Aksa Enerji Uretim A.s. · BIST:AKSEN

Aksa Enerji Uretim A.s — H1 2017 Earnings Presentation

35 slides from Aksa Enerji Uretim A.s's earnings presentation, Aug 18, 2017

  1. Slide 1: 1H 2017 Investor Presentation

    1H 2017 Investor Presentation 18 August 2017

  2. Slide 2: 11 assets under operation across Turkey

    11 assets under operation across Turkey 11 BOLU-GÖYNÜK 1 KIYIKÖY 270 MW 27 MW ÇORUM-İNCESU 10 15 MW 2 BALIKESİR KAPIDAĞ 24 MW 3 BALIKESIR ŞAMLI 114 MW Total 2,086 MW 4 MANISA KARAKURT 11 MW ŞANLIURFA 9 5 MANISA 147 MW 115 MW HATAY SEBENOBA 8 6 60 MW ANTALYA 1,150 MW NORTHERN CYPRUS 7 153 MW Wind Hyd

  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 Current Total 30 MW will be 340 MW commissioned this m

  4. Slide 4: Pipeline of 3 international projects adding 190 MW to our portfolio

    Pipeline of 3 international projects adding 190 MW to our portfolio Current Installed Total Installed Pipeline Capacity Capacity 190 MW 2,426 MW 236 MW 2.380 MW 190 15 236 236 3 HFO 270 270 1.412 1.412 683 493 Aug 2017 Under Construction Asset Sale 2017-2018 Fuel-oil Natural Gas Lignite Wind Hydro 3

  5. Slide 5: The Sector

    THE SECTOR

  6. Slide 6: Market Highlights - Generation & Consumption

    Market Highlights- Generation & Consumption  Electricity generation increased by %5 while consumption increased by 3% YoY in 1H2017. Generation (GWh) Consumption (GWh) 160.000 160.000 138.172 138.252 140.000 131.139 140.000 133.588 120.000 120.000 100.000 100.000 80.000 80.000 60.000 60.000 40.000

  7. Slide 7: 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 80.088 MW in 1H2017, an there is an increase of 1.200 MW in wind, 753 MW in coal & increase of 3.538 MW, indicating an lignite, 721 MW in fuel-oil,

  8. Slide 8: Market Highlights - Prices

    Market Highlights - Prices  Weighted average spot price was 162 TL in 1H 2017, 25% higher YoY due to:  1H 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 1Q 2017

  9. Slide 9: Financial & Operational Highlights 1H 2017

    FINANCIAL & OPERATIONAL HIGHLIGHTS 1H 2017

  10. Slide 10: 1H 2017 Results - Snap Shot

    1H 2017 Results - Snap Shot * 1Q 2017 2Q 2017 QoQ 2Q 2016 2Q 2017 YoY 1H 2016 1H 2017 YoY Installed Capacity (MW)* 2.104 MW 2.426 MW 322 MW 2.198 MW 2.426 MW 228 MW 2.198 MW 2.426 MW 228 MW Sales Volume (GWh)** 4.203 4.237 0,8% 3.886 4.237 9,0% 7.647 8.440 10,4% Net Sales (TL mn) 738 875 18,5% 576 8

  11. Slide 11: 1H 2017 – Sales Breakdown (excl. Africa)

    1H 2017– Sales Breakdown (excl. Africa) * MWh TL/MWh MWh TL/MWh MWh TL/MWh Northern Cyprus 179.631 378 175.906 388 355.537 383 Renewable Market (YEKDEM) 192.332 266 112.655 272 304.987 268 BSM (Spot Market Sales)* 886.272 184 984.011 172 1.870.283 178 Affiliated DisCos 821.690 143 702.120 139 1.523.

  12. Slide 12: Financial highlights 1H 2017 Consolidated income statement

    Financial highlights 1H 2017 Consolidated income statement Net sales & EBITDA (TL mn) Operating income & Net income (TL mn) Source:IFRS financial statements 11

  13. Slide 13: Net financial debt and repayment schedule

    Financial highlights 1H 2017 Net financial debt and repayment schedule Net financial debt (TL mn) 89% 88% 85% 3.500 90% 76% 3.000 80% 61% 62% 70% 2.500 55% 55% 52% 60% 2.000 50% 1.500 2.985 40% 2.742 2.744 2.728 30% 1.000 1.781 20% 1.138 1.271 1.280 1.306 500 10% - 0% 2010 2011 2012 2013 2014 2015 2

  14. Slide 14: Power Plants & International Projects

    POWER PLANTS & INTERNATIONAL PROJECTS

  15. Slide 15: GHANA HFO Power Plant – Already operational with 280 MW

    GHANA HFO Power Plant – Already operational with 280 MW Over 120,000 m2 power plant area Land purchased 1200 containers are on site 650 employees on site (90% local) 200 employees to work once construction is completed ( Picture as at 10 May 2017) Construction completed in 9,5 months utilising exist

  16. Slide 16: GHANA – Fast Track USD Based Cash Generation

    GHANA – Fast Track USD Based Cash Generation  Became operational at the end of March with 192.5MW and increased to 280 MW at the beginning of August.  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: 1.36 TWh (

  17. Slide 17: Madagascar – 20 year contract with generation in 2017

    Madagascar – 20 year contract with generation in 2017 Picture as at June 2017 16

  18. Slide 18: Madagascar – Key Points

    Madagascar – Key Points  66 MW to be commissioned by the end of August 2017  Became operational in July with 25 MW and increased to 50 MW at the beginning of August  54 MW (phase 2) to be aligned with construction of transmission lines  2017E production: 0.2 TWh  2018E production: 0,5 TWh 17

  19. Slide 19: Mali – 3 year contract with generation in 2017

    Mali – 3 year contract with generation in 2017 Picture as at June 2017 18

  20. Slide 20: Mali – Key Points

    Mali – Key Points  €4mn mobilisation fee is received  €1.6mn payment guarantee is received  Became operational at the beginning of August with 10 MW  Full commissioning (40 MW) in August  2017E production: 0,1 TWh  2018E production: 0,24 TWh  13% of consumption in the country to be provided b

  21. Slide 21: Turkey & Africa

    TURKEY & AFRICA African PPs will be making up 77% of EBITDA in 2017 EBITDA TURKEY AFRICA 20

  22. Slide 22: 2017 Guidance

    2017 GUIDANCE

  23. Slide 23: Turkish Business - Guidance Revision

    Turkish Business- Guidance Revision Turkish business is revised down from USD 47mn to USD 32mn due to:  Ancillary services This was a very lucrative business, which had resulted in increased capability in Antalya CCGT from 80MW to 125 MW. However this year, the market became extremely competitive,

  24. Slide 24: Turkey Guidance - Revision

    Turkey Guidance - Revision Potential upsides:  capacity charge for natural gas and coal PPs is expected to be implemented by the Ministry this year,  the price of support mechanism (guaranteed purchases by TETAŞ) provided for domestic coal fired PPs is expected to be revised up, based on inflation

  25. Slide 25: 2017 Guidance Revised – 2018 Guidance Maintained

    2017 GUIDANCE REVISED – 2018 GUIDANCE MAINTAINED USD mn EBITDA 275  Sales: 17 TWh 300,0 250,0 96%  Revenues: TRY 2.5 bn ($695 mn) 200,0 157 163 144 140  CAPEX: TRY 293 mn ($78 mn) 150,0  EBITDA: TRY 504 mn ($140 mn) 100,0  2018E EBITDA: USD 275mn 50,0 0,0 2014 2015 2016 2017E 2018E 24

  26. Slide 26: 2017 Guidance – Improvement in Debt Ratio

    2017 Guidance – 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 4,65 4,22 4,19 5,00  Sharp decline in net 800 3,96 4,00 financial debt by YE2017 600 1.008 3,00 908

  27. Slide 27: 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 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 Cost of sales -775,5 -1.088,0 -1.604,0 -1.565,9 -1.710,8 -1.979,5 -2.907,2 -714,7 -1

  28. Slide 28: 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 Cash and cash equivalents 78,3 110,1 40,6 22,3 34,2 48,5 219,4 6,0 199,5 Trade receivables net 113,0 261,5 245,9 142,3 88,7 119,8 219,7 262,9 337,5 Due from r

  29. Slide 29: Consolidated statement of cash flows

    Consolidated statement of cash flows (TRY mn) 31.12.2010 31.12.2011 30.09.2012 31.12.2012 31.12.2013 31.12.2014 31.12.2015 31.12.2016 31.03.2017 30.06.2017 Net income (loss) before tax 69,4 -122,0 206,2 226,5 -156,1 26,6 -221,1 -367,6 -88,4 -85,0 Depreciation and amortisation 71,7 92,5 77,5 105,3 11

  30. Slide 30: Appendix

    APPENDIX

  31. Slide 31: 340 MW Asset Sale – USD 409 mn

    340 MW Asset Sale – USD 409 mn 81 MW HES 232 MW RES Kozbükü Sebenoba, Karakurt, Şamlı, Ayvacık, Kapıdağ, (completed in 4Q 2016) Belen/Atik, Kıyıköy USD 89 mn USD 298 mn (plus $21.6mn additional) USD 55 mn bank loans to be paid off USD 159 mn bank loans to be paid off Out of 259 MW, two WPP’s sale ha

  32. Slide 32: 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 10 Madagascar Aksa Energy Fuel-oil 50 Total Fuel-Oil fired power plants 493 20% Antalya NGCC Aksa Energy Nat

  33. Slide 33: Ongoing Investments

    Ongoing Investments Under Construction Power Plant Investment License Owner Fuel Type Capacity (MW) Completion Year Ghana Greenfield Aksa-Ghana HFO 90* 2017-2018 Madagascar Greenfield Aksaf Power HFO 70** 2017-2019 Mali Greenfield Aksa HFO 30*** 2017 190 Total 190 • The above projects are utilising

  34. Slide 34: 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 33

  35. Slide 35: 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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