Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Aksa Enerji — FY2014 Earnings Presentation
35 slides from Aksa Enerji Uretim A.s's earnings presentation, Mar 9, 2015
Slide 1: Aksa Enerji - The leading IPP in Turkey
Aksa Enerji The leading IPP in Turkey Earnings Presentation 9 March 2015
Slide 2: The Sector
The Sector
Slide 3: Market Highlights - Generation & Consumption
Market Highlights - Generation & Consumption Generation (TWh) 259 ►On a yearly basis, electricity generation was 254 249 up by 4.6% YoY. 244 ►Electricity generation in 4Q14 increased by 239 234 2.5% YoY. 229 224 219 214 Consumption (TWh) 2011 2012 2013 2014 259 254 249 244 239 ►Electricity consumpti
Slide 4: Market Highlights - Generation by type
Market Highlights - Generation by type Generation by type 2013 vs 2014 Wind 3% Fuel-Oil Hydro 2% 16% Wind Fuel-Oil Lignite & Coal 3% 2% 29% Other 2% Hydro 25% Lignite & Coal 25% Other 1% Natural gas Natural gas 48% 44% Inner circle: 2013 Outer Circle: 2014 ►Source of electricity generation in 2014 c
Slide 5: Market Highlights - Installed Capacity
Market Highlights - Installed Capacity 2014 Generation Auto-producers ► IPPs generated 46% of the production despite the domination of state BOT, TOR 2% owned entities in installed capacity (45%). 24% 28% EÜAŞ ►Natural gas, followed by hydro capacities continue to dominate the market. IPPs 46% ►The
Slide 6: Market Highlights - Installed Capacity
Market Highlights - Installed Capacity MW Capacity Changes (2014 vs 2013) ►Total installed capacity in Turkey has Fossil Renewable 2.208 increased by 5,000 MW YoY to 69,516 MW, with 2.250,0 the majority coming in from coal&lignite and 2.000,0 1.750,0 hydro. 1.500,0 1.352 1.250,0 929 870 ►YoY, there
Slide 7: Market Highlights - Prices
Market Highlights - Prices Weighted Average Price (TL) ►Prices – Weighted average prices were 180,0 176 173 175,0 strong in 2014, due to the drought preventing 170,0 166 a significant contribution from the 165,0 162 160 160,0 158 hydroelectric power plants and the increase in 155,0 150,0 147 demand.
Slide 8: FY 2014
FY 2014
Slide 9: 2014 Results - Snap Shot
2014 Results - Snap Shot * 2012 2013 2014 YoY Change Q4 2013 Q4 2014 YoY Change Installed Capacity (MW) 2,045 2,052 2,140 88 MW 2,052 2,140 88 MW Sales Volume (GWh) 9,784 9,109 9,814 8% 2,399 2,223 -7% Capacity Utilization Rate (CUR) 60% 56% 59% 3pp 58% 52% -6pp Net Sales (TL mn) 1,841 1,786 1,957 1
Slide 10: Company Highlights - Sales breakdown (MWh)
Company Highlights - Sales breakdown (MWh) 2013 vs 2014 (in MWh) Renewable Renewable 2013 (MWh) Market 2014 (MWh) Regional Sales Regional Sales BSM Market BSM 3% 1% 1% 19% 3% 25% Northern Cyprus Northern Cyprus 7% 7% Affiliated DisCos 4% Affiliated DisCos 2% Bilateral Bilateral Agreements Agreements
Slide 11: Company Highlights - Sales breakdown (TL)
Company Highlights - Sales breakdown (TL) 2013 vs 2014 (in TL) 2013 (TL) 2014 (TL) BSM Renewable BSM Renewable Regional Sales Regional Sales 23% Market 17% Market 3% 8% 1% 2% Northern Cyprus Northern Cyprus 13% 13% Affiliated DisCos 3% Affiliated DisCos Bilateral Bilateral 2% Agreements Agreements 5
Slide 12: Company Highlights - Cost Structure (TL)
Company Highlights - Cost Structure (TL) Cost Structure vs. Sales Price (2014) Improving Lower Cost Output % of TL/MWh 179 422 Renewables 20% 19% &Sourcing 320 310 9,814 GWh 34 9,109 GWh 280 Average Cost: 143 240 200 161 160 9 276 120 82 80 80 152 40 32 82 80 32 0 2013 2014 Natural Gas Renewables So
Slide 13: Company Highlights - Sales mix and prices (TL)
Company Highlights - Sales mix and prices (TL) Capacity Utilization 44% 59% 10 TWh 9.8 TWh 9 Balancing Market Sales Northern Cyprus to BSM 2.3 8 Wholesale Bilateral BSM 23% 7 Retail Bilateral 6 4.2 TWh 5 4 3 Total 7.5 Contracted 77% 86% BSM 3.63.6 Contracted 2 Sales 1 14% Contracted 0.60.6 0 2010 20
Slide 14: Company Highlights - 2014 Operating Performance
Company Highlights - 2014 Operating Performance Strong operating performance in 2014- slightly exceeding the upper band of EBITDA guidance: √ Higher demand, thus higher sales volume √ Capacity utilisation rate up 3 ppts YoY to 59%, as the increase in bilateral sales enables the Company to better pro
Slide 15: 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 discussions for 3 new lignit
Slide 16: Evolution of Renewable & Local Resources Within Our Portfolio
Evolution of Renewable & Local Resources Within Our Portfolio New Renewable Capacities New Renewable Capacities New Local Resource Capacity A total of 88MW has been added to out (2014) (2015E) (2015E) total installed capacity in 2014, 64MW of which comes from renewables. 30 18 300 25 16 17 250 270 ►
Slide 17: Bolu lignite power plant to be fully operational in 2015
Company Highlights- Bolu lignite power plant to be fully operational in 2015 ► The construction of Bolu/Göynük lignite fired power plant, which started on 13 July 2012, continues as planned. This plant will have an installed capacity of 270MW and will be fully operational in 2015. ► 1st phase (135MW
Slide 18: Catalysts and Key Events- Bolu Göynük Lignite PP
Catalysts and Key Events- Bolu Göynük Lignite PP 17
Slide 19: Catalysts and Key Events- Bolu Göynük Lignite PP
Catalysts and Key Events- Bolu Göynük Lignite PP 18
Slide 20: Catalysts and Key Events- Bolu Göynük Lignite PP
Catalysts and Key Events- Bolu Göynük Lignite PP 19
Slide 21: Catalysts and Key Events- Bolu Göynük Lignite PP
Catalysts and Key Events- Bolu Göynük Lignite PP 20
Slide 22: Catalysts and Key Events- Bolu Göynük Lignite PP
Catalysts and Key Events- Bolu Göynük Lignite PP 21
Slide 23: Financial highlights FY2014 Consolidated income statement
Financial highlights FY2014 Consolidated income statement Net sales & EBITDA (TL mn) 457 448 EBITDA Margin 1.957 4Q14: 15.1% 1.786 4Q13: 15.8% 72 68 312 344 Net Sales EBITDA Net Sales EBITDA 2013 2014 4Q13 4Q14 Operating income & Net income (TL mn) 196 208 42 24 39 Operating Income Net Income Operat
Slide 24: Net financial debt and repayment schedule
Financial highlights FY2014 Net financial debt and repayment schedule Net financial debt (TL mn) 2.000 61% 62% 70% 1.800 55% 55% 52% 60% 1.600 1.781 1.400 50% 1.200 1.306 40% 1.270 1.280 1.000 1.138 800 30% 600 20% 400 10% 200 - 0% 2010 2011 2012 2013 2014 6.0 4.2 4.0 4.2 5.2 Net Financial Debt Leve
Slide 25: 2015 Guidance – Sector
2015 Guidance – Sector ►2015 installed capacity increase: 4,000-4,500 MW ►Electricity demand increase: 4.5% ►Electricity/Natural Gas prices: No change in 2015 ►Water levels: The recent rainfall and snow levels show that 2015 will be a better year in terms of water usage in HPPs. Thus HPP production
Slide 26: 2015 Guidance – Bolu/Göynük Lignite PP
2015 Guidance – Bolu/Göynük Lignite PP ► 2015 Production: 1.1 TWh ►2016 Production: 2.0 TWh ► 2015 EBITDA contribution: TRY 100mn ► 2016 EBITDA contribution: TRY180 mn 25
Slide 27: 2015 Guidance – Financials
2015 Guidance – Financials ►Production: 10.3TWh ►Sales: 12.7TWh (65% bilateral and 35% BSM sales) ►Revenues: TRY 2.5 mn ►Average Aksa Price: TRY199. ►CAPEX: TRY 270-300mn ►EBITDA: TRY 420-430mn 26
Slide 28: Financial Highlights FY 2014
Financial Highlights FY 2014
Slide 29: Consolidated income statement
Consolidated income statement (TL mn) 2010 2011 2012 2013 2014 Q4 2013 4Q 2014 Net sales 911,9 1315,4 1840,6 1786,0 1957,4 457,4 447,6 Cost of sales -775,5 -1088,0 -1604,0 -1565,9 -1710,8 -409,3 -402,2 Gross profit 136,4 227,4 236,6 220,1 246,6 48,1 45,4 Gross profit margin 15% 17% 13% 12% 13% 11% 1
Slide 30: Consolidated balance sheet
Consolidated balance sheet (TL mn) Assets 2010 2011 2012 2013 2014 Cash and cash equivalents 78,3 110,5 40,6 22,3 34,2 Trade receivables net 113,0 261,5 245,9 142,3 88,7 Due from related parties and shareholders 607,9 360,0 593,9 0,0 4,4 Inventory 81,3 121,5 135,5 250,0 269,2 Derivative Financial In
Slide 31: Consolidated statement of cash flows
Consolidated statement of cash flows (TLmn) 2010 2011 2012 2013 2014 Net income (loss) before tax 84,7 -116,5 226,5 -156,1 26,6 Depreciation and amortisation 71,7 92,5 105,3 111,8 121,5 Other adjustments 14,7 231,2 -53,1 193,9 82,0 Change in w orking capital 18,64 -20,3 -189,5 7,5 123,6 Operating ca
Slide 32: Appendix
Appendix
Slide 33: Operating (Current)
Operating (Current) Power Plant License Owner Fuel Type Installed Capacity (MW) % Mardin-1 Aksa Energy Fuel-oil 32 Mardin-2 Rasa Elektrik Fuel-oil 33 Northern Cyprus Aksa Cyprus Fuel-oil 120 İdil (Şırnak) İdil İki Energy Fuel-oil 24 Siirt Siirt Akköy Fuel-oil 24 Total Fuel-Oil fired power plants 233
Slide 34: Ongoing Investments and Revised Licence Portfolio
Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding Planned acquisition from Kazancı Power Plant Investment License Owner Fuel Type Additional Capacity (MW) Completion Year Holding: Datça Licenced Kazancı Holding Wind 12 2015 Datça 12 MW WPP licence 12 C
Slide 35: Contact- Investor Relations
Contact- Investor Relations Özlem McCann IR Manager Ozlem.McCann@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mah. Selvi Çıkmazı No:10 Kavacık Beykoz, Istanbul 34