Akenerji Elektrik Uretim A.s. · BIST:AKENR
Akenerji Elektrik Uretim A.s — Investor Presentation (2024)
48 slides from Akenerji Elektrik Uretim A.s's investor presentation, 2024
Slide 1: Investor Presentation 2024
BS | INVESTOR PRESENTATION S| ANS cez Grour 2024
Slide 2: Disclaimer
DISCLAIMER * With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions.
Slide 3: Agenda
1 Key Investment Theme 2 Akenerji in Brief 3 Our Operations 4 Global Energy Market 5 Turkey Energy Market 6 Akenerji in Details • Generation Portfolio • Trading Markets • Energy Services • O&M 7 Key Financial Performance Indicators BIST Performance and Corporate 8 Governance 9 Sustainability 10 Appe
Slide 4: Key Investment Theme
@080088@ Key Investment Theme Our Opera =) Global Energy h et Turkey Energy Akenerji Generati * Trading Markets + Energy Services * O&M Key Financial Performance Indicators BIST Performance and Corporate Governance Sustainability Appendix
Slide 5: Key Investment Theme
KEY INVESTMENT THEME Gearing from Power to Prosperity: With a sustainable business model, create value by high margin products/projects and services, while operating the current power plants profitably Strong Ownership Monitor the Diversified Strong Cash Generation & Structure and Leading Developmen
Slide 6: Akenerji in Brief
CIGIOIOLOle @e@ @ @ © okenerji Key Investment Theme Akenerji in Brief Our Operations Global Energy Market Turkey Energy Market Akenerji in Details * Generation Portfolio * Trading Markets + Energy Services * O&M Key Financial Performance Indicators BIST Performance and Corporate Governance Sustainab
Slide 7: Akenerji in Brief
AKENERJI IN BRIEF Portfolio Strong Shareholder Operations Electricity Generation and Sale 20.43% O&M Services (local and abroad) Generation Capacity Akkök Holding A.Ş With its seventy years of 37.36% Electricity Import, Export (By the end of 2023) CEZ a.s. and Wholesale experience, Akkök Holding, wh
Slide 8: Electrifying the Future. Empowering Lives…
AKENERJI IN BRIEF “Electrifying the Future. Empowering Lives…” GROWTH & HIGH INVESTMENT POWERING PROGRESS: INVESTING IN THE FUTURE OF ENERGY Erzin Natural Gas Akenerji was Twenty-five Combined Cycle Power founded in 1989 percent of the Akenerji was granted the right Plant (904MW) YKB Refinancing Wit
Slide 9: Our Operations
© okenerji Key Investment Theme Akenerji in Brief Our Operations Global Energy Market Turkey Energy Market Akenerji in Details -~»Generation Portfolio * Trading Markets + nergy Services + O&M Key Financial Performance Indicators BIST-Performance and Corporate Governance Sustainability Appendix
Slide 10: Our Operations
OUR OPERATIONS Generation with 1,224 MW Energy Services Installed Capacity • Power Plant Technical Operation 7 HEPP - 292 MW • Energy Management Consultancy 1 WPP - 28 MW • Escolar Modal & Power Plant Installation 1 CCGT - 904 MW Trading Markets • Trading Including Cross Border Activities O&M • Orig
Slide 11: Global Energy Market
© okenerji Key Investment Theme Akenerji in Brief Our Operations Global Energy Market Turkey Energy Market Akenerji in Details * Generation Portfolio * TradingMarkets » Energy-Services + O&M Key Financial Performance Indicators BIST Performance and Corporate G6vernance Sustainability Appendix 11
Slide 12: Global Energy Market
GLOBAL ENERGY MARKET Electricity as a share of total final consumption Global Electricity at a Crossroads: Rising Demand, DEMAND FOR ENERGY Expanding Renewable Energy, and Climate Change IS DRIVEN BY 60% Accelerated Net Zero Imperatives.. New Momentum EMERGING MARKETS 50% Global electricity demand i
Slide 13: Turkey Energy Market
-" _@e0ce0c0ce6e © okenerji Key Investment Theme Akenerji in Brief Our Operations Global Energy Market Turkey Energy Market Akenerj in Details * ashore Portfolio ° Trading tharkets . Energy Services + O&M Key Financial Performance Indicators BIST Performance and Corporate Governance Sustainability ,
Slide 14: Turkey Energy Market - Demand Growth & Potential
TURKEY ENERGY MARKET - Turkey Demand Growth & Potential Real GDP Growth, YoY (%)* Increasing young population and economic growth potential 7,2 31 40 42 43 42 42 41 45 45 44 47 2022 6,3 6,3 23% 2023 2024 5,5 5,0 4,2 4,0 3,5 3,3 17% 17% 16% 16% 3,0 2,9 3,0 3,0 15% 15% 14% 14% 13% 12% 2,1 2,1 1,5 1,2
Slide 15: Turkey Energy Market - Installed Capacity
TURKEY ENERGY MARKET Turkey Installed Capacity Development of Installed Capacity by Years Primary Sources of Installed Capacity • Total installed capacity was around 27 GW as of 2000 but rose to 107.1 GW at the end of 2023 Increase was attributable to power plants generating electricity from renewab
Slide 16: Turkey Energy Market - Macroeconomic Indicators
TURKEY ENERGY MARKET Macroeconomic Indicators Gross Domestic Product Producer Price Index & Consumer Price Index Exchange Rates 6.1 Annual Changes 180% CPI PPI TP DK USD A YTL TP DK EUR A YTL 4.0 3.9 4.0 160% 140% 32.5 30.0 120% 3.6 27.5 100% 25.0 80% 64.8% 22.5 -0.2 0.3 1.0 60% 20.0 Q1 Q2 Q3 Q4 40%
Slide 17: Turkey Energy Market - Electricity Price Mechanism
TURKEY ENERGY MARKET Electricity Price Mechanism FACTORS THAT AFFECT GENERATION (PRICE) The price that occurs at the intersection of Comparison of Market Clearing Price (PTF) - YEKDEM - AUF, (USD / MWH) PTF supply and demand as a result of the offers given in the day ahead market 250 211 200 200 185
Slide 18: Akenerji in Details - Generation Portfolio
6 Akenerji in Details • Generation Portfolio 18
Slide 19: Generation Portfolio - Erzin CCGT
AKENERJI IN DETAILS - GENERATION PORTFOLIO * ERZIN CCGT Capacity Mechanism Aim is to establish the Location: Hatay necessary and sufficient installed power capacity for Energy Source: Natural Gas the provision of security of supply in the market and to Installed Capacity: 904 MW safeguard the instal
Slide 20: Generation Portfolio - Uluabat Hydroelectric Power Plant
AKENERJI IN DETAILS - GENERATION PORTFOLIO ULUABAT HYDROELECTRIC POWER PLANT Location: Bursa Energy Source&Type: Reservoir Hydro Installed Capacity: 100 MW Date of Operation: 2010 Generation Gross: 306,796 MWh (2023) Capacity Utilization Rate: 34.90% • Uluabat is the largest Hydro Electric Power Pla
Slide 21: Generation Portfolio - Feke-I Hydroelectric Power Plant
AKENERJI IN DETAILS - GENERATION PORTFOLIO FEKE-I HYDROELECTRIC POWER PLANT Location: Adana Energy Source&Type: River Type Hydro Installed Capacity: 30 MW Date of Operation: 2012 Generation Gross: 96,206 MWh (2023) Capacity Utilization Rate: 37.34% 21
Slide 22: Generation Portfolio - Feke-II Hydroelectric Power Plant
AKENERJI IN DETAILS - GENERATION PORTFOLIO FEKE-II HYDROELECTRIC POWER PLANT Location: Adana Energy Source&Type: Reservoir Hydro Installed Capacity: 70 MW Date of Operation: 2010 Generation Gross: 131,530 MWh (2023) Capacity Utilization Rate: 21.59% • With +/- 15 MW SFC reserve capacity Feke-II . 22
Slide 23: Generation Portfolio - Himmetli Hydroelectric Power Plant
AKENERJI IN DETAILS - GENERATION PORTFOLIO HIMMETLI HYDROELECTRIC POWER PLANT Location: Adana Energy Source&Type: River Type Hydro Installed Capacity: 27 MW Date of Operation: 2012 Generation Gross: 90,910 MWh (2023) Capacity Utilization Rate: 38.46% 23
Slide 24: Generation Portfolio - Gökkaya Hydroelectric Power Plant
AKENERJI IN DETAILS - GENERATION PORTFOLIO GOKKAYA HYDROELECTRIC POWER PLANT Location: Adana Energy Source&Type: Reservoir Hydro Installed Capacity: 30 MW Date of Operation: 2012 Generation Gross: 86,006 MWh (2023) Capacity Utilization Rate: 34.42% 24
Slide 25: Generation Portfolio - Bulam Hydroelectric Power Plant
AKENERJI IN DETAILS - GENERATION PORTFOLIO BULAM HYDROELECTRIC POWER PLANT Location: Adıyaman Energy Source&Type: River Type Hydro Installed Capacity: 7 MW Date of Operation: 2010 Generation Gross: 28,155 MWh (2023) Capacity Utilization Rate: 45.66% 25
Slide 26: Generation Portfolio - Burç Hydroelectric Power Plant
AKENERJI IN DETAILS - GENERATION PORTFOLIO BURC HYDROELECTRIC POWER PLANT Location: Adıyaman Energy Source&Type: River Type Hydro Installed Capacity: 28 MW Date of Operation: 2010 Generation Gross: 74,864 MWh (2023) Capacity Utilization Rate: 31.25% 26
Slide 27: Generation Portfolio - Ayyıldız Wind Power Plant
AKENERJI IN DETAILS - GENERATION PORTFOLIO AYYILDIZ WIND POWER PLANT Location: Balıkesir Energy Source: Wind Date of Operation: 2009 Installed Capacity: 28.20 MW Generation Gross: 86,427 MWh (2023) Capacity Utilization Rate: 35.01% • Additional capacity expansion of 6.2 MW, which will raise the capa
Slide 28: Akenerji in Details - Trading Markets
6 Akenerji in Details • Trading Markets 28
Slide 29: Akenerji in Details - Trading Markets
AKENERJI IN DETAILS - TRADING MARKETS EPIAS (EXIST) 1 2 Spot Natural Trading & Origination Activities Asset Management TEIAS Gas Market EPIAS (TSO) (EXIST) • Trading both physical & financial products for Power, • Organized Spot Market Brent, Coal, Gas and Carbon in over countries • EPİAŞ Day Ahead
Slide 30: Akenerji in Details - Energy Services
6 Akenerji in Details • Energy Services 30
Slide 31: Akenerji in Details - Energy Services
AKENERJI IN DETAILS - ENERGY SERVICES Power Plant Energy ESCO Solar Model Technical Management and Power Plant Operation Consultancy Installation 31
Slide 32: Akenerji in Details - O&M
©08000 ©@ @@ Key Investment Theme Akenerji in Brief Our Operations Global Energy Market Turkey Energy Market Akenerji in Details * Generation Portfolio * Trading Marke
Slide 33: Akenerji in Details - O&M
AKENERJI IN DETAILS – O&M Operate in the optimum manner as per market conditions with active portfolio management Operate PPs in the Optimum Level Increase By improved; Effective Operational • Reliability Good management of the Performance Management of • Availability useful service life of Operatio
Slide 34: Key Financial Performance Indicators
7 Key Financial Performance Indicators 34
Slide 35: Akenerji - Key Takeaways in 2023
AKENERJI – KEY TAKEAWAYS IN 2023 Akenerji closed 2023 with 23.7 bn TL turnover, 2.8 bn TL 1 EBITDA and strong cash generation. We reduced our dollar denominated debt to the lowest 2 level by repaying the USD35mn loan before maturity. Aken Europe B.V. was established in the Netherlands to carry 3 out
Slide 36: Key Financial Performance Indicators - IAS 29 Applied (mio TL)
KEY FINANCIAL PERFORMANCE INDICATORS- IAS 29 APPLIED (mio TL ) Revenue EBITDA 2023 23,672 2023 2,781 2022 32,710 2022 3,804 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Total Assets Net Income 2023 31,950 2023 5,040 2022 37,804 2022 2,105 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 -
Slide 37: Key Financial Performance Indicators - W/O IAS 29 Impact (mio TL)
KEY FINANCIAL PERFORMANCE INDICATORS- W/O IAS 29 Impact (mio TL) Revenue EBITDA & EBITDA margin 17,974 2,500 20% 2,145 25.00% 17,047 19% 19% 2,021 2,000 20.00% 1,500 12% 15.00% 10% 1,000 795 12% 10.00% 3,918 2,216 1,823 2,188 409 346 500 213 5.00% 2018 2019 2020 2021 2022 2023 - 0.00% 2018 2019 2020
Slide 38: Key Financial Performance Indicators - W/O IAS 29 Impact (mio USD)
KEY FINANCIAL PERFORMANCE INDICATORS- W/O IAS 29 Impact (mio USD) EBITDA Revenue 15% CAGR 122 1,030 90 90 758 61 58 460 443 321 312 44 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Total Assets 1,157 1,208 1,084 984 1,054 Sustainable EBITDA is maintained with our balanced, efficient, a
Slide 39: Key Financial Performance Indicators - Debt and Net Debt/EBITDA
KEY FINANCIAL PERFORMANCE INDICATORS Debt Currency & Rates Breakdown as of 31 December 2023 (IAS 29 Applied) Net Debt (mio USD) Akenerji is 854 843 Effective Interest Original Currency TL 799 enjoying the Currency Rate (mio) Equivalent (mio) Share 642 financial benefits 554 Bank Loans 487 of convers
Slide 40: BIST Performance and Corporate Governance
BIST Performance and Corporate 8 Governance 40
Slide 41: BIST Performance and Corporate Governance
BIST PERFORMANCE AND CORPORATE GOVERNANCE BIST Code: AKENR Reuters Code: AKENR. IS Capital: 729.164.000 TL Establishment date: 01.01.1986 IPO Date: 28.06.2000 Free float rate: 25,28% Market of stock: Star Market 7 6 5 4 Corporate Governance Rating in 2023 3 2 • 9.56 out of 10 (to be attained in the
Slide 42: Sustainability
© okenerji Key Investment Theme Akenerji in Brief Our Operations Global Energy Market Turkey Energy Market Akenerji in Details * Generation Portfolio * Trading Markets + Energy Services * O&M Key Financial Performance Indicators BIST Performance and-Corporate Governance Sustainability Appendix 42
Slide 43: Sustainability
SUSTAINABILITY Our Contribution to the UN Sustalnable Development Goals with Our Goals At Akenerji, our sustainability priorities, determined through stakeholder engagement, support the sub-goals of nine of the United Nations Sustainable Development Goals. We worked together with the Sustoinabilty C
Slide 44: Appendix
© okenerji 1) Key Investment Theme Akenerji in Brief Our Operations Global Energy Market Turkey Energy Market ©) (a1) (B) (@) (Nd Akenerji in Details * Generation Portfolio * Trading Markets + Energy Services * O&M 7) Key Financial Performance Indicators BIST Performance and Corporate Governance Sus
Slide 45: Appendix-1 Consolidated Financial Statements
APPENDIX-1 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Balance Sheet in TL 31-Dec-23 31-Dec-22 LIABILITIES Current liabilities Short - term portion of long - term borrowings 6,802,740,979 1,156,281,818 Trade payables 1,004,161,254 3,841,692,803 Employee benefit obligations 11,801,104 8,358,662 Ot
Slide 46: Appendix-1 Consolidated Financial Statements
APPENDIX-1 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Profit or Loss Statement in TL Consolidated Cash Flow Statement in TL 1 January - 1 January - Current period Prior period 31 December 2023 31 December 2022 Audited Audited 1 January - 1 January - Revenue 23.672.315.031 32.710.184.429 Cost of
Slide 47: Impact of IAS29 on Akenerji Financials
IMPACT OF IAS29 ON AKENERJI FINANCIALS Income Statement Balance Sheet Assets Liabilities Jan Each • Inventories Feb month • Prepaid Expenses • Tangible & Intangible escalated Assets Mar to year- • Right of use Assets end with respective inflation • Equity index Dec TL10.5 BN (TL4.1 BN) TL 1.7 BN TL
Slide 48: Thank You
THANK YOU AKENERJI INVESTOR RELATIONS Akenerji Elektrik Üretim A.Ş. Nilüfer AYDOĞAN Miralay Şefik Bey St. No: 15 Akhan 34437 Gümüşsuyu İstanbul / Turkey +90 212 249 82 82 (ext:21130) / +90 212 393 50 18 info@akenerji.com.tr naltintasi@akenerji.com.tr This presentation contains information and analys
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