Aksa Enerji Uretim A.s. · BIST:AKSEN

Aksa Enerji Uretim A.s — Q1 2017 Earnings Presentation

32 slides from Aksa Enerji Uretim A.s's earnings presentation, May 10, 2017

  1. Slide 1: 1Q 2017 Earnings Presentation

    1Q 2017 Earnings Presentation 10 May 2017

  2. Slide 2: The Sector

    THE SECTOR

  3. Slide 3: Market Highlights - Generation & Consumption

    Market Highlights- Generation & Consumption  Electricity generation increased by %7.9 and consumption increased by 5.9% YoY in 1Q2017. Generation (GWh) Consumption (GWh) 80.000 80.000 71.141 71.010 67.173 65.781 70.000 70.000 60.000 60.000 50.000 50.000 40.000 40.000 30.000 30.000 20.000 20.000 10.

  4. Slide 4: Market Highlights - Installed Capacity Changes

    Market Highlights - Installed Capacity Changes  Total installed capacity in Turkey has  When new and decommissioned capacities are netted off, reached 78.825 MW in 1Q2017, an there is an increase of 1.460 MW in coal & lignite, 619 MW in increase of 4.785 MW, indicating an hydro, 1.284 MW in wind,

  5. Slide 5: Market Highlights - Prices

    Market Highlights - Prices  Weighted average spot price was at 171 TL in 1Q17.  1Q2017 weighted average price was 36% higher YoY due to:  1Q16 setting a very low base (mild weather & very strong renewable production)  natural gas consumption limitations brought upon generation facilities and hea

  6. Slide 6: Financial & Operational Highlights 1Q2017

    FINANCIAL & OPERATIONAL HIGHLIGHTS 1Q2017

  7. Slide 7: 1Q 2017 Results - Snap Shot

    1Q 2017 Results - Snap Shot * Adjusted Adjusted 2013 2014 2015 2016 1Q15 1Q16 1Q17 YoY Change 4Q16 1Q17 QoQ Change Installed Capacity (MW)* 2052 MW 2140 MW 2076 MW 2109 MW 2151 MW 2211 MW 2104 MW -107 MW 2109 MW 2104 MW -5 MW Sales Volume (GWh) 9.109 9.814 14.018 18.028 3.013 4.178 4.676 12% 4.836 4

  8. Slide 8: 1Q 2017 - Sales Breakdown

    1Q 2017– Sales Breakdown * 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh Northern Cyprus 174.808 212,1 176.372 221,5 178.688 279,2 177.138 326,8 179.631 378,4 Renewable Market (YEKDEM) 231.572 214,8 142.760 223,4 227.180 232,1 188.858 274,6 192.332 26

  9. Slide 9: Cost vs Sales Price Against Spot Market Prices

    Cost vs Sales Price Against Spot Market Prices Cost Structure vs. Sales Price (1Q17) Average Sales Price (TL/MWh) Weighted Avg. Cost 140 Weighted Avg. Sales Price 153* TL/MWh 255 Total Contracted Average: 146* 240 39 378 200 170 160 23 266 141 124 120 216 21,9 variable 184 95 17,8 fixed 137 * 80 126

  10. Slide 10: Financial highlights 1Q 2017 Consolidated income statement

    Financial highlights 1Q 2017 Consolidated income statement Net sales & EBITDA (TL mn) 726 738 3.178 EBITDA Margin EBITDA Margin 1Q16: 15.9% 2015: 19.2% (adj) 1Q17: 8,4 % 2.307 2016: 13.7% 116 443 435 62 Net Sales EBITDA Net Sales EBITDA 1Q16 1Q17 2015 2016 Operating income & Net income (TL mn) 296 2

  11. Slide 11: Net financial debt and repayment schedule

    Financial highlights 1Q 2017 Net financial debt and repayment schedule Net financial debt (TL mn) 3.500 89% 100% 85% 90% 3.000 76% 2.985 80% 2.500 61% 62% 2.742 2.744 70% 55% 55% 52% 60% 2.000 50% 1.500 1.781 40% 1.000 1.270 1.280 1.306 30% 1.138 20% 500 10% - 0% 2010 2011 2012 2013 2014 2015 2016 1

  12. Slide 12: Power Plants & International Projects

    POWER PLANTS & INTERNATIONAL PROJECTS

  13. Slide 13: Ghana - Fast Track USD Based Cash Generation

    GHANA – Fast Track USD Based Cash Generation  Became operational at the end of March with 192.5MW  Minimum 320 MW installed capacity by YE2017  Option to go up to 370 MW by YE2018  15% of consumption in the country in 2018 onward to be provided by Aksa Energy  2017E production: 1.45 TWh  2018E

  14. Slide 14: Madagascar

    MADAGASCAR  Advance payment ($3mn) and 3 months operational revenue guarantee ($9 mn) to be received  Guaranteed sales of 900,000 MWh/year when fully operational with 120MW.  66 MW to be commissioned by the end of August 2017  54 MW (phase 2) to be aligned with construction of transmission lines

  15. Slide 15: Mali

    MALI  Land, fuel supply, licenses and permits are provided by Énergie du Mali  Projected generation: up to 240 million KWh per year  €4mn mobilisation fee is received  €1.6mn payment guarantee is received  Full comissioning in July- August  2017E production: 0,1 TWh  2018E production: 0,24 TW

  16. Slide 16: Turkey & Africa

    TURKEY & AFRICA  In 2017, African revenues are expected to make up 29% of consolidated revenues, bearing in mind that African PPs will only be fully contributing to consolidated figures in 4Q17.  However, African PPs will be making up 75% of EBITDA in 2017. REVENUE EBITDA TURKEY AFRICA TURKEY AFRI

  17. Slide 17: Turkey & Africa

    TURKEY & AFRICA  Energy sales volumes in Turkey in 2017 constitute 90% of total sales with 15.3 TWh.  However, EBITDA created from Turkey only represents 25% of total EBITDA as African PPs’ margins are significantly higher. TRY MWh 600.000.000 16.000.000 14.000.000 500.000.000 12.000.000 400.000.0

  18. Slide 18: Turkey & Africa - Solid Growth in Consolidated EBITDA

    TURKEY & AFRICA- Solid Growth in Consolidated EBITDA USD mn EBITDA  EBITDA will see a sharp increase YoY in USD terms 47% 275 300,0 in two consecutive years 30% 250,0 due to high margin sales 187 from African PPs. 200,0 157 163 144 150,0  2018 EBITDA will see further solid growth due to 100,0 full

  19. Slide 19: Asset Sale

    ASSET SALE

  20. Slide 20: 313 MW Asset Sale - USD 348 mn

    313 MW Asset Sale – USD 348 mn 81 MW HES 232 MW RES Kozbükü Sebenoba, Karakurt, Şamlı, Ayvacık, (completed in 4Q 2016) Kapıdağ, Belen/Atik USD 89 mn USD 259 mn USD 55 mn bank loans to be paid off USD 120 mn bank loans to be paid off Out of 232 MW, two RES’ sale have been completed, reaching USD 35.5

  21. Slide 21: 2017 Guidance

    2017 GUIDANCE

  22. Slide 22: 2017 Guidance

    2017 GUIDANCE  Sales: 17 TWh  Revenues: TRY 3.36 bn ($893 mn)  Average Aksa Price: TRY 197 (vs expected average market price of TRY 155)  CAPEX: TRY 293 mn ($78 mn)  EBITDA: TRY 702 mn ($187 mn) 21

  23. Slide 23: 2017 Guidance - Switch to USD Based Cash Generation

    2017 Guidance – Switch to USD Based Cash Generation USD Based EBITDA 89% TRY Based EBITDA N. Cyprus Ghana 11% Madagascar Mali Bolu Antalya Kıyıköy WPP Ş. Urfa Manisa İncesu HEPP 22

  24. Slide 24: 2017 Guidance - Sharp Improvement in Debt Ratio

    2017 Guidance – Sharp Improvement in Debt Ratio Solid EBITDA growth achieved via African PPs along with financial USD mn debt reduction via asset sale 1.200 6,31 7,00 6,05 6,19 results in: 6,00 1.000 5,18 4,22 4,19 5,00  Sharp decline in net 800 3,96 3,23 4,00 financial debt by YE2017 600 1.008 3,0

  25. Slide 25: Appendix

    APPENDIX

  26. Slide 26: Consolidated income statement

    Consolidated income statement (TRY mn) 2014 2015* 2016 1Q 2014 1Q 2015 1Q 2016* 1Q 2017 Net sales 1.957 2.307 3.178 472 353 726 738 Cost of sales -1.711 -1.979 -2.907 -424 -295 -654 -715 0 Gross profit 247 327 271 49 59 72 24 Gross profit margin 13% 14% 9% 10% 17% 10% 3% General & administrative cos

  27. Slide 27: Consolidated balance sheet

    Consolidated balance sheet Assets (TRY mn) 2014 2015* 2016 1Q 2014 1Q 2015 1Q 2016* 1Q 2017 Cash and cash equivalents 34,2 48,5 219,4 127,6 79,1 252,8 6,0 Trade receivables net 88,7 119,8 219,7 115,0 23,8 297,8 262,9 Due from related parties and shareholders 4,4 67,3 59,9 0,0 0,0 0,0 61,1 Inventory

  28. Slide 28: Consolidated statement of cash flows

    Consolidated statement of cash flows (TRY mn) 2014 2015* 2016 1Q 2014 1Q 2015 1Q 2016* 1Q 2017 Net income (loss) before tax 26,6 -221,1 -367,6 -13,9 -105,9 8,7 -88,4 Depreciation and amortisation 121,5 146,6 191,2 29,3 31,7 46,7 44,9 Other adjustments 82,0 195,1 623,9 27,2 117,7 111,9 90,0 Change in

  29. Slide 29: Licence Portfolio (Operational)

    Licence Portfolio (Operational) Power Plant License Owner Fuel Type Installed Capacity (MW) % Northern Cyprus Aksa Cyprus Fuel-oil 153 Ghana Aksa Energy Fuel-oil 193 Total Fuel-Oil fired power plants 346 15% Antalya NGCC Aksa Energy Natural Gas 1.150 Manisa NGCC Aksa Energy Natural Gas 115 Şanlı Urf

  30. Slide 30: Ongoing Investments

    Ongoing Investments Under Construction Power Plant Investment License Owner Fuel Type Capacity (MW) Completion Year Ghana Greenfield Aksa-Ghana HFO 177,5* 2017 Madagascar Greenfield Aksaf Power HFO 120** 2017-2019 Mali Greenfield Aksa HFO 40 2017 530 Total 530 • The above projects will be utilising

  31. Slide 31: 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 30

  32. Slide 32: Disclaimer

    Disclaimer Aksa Enerji 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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