HIGHLIGHTS 1Q 2018 Results Regional Breakdown REVENUES (TRY mn) Although 74% of the revenues 317 are generated from Turkey and TRNC, African power plants generated 77% of the EBITDA in 1Q18 due to their high margin 705 FX based sales. TURKEY+N.CYPRUS AFRICA 4Q17, being a rainy season, led
Slide 15: 1Q 2018 Results: Regional Breakdown (Africa EBITDA)
FINANCIAL HIGHLIGHTS 1Q 2018 Results Regional Breakdown EBITDA (TRY mn) YoY regional comparison is not meaningful 168 for 1Q18 as there was only a very small revenue contribution from Ghana PP in 1Q17 and no positive contribution at the EBITDA level. Mali and Madagascar PPs were not operational in 1
Slide 16: Financial Highlights 1Q 2018: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Financial Highlights 1Q 2018 Consolidated Income Statement NET SALES & EBITDA (TRY MN) 3.599 EBITDA Margin 3.178 EBITDA Margin 1Q17: 8.4% FY16: 13.7% 1Q18: 21.3% FY17: 13.7% 1.022 738 493 435 62 217 Net Sales EBITDA Net Sales EBITDA 1Q2017 1Q2018 2016 2017 OPERATING INCOME & NET
Slide 17: Net Financial Debt & Repayment Schedule
FINANCIAL HIGHLIGHTS Financial Highlights 1Q 2018 Net Financial Debt & Repayment Schedule NET FINANCIAL DEBT (TRY mn) 3.500 86% 90% 89% 88% 100% 3.000 76% 80% 2.500 62% 62% 62% 2.000 60% 1.500 3.086 3.299 3.096 2.984 2.742 2.777 2.859 40% 1.000 1.781 20% 500 0 0% 2014 2015 2016 1Q17 2Q17 3Q17 2017 1
Slide 18: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Consolidated Income Statement (TRY mn) 31/12/2015 31/12/2016 31/12/2017 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 Net sales 2,306.7 3,178.2 3,599.3 738.4 874.6 952.4 1,033.9 1,022.1 Cost of sales -1,979.5 -2,907.2 -3,284.0 -714.7 -824.1 -814.4 -930.8 -883.1 Gross profit 327.2 271.0 315
Slide 19: Consolidated Balance Sheet
FINANCIAL HIGHLIGHTS Consolidated Balance Sheet Assets (TRY mn) 31.12.2015 31.12.2016 31.12.2017 31.03.2018 Cash and cash equivalents 48.5 219.4 59.6 36.9 Trade receivables net 119.8 219.7 759.6 989.15 Due from related parties and shareholders 67.3 59.9 41.4 29.2 Inventory 339.8 416.4 403.9 500.03 D
Slide 20: Consolidated Statement of Cash Flow
FINANCIAL HIGHLIGHTS Consolidated Statement of Cash Flow (TRY mn) 31/12/2015 31/12/2016 31/12/2017 31/03/2018 Net income (loss) before tax -221.078.812 -367.623.980 290.120.538 48.309.727 Depreciation and amortisation 146.593.311 191.172.113 225.000.265 90.998.271 Other adjustments 195.129.884 623.9
Slide 21: Guidance
2018 GUIDANCE
Slide 22: 2018 Guidance
FINANCIAL HIGHLIGHTS 2018 GUIDANCE 2018 EBITDA BREAKDOWN 2018 EBITDA GUIDANCE (TRY) • SALES: 11.3 TWh • REVENUES: TRY 3.4 bn 24% • CAPEX*: TRY 120 mn 840 • EBITDA**: TRY 840 mn 642 76% 198 TURKEY+N.CYPRUS AFRICA TURKEY+N.CYPRUS AFRICA TOTAL * Includes maintenance CAPEX in Turkey and Africa and the 9
Slide 23: Asset Sale
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Slide 24: 355 MW Asset Sale - USD 411.6 mn
ASSET SALE 355 MW Asset Sale – USD 411,6 mn The cash proceeds are used for decreasing the COMPLETED short term liabilities. 96 MW HEPP & 259 MW WPP Kozbükü, Sebenoba, Karakurt, Ayvacık, Kapıdağ, Belen/Atik, Kıyıköy, Şamlı, İncesu 2016: $89 mn 2017: $286 mn 2018: $15 mn 2018: $36,6 mn* TOTAL: $411,6m
Slide 25: Appendix
APPENDIX
Slide 26: Current Total 1,835 MW: Assets in Turkey and Northern Cyprus
5 assets under operation CURRENT across Turkey and Northern Cyprus TOTAL Bolu-Göynük 1,835 MW 270 MW Natural Gas (3 plants) 1,412 MW 77% Fuel-Oil (1 plant) 153 MW 8% Lignite (1 plant) Manisa 270 MW 15% 115 MW Şanlıurfa Antalya 147 MW 1,150 MW Northern Cyprus 153 MW 19
Slide 27: Current Total 386 MW: Assets in Africa
3 assets under operation CURRENT across Africa TOTAL Aksa Energy’s installed 386 MW capacity in Africa will reach 530 MW once the power plants reach full capacity. Ghana HFO Power Plant became operational at the end of March with 192.5 MW and reached 280 MW at the beginning of August. Mali 40 MW Mal
Slide 28: Operational Assets
Operational Assets Power Plant License Owner Fuel Type Installed Capacity (MW) % Northern Cyprus Aksa Cyprus Fuel-oil 153 Ghana Aksa Energy Fuel-oil 280 Mali Aksa Energy Fuel-oil 40 Madagascar Aksa Energy Fuel-oil 66 Total Fuel-Oil Fired Power Plants 539 24% Antalya NGCC Aksa Energy Natural Gas 1.15
Slide 29: Ongoing Investments
Ongoing Investments Power Plant Investment License Owner Fuel Type Capacity (MW) Completion Year Ghana Greenfield Aksa-Ghana HFO 90 2018 Madagascar Greenfield Aksaf Power HFO 54 2018-2019 Total 144 The above projects are utilising mostly existing equipments from Şırnak, Hakkari, Mardin 1, Mardin 2,
Slide 30: Contact Investor Relations
Contact Investor Relations Özlem McCann Director Investor Relations and Corporate Communications Ozlem.McCann@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mah. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul
Slide 31: Disclaimer
Disclaimer Aksa Energy has prepared this presentation for the sole purpose of providing information, which contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these s
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