Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Aksa Enerji — Q2 2014 Earnings Presentation
18 slides from Aksa Enerji Uretim A.s's earnings presentation, Aug 15, 2014
Slide 1: Aksa Enerji: The leading IPP in Turkey
Aksa Enerji The leading IPP in Turkey 2Q 2014 Earnings Presentation 15 August 2014
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
Slide 3: 1H 2014 Results
1H 2014 Results * YoY YoY YoY 2012 2013 Change Q2 2013 Q2 2014 Change 1H 2013 1H 2014 Change Installed Capacity (MW) 2.045 2.052 7 MW 2.048 2.066 18 MW 2.048 2.066 18 MW Sales Volume (GWh) 9.784 9.109 -7% 2.174 2.298 6% 4.139 4.756 15% Capacity Utilization Rate (CUR) 60% 56% -4pp 54% 56% +2pp 51% 58
Slide 4: Market Highlights
Market Highlights ►Electricity generation increased by 4% YoY in 1H14 but down by 2% QoQ. ►Electricity consumption in 1H14 was parallel to electricity generation and increased by 4% YoY as well. Similar to generation, it was down 2% QoQ. 3
Slide 5: Market Highlights: Generation by type
Market Highlights Generation by type 1H13 vs 1H14 Wind 3% Fuel-Oil Hydro 2% 18% Wind Fuel-Oil Lignite & Coal 3% 2% 29% Others Hydro 1% 28% Lignite & Coal 24% Others 1% Natural gas 42% Inner circle: 1H 2013 Natural gas Outer Circle: 1H 2014 47% ►Source of electricity generation 1H14 changed due to dr
Slide 6: Market Highlights: Installed capacity
Market Highlights ►Total installed capacity in Turkey has increased by 2,625 MW in 1H14 to 66,633 MW, with the majority coming in from natural gas and hydro. This is an additional 4% installed capacity on top of the YE2013 figure. Installed Capacity Capacity Changes (1H2014 vs YE2013) MW MW Fossil R
Slide 7: Market Highlights: Prices
Market Highlights Weighted Average Price (TL) ►Prices – Average prices have gone 170 166 up by 7% Yoy in 2Q14 due to the 165 162 160 160 157 draught in Turkey preventing a 155 150 146 147 significant contribution from the 145 hydroelectric power plants. 140 135 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 ►However
Slide 8: Company Highlights
Company Highlights ► At the end of Q1, we have introduced to the market a new concept of tariffs leading the sector in a new path of «price innovation». ► In 1H14, net sales of the Company has increased by 15% YoY from 4,139 GWh to 4,756 GWh due to the increased percentage of bilateral agreements in
Slide 9: Company Highlights
Company Highlights ► Kıyıköy WPP’s provisional ministry acceptance will be completed as of 15 August 2014, whereby 24MW will be added to generation portfolio, increasing our renewables capacity to 241MW. ► Construction of Sebenoba WPP (30 MW) continues as planned, despite the transportation conditio
Slide 10: Company Strategy Going Forward
Company Strategy Going Forward ► The company’s strategy is to increase its local and renewable resources within its production portfolio to decrease its cost base. ► To this end, we are more focused on creating new greenfield lignite fired power plant projects. We are in disccussion about the acquis
Slide 11: Financial highlights 1H 2014: Consolidated income statement
Financial highlights 1H 2014 Consolidated income statement Net sales & EBITDA (TL mn) 472 910 438 EBITDA Margin EBITDA Margin 1Q14: 15.5% 792 1H13: 16.1% 2Q14: 12.5% 1H14: 14.0% 73 55 127 128 Net Sales EBITDA Net Sales EBITDA 1Q14 2Q14 1H13 1H14 Operating income & Net income (TL mn) 46 44 75 69 25 3
Slide 12: Financial highlights 1H 2014: Net financial debt and repayment schedule
Financial highlights 1H 2014 Net financial debt and repayment schedule Net financial debt (TL mn) 1.800 64% 61% 1.557 1.600 62% 1.400 1.270 1.280 1.306 59% 60% 1.138 1.200 58% 1.000 55% 55% 56% 800 54% 52% 600 52% 400 50% 200 48% - 46% 2010 2011 2012 2013 1H14 6.0 4.2 4.0 4.2 5.0 Net Financial Debt
Slide 13: Consolidated income statement
Consolidated income statement (TLm) 2010 2011 2012 2013 Q1 2014 Q2 2014 Net sales 911,9 1315,4 1840,6 1786,0 472,1 438,2 Cost of sales -775,5 -1088,0 -1604,0 -1565,9 -423,5 -408,0 Gross profit 136,4 227,4 236,6 220,1 48,6 30,3 Gross profit margin 15% 17% 13% 12% 10% 7% General & administrative costs
Slide 14: Consolidated balance sheet
Consolidated balance sheet (TL mn) Assets 2010 2011 2012 2013 1H 2013 1H 2014 Cash and cash equivalents 78,3 110,5 40,9 22,3 29,1 19,6 Trade receivables net 113,0 261,5 245,9 142,3 284,8 133,7 Due from related parties and shareholders 607,9 360,0 593,9 0,0 4,9 0,0 Inventory 81,3 121,5 135,5 250,0 17
Slide 15: Consolidated statement of cash flows
Consolidated statement of cash flows (TLmn) 2010 2011 2012 2013 1H2013 1H 2014 Net income (loss) 69,4 -122,0 219,9 -133,3 -56,8 36,6 Depreciation and amortisation 71,7 92,5 105,3 111,8 52,5 59,2 Other adjustments 13 236,8 -46,4 193,0 83,9 -7,7 Change in w orking capital -67,1 -20,3 -189,4 7,5 -92,6
Slide 16: Appendix
Appendix
Slide 17: Operating (Current)
Operating (Current) Installed capacity Power plant Licensed owner Fuel type MW (Current) Mardin 1 Aksa Energy Fuel-oil 32.00 Mardin 2 Rasa Elektrik Fuel-oil 33.10 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
Slide 18: Ongoing Investments and Revised Licence Portfolio
Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding Planned acquisitions from Kazancı Holding Additional Capacity Power Plant Investment License Owner Fuel Type (MW) Completion Year Siirt 24 MW operating fuel-oil PP Siirt Operational Kazancı Holding Fuel-O