Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (November 2021)
35 slides from Aksa Enerji Uretim A.s's investor presentation, November 2021
Slide 1: Investor Presentation
Investor Presentation Investor Presentation November 2021 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 CORPORATE GOVERNANCE & BIST SUSTAINABILITY INDEX Shareholder Structure SHAREHOLDING STRUCTURE OF AKSA ENERGY SHAREHOLDING STRUCTURE OF KAZANCI HOLDİNG A.Ş. Tülay Kazancı, 4.8% Mehmet Kazancı, Free Float, 21% 5.9% Ali Metin Kazancı, Kazancı Holding A.Ş. 29.0% Cemi
Slide 4: Sector Highlights
SECTOR HIGHLIGHTS
Slide 5: Power Generation by Fuel Type
TURKISH ENERGY SECTOR- 36% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES Power Generation by Fuel Type 35% 33% 31% 28% 20% 18% 9% 8% 4% 4% 3% 3% 2% 2% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 10M20 10M21 Source: TEİAŞ 5
Slide 6: Monthly Change in Power Consumption
TURKISH ENERGY SECTOR- ECONOMIC RECOVERY REFLECTED IN POWER CONSUMPTION Monthly Change in Power Consumption 27% 19% 12% 12% 12% 6% 5% 0% 0% -2% January February March April May June July August September October 2021 VS 2020 Source: TEİAŞ 6
Slide 7: Financial & Operational Highlights 9M2021
FINANCIAL & OPERATIONAL HIGHLIGHTS 9M2021
Slide 8: Key Highlights – 9M21
HIGHEST QUARTERLY NET INCOME ACHIEVED DRIVEN BY POSITIVE OPERATING ENVIRONMENT Key Highlights – 9M21 TL million 3Q21 3Q20 q/q Quarterly- 3Q21 vs 3Q20 Net Sales 3,559 1,801 98% EBITDA 644 381 69% Net Income 325 133 144% Net Financial Debt 3,301 2,621 (*) 26% 9M21 9M20 y/y Cumulative-9M21 Net Sales 8,
Slide 9: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT 57% Regional Breakdown TL million Domestic Foreign Share of Foreign 11% Quarterly- 3Q21 Net Sales 3,160 399 EBITDA 299 345 54% Profit Before Tax 142 270 66% TL million Domestic Foreign Share of Foreign 14% Cumulative-9M21 Net Sales 7,132 1,191 EBITDA 748
Slide 10: Regional Breakdown
FX BASED PRICE TARIFFS IN AFRICA AND NORTHERN CYPRUS SUPPORTIVE OF OPERATIONS Regional Breakdown Domestic Foreign Total Quarterly- 3Q21 Sales Volume (GWh) 5,738 229 5,967 Sales Price (TL/MWh) 576 1,890 626 Domestic Foreign Total Cumulative- 9M21 Sales Volume (GWh) 16,251 696 16,947 Sales Price (TL/M
Slide 11: Sales Channel Breakdown
ACROSS THE BOARD RECOVERY IN SALES PRICES Sales Channel Breakdown Sales Volume by Channel (9M21) Sales Price by Channel (TL/MWh) Includes 575 GWh & 103 1,828 GWh export to Iraq and Georgia respectively 4% 3% 1,616 541 696 GWh GWh 1,104 33% 5,592 733 GWh 450 486 57% 401 529 9,589 308 270 296 GWh GWh
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
MEETING 1% OF TURKEY’S POWER DEMAND Bolu PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 1,576 GWh (9M21) CUR: 89% (9M21) Capacity Payment: 48 MM TL (9M21) EÜAŞ Lignite PPA Price: 461 TL/MWh (3Q21) • Bolu PP sold 70% of its generation to EÜAŞ (state- Sale
Slide 15: Antalya PP Key Highlights
SIGNIFICANT RECOVERY IN CAPACITY UTILIZATION DUE TO FAVORABLE OPERATING ENVIRONMENT Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation (Gross): 3,713 GWh (9M21) Capacity Payment: 60 MM TL (9M21) CUR: 69% (9M21) Adjusted CUR (*): 82% (9M21) • Base load power pl
Slide 16: Şanlıurfa PP Key Highlights
OPERATIONS AT URFA GAS POWER PLANT RESUMED AS OF AUG’21 Şanlıurfa PP Key Highlights Energy Source: Natural Gas Installed Capacity: 147 MW Generation (Gross): 83 GWh (9M21) CUR: 44% (9M21) • Şanlıurfa Power Plant resumed its operations from Aug’21 onwards driven by favorable market conditions • 97% o
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: 550 GWh (9M21) CUR: 55% (9M21) PPA Price: 1,104 TL/MWh (9M21) Contract Expiry: 2024 (+3 year extension option) • Northern Cyprus PP benefits from USD based
Slide 18: Foreign Operations
FOREIGN OPERATIONS
Slide 19: Foreign Operations at a Glance
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 19 24 MW
Slide 20: Penetration in Africa
VERY ATTRACTIVE REGION WITH STRONG GROWTH POTENTIAL… Penetration in Africa Ghana Madagascar Mali Population 30.4 mn Population 27.0 mn Population 19.7 mn GDP $ 67 bn GDP $ 14 bn GDP $ 18 bn GDP per capita $ 2,202 GDP per capita $ 522 GDP per capita $ 891 Installed Capacity 5,043 MW Installed Capacit
Slide 21: Ghana Key Highlights
LONG TERM INVESTOR VISION IN PLACE… Ghana Key Highlights • Ghana PP benefits from USD based guaranteed capacity COMPLETED IN 9.5 MONTHS charge for 332 MW out of 370 MW installed capacity based on a 6.5 year power purchase agreement (PPA) signed with Republic of Ghana on Aug’17 • On top of that, PP g
Slide 22: Madagascar Key Highlights
OWNER & OPERATOR IN MADAGASCAR Madagascar Key Highlights • Madagascar PP benefits from USD based guaranteed capacity COMPLETED IN 7 MONTHS charge for 60 MW out of 66 MW installed capacity based on a 20 year Power Purchase Agreement (PPA) signed with the Republic of Madagascar with Jirama, the state-
Slide 23: Mali Key Highlights
CAPACITY EXTENSION FROM 30 MW TO 50 MW Mali Key Highlights COMPLETED IN 6 MONTHS • Mali PP benefits from EUR based guaranteed capacity charge for 30 MW out of 40 MW installed capacity based on a 3 year Power Purchase Agreement (PPA) renewed with Énergie du Mali on Jan’21 • In Jan’21, contract with M
Slide 24: Uzbekistan Project - Key Highlights
740 MW POWER PLANTS IN UZBEKISTAN TO BE FULLY OPERATIONAL BY 1Q22 Uzbekistan Project - 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 (CC
Slide 25: 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 26: 2021 Guidance Revision
2021 GUIDANCE REVISION FINANCIAL 2021 PREVIOUS 2021 REVISED INDICATORS 2020 ACTUAL GUIDANCE GUIDANCE Net Sales (MM TL) 7,231 7,750 11,718 EBITDA (MM TL) 1,497 1,764 2,300 CAPEX (MM TL) 255 1,575 1,790 Notes: (1) Domestic incdicates operations in Turkey and Northern Cyprus (2) Average Spot Electricit
Slide 27: Sustainability
SUSTAINABILITY
Slide 28: Sustainability at Aksa Energy
SUSTAINABILITY AT AKSA ENERGY SUSTAINABLE BUSINESS MODEL • Aksa Energy’s stock is trading at BIST Sustainability Index since 2015. • The Company acts with the Responsibility of a Sustainable Business Model for a safe future. • The Company' sustainability approach is based on three pillars - Environm
Slide 29: 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 30: Appendix
APPENDIX
Slide 31: Consolidated Summary Income Statement
ANNEX Consolidated Summary Income Statement 9M21 9M20 y/y MM TL Net sales 8,323 5,268 58% Cost of sales (6,863) (4,383) 57% Gross Profit 1,460 885 65% General & administrative costs (88) (83) 5% Marketing expenses (4) (4) 10% Other operating income 12 6 91% Other operating expenses (28) (35) -21% Op
Slide 32: Consolidated Summary Balance Sheet
ANNEX Consolidated Summary Balance Sheet 9M21 2020 YE ytd MM TL Cash and cash equivalents 396 314 26% Trade receivables 3,512 2,706 30% Inventories 354 138 156% Total Current Assets 5,578 3,464 61% PP&E 6,971 5,655 23% Intangibles 162 116 40% Total Non-current Assets 7,343 6,039 22% Total Assets 12,
Slide 33: Share Performance
ANNEX-4 Share Performance 10.00 Aksa Enerji Share Price (TL, since IPO) 9.00 8.00 Highest share price since IPO reached on 28 Oct’21 (7.52 TL) 7.00 6.00 5.00 4.00 3.00 2.00 1.00 Aksa Enerji shares increased by 96% in 2020 and reached 7.44 TL (mcap: 4.6 bln TL). In 2021, share price increased by 91%
Slide 34: Contact- Investor Relations
Contact- Investor Relations Pınar SAATCIOĞLU Head of Investor Relations pinar.saatcioglu@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mh. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul
Slide 35: 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
Aksa Enerji Üretim A.Ş. — Investor Presentation (November 2021) on 6ix