Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (March 2024)
38 slides from Aksa Enerji Uretim A.s's investor presentation, March 2024
Slide 1: Investor Presentation
Investor Presentation Investor Presentation March 2024 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 SUSTAINABILITY, CORPORATE GOVERNANCE, PARTICIPATION, BUYBACK, MSCI & 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% Al
Slide 4: Sector Highlights
SECTOR HIGHLIGHTS
Slide 5: Power Generation by Fuel Type
TURKISH ENERGY SECTOR - 51% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES Power Generation by Fuel Type 41% 36% 28% 27% 12% 12% 11% 11% 5% 4% 3% 3% 3% 3% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 2M2023 2M2024 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% 10% 5% 6% 3% 4% 3% 2% 2% -4% -6% -7% -8% -8% January February March April May June July August September October November December January February 2023 vs 2022 2024 vs 2023 Source:
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 Operations at a Glance
MAJORITY OF DOMESTIC INSTALLED CAPACITY BASED ON NATURAL GAS DOMESTIC Domestic Operations at a Glance INSTALLED CAPACITY Bolu-Göynük 1,340.5 MW 270 MW Natural Gas (2 plants) 900 MW Fuel-Oil (1 plant) 170.5 MW Lignite (1 plant) 270 MW Antalya 900 MW Northern Cyprus 170.5 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: Northern Cyprus PP Key Highlights
USD BASED CAPACITY CHARGE SUPPORTIVE OF MARGINS Northern Cyprus PP Key Highlights Energy Source: Fuel Oil Installed Capacity: 170.5 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 capac
Slide 17: 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 18: Foreign Operations
FOREIGN OPERATIONS
Slide 19: Contribution to the Energy Transition
ACTIVE IN CENTRAL ASIA SINCE 2022… ASIA Contribution to the Energy Transition INSTALLED CAPACITY 740 MW PIPELINE CAPACITY 670 MW 19
Slide 20: Country Snapshots - Central Asia
ATTRACTIVE REGION WITH STRONG GROWTH POTENTIAL… Country Snapshots - Central Asia Uzbekistan Kazakhstan Population 36.8 mn Population 20.1 mn GDP $ 90.8 bn GDP $ 261.4 bn GDP per capita $ 2,494 GDP per capita $ 13,279 Installed Capacity 17,659 MW Installed Capacity 24,524 MW Energy Consumption 66.1 b
Slide 21: 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 22: 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 23: 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 24: Attractive Region with Strong Growth Potential
ACTIVE IN AFRICA SINCE 2017… AFRICA Attractive Region with Strong Growth Potential INSTALLED CAPACITY 496 MW *Excluding Republic of Congo PIPELINE CAPACITY 605 MW 24
Slide 25: Country Snapshot - Africa
CONTRIBUTION TO ENERGY ACCESS Country Snapshot - Africa Ghana Madagascar Mali Senagal Population 33.4 mn Population 29.6 mn Population 22.6 mn Population 17.32 mn GDP $ 73.8 bn GDP $ 15.3 bn GDP $ 18.8 bn GDP $ 27,68 bn GDP per capita $ 2,204 GDP per capita $ 516.6 GDP per capita $ 833 GDP per capit
Slide 26: 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 27: 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 28: 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 29: Senegal Natural Gas PP- Key Highlights
INVESTMENT WILL BEGIN FOR A 255 MW NATURAL GAS POWER PLANT IN SAINT LOUIS, SENEGAL SENEGAL Natural Gas PP- Key Highlights • NDAR Energies SA, a subsidiary of Aksa Global Investments BV (one of the group companies of Aksa Enerji Üretim A.Ş.) will initiate investments for the financing, establishment,
Slide 30: Sustainability
SUSTAINABILITY
Slide 31: 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 32: 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 33: Appendix
APPENDIX.
Slide 34: 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 35: 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 36: 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 %59 %52 EBITDA %48 %41 23% Uzbekistan 36% Africa (MM TL) 6,559 Domestic Foreign 7,788 Foreign Domestic %3 %60 %28 32% %65 CAPEX 12% (
Slide 37: 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 37
Slide 38: 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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