Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Q1 2024 Earnings Presentation
14 slides from Aksa Enerji Uretim A.s's earnings presentation, Jun 14, 2024
Slide 1: 2024 1Q Earnings Presentation
2024 1Q EARNINGS PRESENTATION 14 June 2024 1
Slide 2: Key Highlights – 1Q24
SUSTAINED RECOVERY IN EBITDA MARGIN Key Highlights – 1Q24 TL million 1Q24 1Q23 y/y 1Q24 vs 1Q23 Net Sales 5,862 14,330 -59% EBITDA 1,424 2,751 -48% Net Income 726 1,605 -55% Net Financial Debt 17,855 14,550 (*) 23% 1Q24 1Q23 y/y KPIs-1Q24 vs 1Q23 Gross Margin 17% 19% -2 pp EBITDA Margin 24% 19% +5 p
Slide 3: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA REACHING 76% Regional Breakdown TL million Domestic Foreign Share of Foreign 33% Cumulative- 1Q24 Net Sales 3,924 1,938 76% EBITDA 349 1,075 Profit Before Tax -354 1,684 TL million Domestic Foreign Share of Foreign 16% Cumulative- 1Q23 Net Sales 12,080 2,25
Slide 4: Shares of Regions in EBITDA
FOREIGN OPERATIONS’ CONTRIBUTION INCREASING AS EXPECTED Shares of Regions in EBITDA Shares of Regions in EBITDA 80% 76% 70% 60% 51% 49% 50% 40% 30% 24% 20% 10% 0% Domestic Foreign 1Q23 1Q24 • Contribution of domestic operations (including Turkey and Northern Cyprus) to EBITDA decreased drastically t
Slide 5: Price Evolution in Turkish Market
SPOT PRICES STABILISED AT AROUND 2,000 TL/MWh Price Evolution in Turkish Market Average Spot Electricity Prices & Capped Prices (TL/MWh) Price Cap Implementation 3.750 3.548 3.000 2.837 2.562 2.633 2.368 2.250 1.895 2.179 2.078 2.028 2.030 1.500 1.767 750 0 1Q23 2Q23 3Q23 4Q23 1Q24 Average Spot Ener
Slide 6: Antalya PP Key Highlights
ACTIVE PRESENCE IN ANCILIARY SERVICES Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation (Gross): 649 GWh (1Q24) Capacity Payment: 45 MM TL (1Q24) CUR: 37% (1Q24) Adjusted CUR (*): 48% (1Q24) • Base load power plant with high efficiency ratio of 59% • 40% of e
Slide 7: Bolu Göynük PP Key Highlights
HIGHER CAPACITY PAYMENTS ON THE BACK OF NEW REGULATION Bolu Göynük PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 409 GWh (1Q24) CUR: 69% (1Q24) Capacity Payment: 59 MM TL (1Q24) • 90% of electricity sold via bilateral agreements, 4% via day ahead market
Slide 8: Northern Cyprus PP Key Highlights
USD BASED CAPACITY CHARGE SUPPORTIVE OF MARGINS Northern Cyprus PP Key Highlights Energy Source: Fuel Oil Installed Capacity: 188 MW Generation (Gross): 217 GWh (1Q24) CUR: 65% (1Q24) Contract Expiry: 2038 • Northern Cyprus PP benefits from USD based guaranteed capacity charge. • In July 2023, a 15-
Slide 9: Uzbekistan PP Key Highlights
USD BASED CAPACITY CHARGE WITH ADDITIONAL EBITDA EXPECTATION IN 2025 Uzbekistan PP Key Highlights Energy Source: Natural Gas Installed Capacity: 740 MW Generation (Gross): 1,100 GWh (1Q24) CUR: 73% (1Q24) Contract Expiry: 2045 • 25 year power purchase agreement (PPA) including guaranteed capacity pa
Slide 10: Africa Operations - Key Highlights
FUEL IS PASS THROUGH IN ALL OF OUR OVERSEAS OPERATIONS Africa Operations - Key Highlights • Ghana PP benefits from USD based guaranteed capacity charge for 332 MW out of 370 MW installed capacity. PPA extended for 15 years in Oct’22 • Ghana engine conversion to dual fuel project (heavy fuel oil/natu
Slide 11: Consolidated Summary Income Statement
ANNEX Consolidated Summary Income Statement 1Q24 1Q23 y/y MM TL Net sales 5,862 14,330 -59% Cost of sales (4,868) (11,646) -58% Gross Profit 994 2,684 -63% General & administrative costs (280) (206) 36% Marketing expenses (12) (5) 140% Other operating income 293 128 130% Other operating expenses (29
Slide 12: Consolidated Summary Balance Sheet
ANNEX Consolidated Summary Balance Sheet 1Q24 YE23 ytd MM TL Cash and cash equivalents 1,216 915 33% Trade receivables 14,315 15,568 -8% Inventories 1,224 1,031 19% Total Current Assets 19,761 19,664 0% PP&E 41,389 40,290 3% Intangibles 1,219 1,273 -4% Total Non-current Assets 47,919 44,546 8% Total
Slide 13: Contact- Investor Relations
Contact- Investor Relations Pınar Saatcıoğlu Sena Atay Investor Relations and Investor Relations Sustainability Director Manager Email: investorrelations@aksaenerji.com.tr Phone: +90 216 681 1053 Address: Rüzgarlıbahçe Mh. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul
Slide 14: 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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