Aksa Enerji Uretim A.s. · BIST:AKSEN

Aksa Enerji Uretim A.s — 9M 2017 Earnings Presentation

29 slides from Aksa Enerji Uretim A.s's earnings presentation, Nov 13, 2017

  1. Slide 1: Earnings Presentation 13 November 2017

    Earnings Presentation 13 November 2017

  2. Slide 2: 8 assets under operation across Turkey

    8 assets under operation across Turkey 8 BOLU-GÖYNÜK 1 KIYIKÖY 270 MW 7 27 MW ÇORUM-İNCESU 15 MW 2 BALIKESIR ŞAMLI 114 MW Total 1,991 MW 3 MANISA 115 MW ŞANLIURFA 6 147 MW 4 ANTALYA 1,150 MW NORTHERN CYPRUS 5 153 MW Fuel-Oil Hydroelectric Natural Gas Lignite Wind (4 plants (1 plant) (3 plants) (1 pl

  3. Slide 3: 3 assets under operation across Africa

    3 assets under operation across Africa Aksa Energy’s installed capacity in Africa will reach 530 MW once the power Mali HFO PP became plants reach full capacity. operational with 10 MW installed capacity at the beginning of August. The remaining 30 MW Current Total was commissioned in 386 MW Septemb

  4. Slide 4: Turkish Market

    TURKISH MARKET

  5. Slide 5: Market Highlights - 9M Key Figures

    Market Highlights- 9M Key Figures Total installed capacity in Turkey has reached 81,328 MW in 9M 2017, an increase of 3,408 MW (4%) YoY. Installed Capacity by Fuel Type Generation by Fuel Type Hydro; 33% Other; 2% Hydro; 22% Wind; 8% Natural gas; 81,328 MW 37% Wind; 6% Others; 4% Fuel-Oil; 1% Natura

  6. Slide 6: Market Highlights - Installed Capacity Changes

    Market Highlights - Installed Capacity Changes  When new and decommissioned capacities are netted off, there is an increase of 827 MW in wind, 455 MW in natural gas, 544 MW in hydro and decrease of 77 MW in fuel-oil and 32 MW in coal&lignite capacities in 9M 2017. 9M2017 - 2016 YE Capacity Changes

  7. Slide 7: Market Highlights - Consumption

    Market Highlights- Consumption  Electricity generation increased by %8 while consumption increased by 6% YoY in 9M2017. Generation (GWh) Consumption (GWh) 217.518 217.358 220.000 220.000 205.460 201.606 197.325 200.000 194.209 200.000 180.000 180.000 160.000 160.000 140.000 140.000 120.000 120.000

  8. Slide 8: Market Highlights – Prices

    Market Highlights – Prices Weighted average spot price was 168 TL in 9M 2017, 23% higher than 9M 2016 due to:  9M 2016 setting a very low base (mild weather & very strong renewable production)  Natural gas consumption limitations brought upon generation facilities and heavy weather conditions in 1

  9. Slide 9: Financial & Operational Highlights 9M 2017

    FINANCIAL & OPERATIONAL HIGHLIGHTS 9M 2017

  10. Slide 10: 9M 2017 Results - Snap Shot

    9M 2017 Results - Snap Shot * QoQ YoY 1Q17 2Q17 3Q17 Change 9M16 9M17 Change Installed Capacity (MW)* 2.104 MW 2.211 MW 2.377 MW 166 MW 2.279 MW 2.377 MW 98 MW Sales Volume (GWh)** 4.676 3.764 4.204 12% 12.774 12.644 -1% Net Sales (TL mn) 738 875 952 9% 2.212 2.565 16% Gross Profit (TL mn) 24 54 135

  11. Slide 11: 9M 2017 – Sales Breakdown (excl. Africa)

    9M 2017– Sales Breakdown (excl. Africa) * 1Q 2017 2Q 2017 3Q 2017 9M 2016 9M 2017 MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh Northern Cyprus 179.631 378 175.906 388 176.615 380 529.868 238 532.153 382 Renewable Market (YEKDEM) 192.332 266 112.655 272 116.784 263 601.511 223 421.771 267 B

  12. Slide 12: Financial highlights 9M 2017 Consolidated income statement

    Financial highlights 9M 2017 Consolidated income statement Net sales & EBITDA (TL mn) Operating income & Net income (TL mn) Source:IFRS financial statements 12

  13. Slide 13: Financial highlights 9M 2017 Net financial debt and repayment schedule

    Financial highlights 9M 2017 Net financial debt and repayment schedule Net financial debt (TL mn) 3.500 90% 89% 100% 86% 88% 90% 3.000 76% 3.299 3.086 3.096 2.984 80% 2.500 62% 2.742 70% 2.000 60% 50% 1.500 1.781 40% 1.000 30% 20% 500 10% - 0% 2014 2015 2016 1Q 2017 2Q 2017 3Q 2017 5.2 6.2 7.1 8.7 8

  14. Slide 14: Power Plants & International Expansion

    POWER PLANTS & INTERNATIONAL EXPANSION

  15. Slide 15: Madagascar HFO Power Plant Opening Ceremony

    Madagascar HFO Power Plant Opening Ceremony 15

  16. Slide 16: Madagascar HFO Power Plant Opening Ceremony

    Madagascar HFO Power Plant Opening Ceremony 16

  17. Slide 17: 2017 Guidance

    2017 GUIDANCE

  18. Slide 18: 2017 & 2018 Guidance

    2017 & 2018 GUIDANCE USD mn EBITDA  SALES: 17 TWh 200 157 163 144  REVENUES: TRY 3.1 bn ($861 mn) 150 140  CAPEX: TRY 293 mn ($81 mn) 100 50  2017E EBITDA: TRY 504 mn ($140 mn) 0 2014 2015 2016 2017E 18

  19. Slide 19: 2017 Guidance – Improvement in Debt Ratio

    2017 Guidance – Improvement in Debt Ratio USD mn Solid EBITDA growth achieved via African PPs along with financial 1.200 6,05 6,19 6,31 7,00 debt reduction via asset sale 1.000 5,18 5,31 6,00 1.008 results in: 800 4,22 3,96 4,19 908 5,00 814 4,00 759 761 718 744 600 687 3,00  Sharp decline in net 4

  20. Slide 20: Consolidated income statement

    Consolidated income statement (TRY mn) 31.12.2010 31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.2015 31.12.2016 31.03.2017 30.06.2017 30.09.2017 Net sales 911,9 1.315,4 1.840,6 1.786,0 1.957,4 2.306,7 3.178,2 738,4 1.613,0 2.565,4 Cost of sales -775,5 -1.088,0 -1.604,0 -1.565,9 -1.710,8 -1.979,5

  21. Slide 21: Consolidated balance sheet

    Consolidated balance sheet Assets (TRY mn) 31.12.2010 31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.2015 31.12.2016 31.03.2017 30.06.2017 30.09.2017 Cash and cash equivalents 78,3 110,1 40,6 22,3 34,2 48,5 219,4 6,0 199,5 4,5 Trade receivables net 113,0 261,5 245,9 142,3 88,7 119,8 219,7 262,9 3

  22. Slide 22: Consolidated statement of cash flows

    Consolidated statement of cash flows (TRY mn) 31.12.2010 31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.2015 31.12.2016 31.03.2017 30.06.2017 30.09.2017 Net income (loss) before tax 69,4 -122,0 226,5 -156,1 26,6 -221,1 -367,6 -88,4 -85,0 19,8 Depreciation and amortisation 71,7 92,5 105,3 111,8 12

  23. Slide 23: Asset Sale

    ASSET SALE

  24. Slide 24: 355 MW Asset Sale – USD 412 mn

    355 MW Asset Sale – USD 412 mn 118 MW WPP and 81 MW HEPP completed. 15 MW HEPP and 141 MW WPP Kozbükü, Sebenoba, Karakurt, Ayvacık, Kapıdağ, İncesu, Şamlı, Kıyıköy Belen/Atik USD 225 mn completed USD 164,9 mn (plus $21.6mn additional) USD 107 mn bank loans paid off USD 69,6 mn bank loans to be paid

  25. Slide 25: Appendix

    APPENDIX

  26. Slide 26: 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 280 Mali Aksa Energy Fuel-oil 40 Madagascar Aksa Energy Fuel-oil 66 Total Fuel-Oil fired power plants 539 23% Antalya NGCC Aksa Energy Nat

  27. Slide 27: Ongoing Investments

    Ongoing Investments Under Construction 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 144 Total 144 The above projects are utilising mostly existing equipments from Şırnak, Hakkar

  28. Slide 28: 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 28

  29. Slide 29: 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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