Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — FY2018 Earnings Presentation
29 slides from Aksa Enerji Uretim A.s's earnings presentation, Mar 26, 2019
Slide 1: Transforming into a Global Energy Player - Earnings Presentation FY2018
TRANSFORMING INTO A GLOBAL ENERGY PLAYER... EARNINGS PRESENTATION FY2018 26 MARCH 2019 P O W E R B E Y O N D B O R D E R S
Slide 2: Turkish Market
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Slide 3: Market Highlights: YE2018 Key Figures
MARKET HIGHLIGHTS YE2018 – Key Figures GENERATION BY FUEL TYPE Generation via natural gas 3% 1% decreased by 18 ppts YoY mostly 7% Fuel-Oil due to the increase in natural gas Lignite & Coal prices and the low spark spread. 20% 37% Natural gas Hydro On the other hand, generation Wind from coal & lign
Slide 4: Installed Capacity Changes by Fuel Type
MARKET HIGHLIGHTS Installed Capacity Changes by Fuel Type YE2018 – YE2017 CAPACITY CHANGES Fossil Renewable MW When new and 4.000,00 3.202 decommissioned capacities 3.000,00 are netted off, there is an 1.135 increase of 1,135 MW in coal 2.000,00 1.079 486 & lignite, 1,079 MW in 1.000,00 19 hydro, 48
Slide 5: Generation & Consumption
MARKET HIGHLIGHTS Generation & Consumption Electricity generation and consumption increased by 0.8% in 2018, way below the GDP growth of 2.6%. GENERATION (GWh) CONSUMPTION (GWh) 290.546 292.775 289.975 292.168 2017 2018 2017 2018 3
Slide 6: Natural Gas Prices vs Spot Energy Prices
MARKET HIGHLIGHTS Natural Gas Prices vs Spot Energy Prices BOTAŞ NATURAL GAS TARIFF (TRY) BOTAŞ increased its tariff in August 1.755 1.700 1.700 1.800 1.550 1.550 1.550 1.550 500 reflecting devaluation in TRY by 1.600 450 1.400 400 pegging the prices to USD for the 1.200 350 1.000 800 800 800 878 87
Slide 7: Turkish Operations
TURKISH OPERATIONS OPERATIONS
Slide 8: Turkish Operations
Turkish Operations • As spot market prices are highly correlated with the increase in natural gas prices, they corrected to TRY +300 levels in 3Q18, representing c. 75% increase on average before declining in 4Q, due to increased renewables production putting pressure Narrowing margins of on the spo
Slide 9: Turkish Operations – USD based visibility in coal fired PP in 2019
Turkish Operations – USD based visibility in coal fired PP in 2019 • The regulator amended the “Purchase of Electricity from Private Companies Operating Only Domestic Coal-Fired Power Plants” for 2019 and beyond. Hard currency denominated • TRY denominated power purchases of EUAS are now partially p
Slide 10: Overseas Operations Update on 2018 Developments - Ghana
Overseas Operations Update on 2018 Developments - Ghana 90 MW extension is • 223.5 MW guaranteed capacity has been working since August 2017. To completed and the provide this guaranteed capacity, 280 MW capacity was installed. installed capacity rose to 370 MW. • Additional engines to take the capa
Slide 11: Overseas Operations Update - Madagascar & Mali
Overseas Operations Update on 2018 Developments - Madagascar & Mali • Rehabilitation of a 24 MW power plant (CTA-2) in Madagascar was carried out The rehabilitation of on behalf of the country, and the power plant became operational with the Madagascar’s CTA-2 commissioning of 12 MW on 6 December 20
Slide 12: Financial & Operational Highlights FY 2018
FINANCIAL & OPERATIONAL HIGHLIGHTS FY 2018
Slide 13: FY 2018 Results: Sales Breakdown (Turkey+N.Cyprus)
FINANCIAL HIGHLIGHTS FY 2018 Results Sales Breakdown (Turkey+N.Cyprus) 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh Northern Cyprus 175.664 467 176.518 560 177.510 814 174.622 755 704.314 649 BSM (Spot Market) 2.387.525 184 2.147.836 201 2.734.4
Slide 14: FY 2018 Results: Sales Breakdown
FINANCIAL HIGHLIGHTS FY 2018 Results Sales Breakdown 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh TURKISH MARKET 4,309,588 173 3,778,091 187 3,226,328 226 4,068,300 273 3,058,963 433 (Including N. Cyprus) AFRICAN 371,980 757 432,987 732 255,902
Slide 15: FY 2018 Results: Snap Shot
FINANCIAL HIGHLIGHTS FY 2018 Results Snap Shot 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 QoQ Change FY 2017 FY 2018 YoY Change Installed Capacity 2,236 MW 2,221 MW 2,221 MW 2,221 MW 1.946 MW -275 MW 2,236 MW 1.946 MW -290 MW Sales Volume (GWh)* 4.310 3.778 3.226 4.068 3.060 -24.8% 16.954 14.132 -16.6%
Slide 16: Rapid improvement in Net Financial Debt/EBITDA ratio
FINANCIAL HIGHLIGHTS FY 2018 Results Rapid improvement in Net Financial Debt/EBITDA ratio EBITDA NET FINANCIAL DEBT/EBITDA No No 10 TRY mn renewable renewable full Africa full Africa 350 8,6 8,3 No No renewable renewable 306 8 300 full Africa full Africa 277 7,1 Renewable Limited 250 + renewable 233
Slide 17: Regional EBITDA Breakdown
FINANCIAL HIGHLIGHTS FY 2018 Results Regional EBITDA Breakdown REVENUES (TRY mn) Although 75% of the revenues 1.176 are generated from Turkey and TRNC, African power plants generated 65% of the EBITDA in 3.493 FY2018 due to their high margin FX based sales. TURKEY+N.CYPRUS AFRICA EBITDA (TRY mn) 359
Slide 18: EBITDA Breakdown by Currency & Fuel
FINANCIAL HIGHLIGHTS FY 2018 Results EBITDA Breakdown by Currency & Fuel Hard currency portion of the EBITDA EBITDA BY FX RATE constitutes 75% of Aksa Energy’s EBITDA in FY2018. 25% DOLLAR Due to the appreciation in Turkish BASED Lira against US Dollar, the EBITDA of 75% TRY BASED the overseas power
Slide 19: Revised Financials
FINANCIAL HIGHLIGHTS Revised Financials We have revised 1Q18, 2Q18 and 3Q18 financials due to «unintentional» mistakes in the calculation of depreciation related to our African operations and the result of such revision is detailed in the comparison table below: (TRY mn) 1Q18 2Q2018 3Q18 Previous Re
Slide 20: Consolidated Income Statement Highlights
FINANCIAL HIGHLIGHTS Financial Highlights FY 2018 Consolidated Income Statement NET SALES & EBITDA (TRY MN) EBITDA Margin 4.669 EBITDA Margin 4Q17: 15.6 % 3.599 FY17: 13.7% 4Q18: 23.4 % FY18: 22.1% 1.034 1.183 1033 161 277 493 Net Sales EBITDA Net Sales EBITDA 4Q2017 4Q2018 FY2017 FY2018 OPERATING I
Slide 21: Net Financial Debt & Repayment Schedule
FINANCIAL HIGHLIGHTS Financial Highlights FY 2018 Net Financial Debt & Repayment Schedule NET FINANCIAL DEBT (TRY mn) 4.000 86% 100% 3.500 76% 90% 62% 67% 80% 3.000 62% 70% 2.500 60% 2.000 50% 1.500 40% 2.742 3.086 2.777 3.692 30% 1.000 1.781 20% 500 10% 0 0% 5,2 6,2 7,1 5,7 3,6 2014 2015 2016 2017
Slide 22: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Consolidated Income Statement (TRY mn) 31.12.2017 31.12.2018 1Q2018 2Q2018 3Q2018 4Q2018 Net sales 3.599.311.868 4.669.249.102 1.022.120.075 1.036.169.391 1.428.214.991 1.182.744.645 Cost of sales (3.283.982.668) (3.933.709.353) (883.103.228) (888.568.766) (1.215.143.123) (946.8
Slide 23: Consolidated Balance Sheet
FINANCIAL HIGHLIGHTS Consolidated Balance Sheet Assets (TRY mn) 31.12.2017 31.12.2018 31.03.2018 30.06.2018 30.09.2018 Cash and cash equivalents 59.577.791 53.026.362 36.898.264 18.972.149 24.475.183 Trade receivables net 759.563.092 1.403.203.217 989.145.792 1.212.602.744 1.671.280.832 Due from rel
Slide 24: Consolidated Statement of Cash Flow
FINANCIAL HIGHLIGHTS Consolidated Statement of Cash Flow (TRY mn) 31.03.2018 30.06.2018 30.09.2018 31.12.2018 31.12.2017 Net income (loss) before tax 48.309.727 84.701.220 129.992.852 150.478.434 290.120.538 Depreciation and amortisation 90.998.271 194.798.741 309.967.098 394.018.340 225.000.265 Oth
Slide 25: Appendix
APPENDIX
Slide 26: Operational Assets
Operational Assets Power Plant License Owner Fuel Type Installed Capacity (MW) % Northern Cyprus Aksa Cyprus Fuel-oil 153 Ghana Aksa Energy Fuel-oil 370 Mali Aksa Energy Fuel-oil 40 Madagascar Aksa Energy Fuel-oil 66 Total Fuel-Oil Fired Power Plants 629 32% Antalya NGCC Aksa Energy Natural Gas 900
Slide 27: Pipeline
Pipeline Power Plant Investment License Owner Fuel Type Capacity (MW) Completion Year Madagascar Greenfield Aksaf Power HFO 54 2021 onwards Total 54 22
Slide 28: Contact: Investor Relations
Contact Investor Relations Özlem McCann Director Head of Investor Relations and Corporate Communications Ozlem.McCann@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mah. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul
Slide 29: 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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