Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (December 2023)
37 slides from Aksa Enerji Uretim A.s's investor presentation, December 2023
Slide 1: Investor Presentation
Investor Presentation Investor Presentation December 2023 November 2020
Slide 2: Key Investment Highlights
AKSA ENERGY: AN OUTLIER IN TURKISH ENERGY SECTOR Key Investment Highlights Deep Expertise in Energy Sector Geographically Diversified Portfolio Low Leverage Sustainable Growth Resilient Business Model 2
Slide 3: Shareholder Structure
AKSA ENERGY: LISTED IN BIST 50, BIST SUSTAINABILITY, BIST CORPORATE GOVERNANCE, FTSE INDICES Shareholder Structure SHAREHOLDING STRUCTURE OF AKSA ENERGY SHAREHOLDING STRUCTURE OF KAZANCI HOLDİNG A.Ş. Tülay Kazancı; 4,8% Mehmet Kazancı; 5,9% Free Float; 21% Kazancı Holding AŞ; 79% Ali Metin Kazancı;
Slide 4: Sector Highlights
SECTOR HIGHLIGHTS
Slide 5: Power Generation by Fuel Type
TURKISH ENERGY SECTOR - 42% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES Power Generation by Fuel Type 36% 33% 23% 23% 21% 20% 10% 11% 6% 5% 3% 3% 3% 3% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 9M23 9M22 Source: TEİAŞ 5
Slide 6: Monthly Change in Power Consumption
TURKISH ENERGY SECTOR – SUSTAINED RECOVERY IN POWER CONSUMPTION SINCE JULY’23 Monthly Change in Power Consumption 10% 5% 4% 4% 3% 2% -4% -6% -7% -8% -8% January February March April May June July August September October November 2023 VS 2022 Source: TEİAŞ 6
Slide 7: Financial & Operational Highlights 9M2023
FINANCIAL & OPERATIONAL HIGHLIGHTS 9M2023
Slide 8: Key Highlights – 9M23
STRONG RECOVERY IN MARGINS Key Highlights – 9M23 TL million 3Q23 3Q22 q/q Quarterly- 3Q23 vs 3Q22 Net Sales 7,356 15,161 -51% EBITDA 1,810 1,975 -8% Net Income 1,203 1,454 -17% Net Financial Debt 9,129 7,365 (*) 24% 9M23 9M22 y/y Cumulative-9M23 Net Sales 20,864 33,730 -38% EBITDA 4,831 5,295 -9% Ne
Slide 9: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT %64 Regional Breakdown TL million Domestic Foreign Share of Foreign Quarterly- 3Q23 24% Net Sales 5,599 1,757 76% 36% EBITDA 648 1,162 64% 12% Profit Before Tax 221 1,643 88% Net Sales EBITDA Note: Foreign operations include Africa and Asia operations. N
Slide 10: Regional Breakdown
PERFORMANCE SUPPORTED BY FOREIGN CURRENCY-BASED PRICING FOR AFRICA, ASIA AND NORTHERN CYPRUS POWER PLANTS Regional Breakdown Domestic Foreign Total Quarterly- 3Q23 Sales Volume (GWh) 2,187 1,477 3,664 Sales Price (TL/MWh) 2,521 1,011 2,010 Domestic Foreign Total Cumulative- 9M23 Sales Volume (GWh) 6
Slide 11: Sales Channel Breakdown
STRONG RECOVERY IN DOMESTIC SALES PRICES Sales Channel Breakdown Net Sales Volume by Channel (9M23) Sales Price by Channel (TL/MWh) 3,483 5% 568 2,792 2,773 GWh 2,242 2,324 2,186 2.101 2,023 3,485 43% 4,555 GWh GWh 33% 1.0051,071 2,012 GWh 19% Northern BSM (Spot Affiliated DisCo OTC&Bilateral Foreig
Slide 12: Domestic Operations
DOMESTIC OPERATIONS
Slide 13: Domestic Installed Capacity
MAJORITY OF DOMESTIC INSTALLED CAPACITY BASED ON NATURAL GAS DOMESTIC Domestic Operations at a Glance INSTALLED CAPACITY Bolu-Göynük 1,470 MW 270 MW Natural Gas (2 plants) 1,047 MW Fuel-Oil (1 plant) 153 MW Lignite (1 plant) 270 MW Şanlıurfa Antalya 147 MW 900 MW Northern Cyprus 153 MW 13
Slide 14: Bolu PP Key Highlights
3Q23 SALES PRICE AVERAGE STILL ABOVE 2022 LEVELS DESPITE PRICE CAP MECHANISM Bolu PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 1,468 GWh (9M23) CUR: 83% (9M23) Capacity Payment: 38 MM TL (9M23) Sales Composition: 7% Day Ahead Market, 88% Bilateral, 5%
Slide 15: Antalya PP Key Highlights
ACTIVE PRESENCE IN SECONDARY FREQUENCY CONTROL MECHANISM Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation (Gross): 2,979 GWh (9M23) Capacity Payment: 122 MM TL (9M23) CUR: 59% (9M23) Adjusted CUR (*): 75% (9M23) • Base load power plant with high efficiency r
Slide 16: Şanlıurfa PP Key Highlights
EFFECTIVE UTILIZATION OF ANCILIARY SERVICES Şanlıurfa PP Key Highlights Energy Source: Natural Gas Installed Capacity: 147 MW Generation (Gross): 240 GWh (9M23) CUR: 29% (9M23) Adjusted CUR (*): 50% (9M23) • Şanlıurfa Power Plant resumed its operations from Aug’21 onwards driven by favorable market
Slide 17: Northern Cyprus PP Key Highlights
USD BASED CAPACITY CHARGE SUPPORTIVE OF MARGINS Northern Cyprus PP Key Highlights Energy Source: Fuel Oil Installed Capacity: 153 MW Generation (Gross): 577 GWh (9M23) CUR: 57% (9M23) PPA Price: 3,483 TL/MWh (9M23) Contract Expiry: 2038 • Northern Cyprus PP benefits from USD based guaranteed capacit
Slide 18: Foreign Operations
FOREIGN OPERATIONS
Slide 19: Foreign Operations at a Glance – Africa
ACTIVE IN AFRICA SINCE 2017… Foreign Operations at a Glance AFRICA TOTAL 496 MW* * Does not include CTA-2 Mali 60 MW Ghana 370 MW Madagascar 66 MW CTA-2 24 MW 19
Slide 20: Penetration in Africa
VERY ATTRACTIVE REGION WITH STRONG GROWTH POTENTIAL… Penetration in Africa Ghana Madagascar Mali Population 33.4 mn Population 30.6 mn Population 22.6 mn GDP $ 72.8 bn GDP $ 15 bn GDP $ 18,8 bn GDP per capita $ 2,176 GDP per capita $ 505 GDP per capita $ 833 Installed Capacity 5,454 MW Installed Cap
Slide 21: 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/nat
Slide 22: Foreign Operations at a Glance – Uzbekistan
UZBEKISTAN Foreign Operations at a Glance TOTAL INSTALLED CAPACITY 740 MW Tashkent A 240 MW Tashkent B 230 MW Bukhara 270 MW 22
Slide 23: Uzbekistan Operations - Key Highlights
SIGNIFICANT CONTRIBUTION FROM UZBEKISTAN Uzbekistan Operations - Key Highlights • 25 year power purchase agreement (PPA) including guaranteed capacity payment in USD terms signed with the Ministry of Energy of Uzbekistan on May’20 regarding 240 MW natural gas combined cycle (CCGT) power plant in Tas
Slide 24: Congo Project - Key Highlights
100 MW GAS POWER PLANT’S OPERATING RIGHTS OBTAINED IN JAN’21 Congo Project - Key Highlights • On 21 January 2021, Aksa Enerji Üretim A.Ş.’s 100% subsidiary Aksa Energy Company Congo has signed a concession agreement with Republic of Congo about obtaining operating rights of a 50 MW natural gas power
Slide 25: Kazakhstan Project - Key Highlights
240 MW COMBINED HEAT AND POWER PLANT TENDER WON Kazakhstan Project - Key Highlights • On 13 July 2022, Aksa Energy's Kazakhstan branch has won the tender organized by Kazakhstan Electricity and Power Market Operator regarding 240 MW Kyzylorda combined heat and power plant project • Power plant is ex
Slide 26: Kumasi Natural Gas PP- Key Highlights
350 MW NATURAL GAS POWER PLANT AGREEMENT SIGNED IN KUMASI, GHANA Kumasi Natural Gas PP- Key Highlights • Aksa Energy Company Ghana Limited, a subsidiary of Aksa Enerji Üretim A.Ş., signed a contract with the Electricity Company of Ghana on April 6, 2023 for the construction of the Kumasi combined cy
Slide 27: Tallimarjon Natural Gas PP- Key Highlights
430 MW NATURAL GAS POWER PLANT AGREEMENT SIGNED IN TALLIMARJON, UZBEKISTAN Tallimarjon Natural Gas PP- Key Highlights • On 9 November 2023, Aksa Energy signed a power purchase agreement with NEGU (National Electric Grid of Uzbekistan) regarding installation and operation of a 430 MW Natural Gas Comb
Slide 28: Renewable Energy Projects - Key Highlights
831.41 MW STORAGE-BASED WIND and SOLAR POWER PLANTS & 35 MW SOLAR POWER PLANT IN GÖYNÜK Renewable Energy Projects - Key Highlights • On December 4, 2023, our preliminary licenses were granted for a total of 831.41 MW Storage Wind and Solar Energy Plants by EMRA. • Investments in Renewable Energy con
Slide 29: Sustainability
SUSTAINABILITY
Slide 30: Sustainability at Aksa Energy
SUSTAINABILITY AT AKSA ENERGY SUSTAINABLE BUSINESS MODEL • The Company acts with the Responsibility of a Sustainable Business Model for a safe future. • The Company' sustainability approach is based on three pillars - Environmental Sustainability, Employees and Social Responsibility. • As a signator
Slide 31: Sustainability at Aksa Energy
SUSTAINABILITY AT AKSA ENERGY WE ARE COMMITTED TO SUSTAINABLE DEVELOPMENT GOALS! • Aksa Energy prioritizes identifying and managing the significant environmental impacts of the industry, respecting human and employee rights, and contributing to social development in the regions where it operates. •
Slide 32: Appendix
APPENDIX.
Slide 33: Consolidated Summary Income Statement
ANNEX Consolidated Summary Income Statement 9M23 9M22 y/y MM TL Net sales 20,864 33,730 -38% Cost of sales (16,198) (29,276) -45% Gross Profit 4,666 4,454 5% General & administrative costs (426) (193) 120% Marketing expenses (13) (8) 55% Other operating income 146 144 1% Other operating expenses (57
Slide 34: Consolidated Summary Balance Sheet
ANNEX Consolidated Summary Balance Sheet 9M23 YE22 ytd MM TL Cash and cash equivalents 1,426 937 52% Trade receivables 11,753 9,217 184% Inventories 694 244 217% Total Current Assets 14,900 11,416 31% PP&E 28,006 21,295 32% Intangibles 478 346 38% Total Non-current Assets 29,364 21,816 35% Total Ass
Slide 35: 2023 Guidance
2023 GUIDANCE FINANCIAL INDICATORS 2022 ACTUAL COMPOSITION 2023 GUIDANCE COMPOSITION %10 %24 Net Sales %90 %76 (MM TL) 45,638 Domestic Foreign 27,714 Domestic Foreign 23% Uzbekistan %59 36% Africa %52 EBITDA %48 %41 (MM TL) 6,559 Domestic Foreign 7,788 Foreign Domestic %3 %60 %28 32% %65 CAPEX 12% (
Slide 36: Contact- Investor Relations
Contact- Investor Relations Pınar Saatçioğlu, Investor Relations and Sustainability Director Sena Atay, Investor Relations Manager Email: investorrelations@aksaenerji.com.tr Phone: +90 216 681 1053 Address: Rüzgarlıbahçe Mh. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul 36
Slide 37: 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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