Aksa Enerji Uretim A.s. · BIST:AKSEN

Aksa Enerji Uretim A.s — 9M 2016 Earnings Presentation

23 slides from Aksa Enerji Uretim A.s's earnings presentation, Nov 9, 2016

  1. Slide 1: 9M 2016 Earnings Presentation

    9M 2016 Earnings Presentation 9 November 2016

  2. Slide 2: Market Highlights - Generation & Consumption

    Market Highlights- Generation & Consumption  Electricity generation increased by %3.8 and consumption increased by 4.1% YoY in 9M16. Generation (GWh) Consumption (GWh) 250.000 250.000 205.460 201.606 197.325 194.209 200.000 200.000 150.000 150.000 100.000 100.000 50.000 50.000 - 0 9M15 9M16 9M15 9M

  3. Slide 3: Market Highlights - Installed Capacity Changes

    Market Highlights - Installed Capacity Changes Hydro; 34%  Total installed capacity in Turkey has reached 77,920 MW in 9M16, indicating a 7% increase YoY. Installed Capacity Wind; 7% 77,920 MW Others; 2% Natural Gas; 34% Fuel-oil; 2% 9M16 - 9M15 Capacity Changes Coal & Lignite; Fossil Renewable 22%

  4. Slide 4: Market Highlights - Prices

    Market Highlights - Prices Weighted average prices were 2.5% lower YoY in 9M16 due to:  1,897 MW new renewable capacity (981MW WEPP+916 MW WEPP)  Increased production from renewable capacities at low cost  Increased participation at YEKDEM scheme discouraging water retention for peak season  Low

  5. Slide 5: Financial & Operational Highlights 9M 2016

    Financial & Operational Highlights 9M 2016

  6. Slide 6: 9M 2016 Results - Snap Shot

    9M 2016 Results - Snap Shot * Adjusted YoY Adjusted 2012 2013 2014 2015 Change 1Q16 2Q16 3Q16 QoQ 9M15 9M16 YoY Installed Capacity (MW) 2.045 2.052 2.140 2.076 -64 MW 2.211 2.198 2.279 81 MW 2.192 2.279 81 MW Sales Volume (GWh) 9.784 9.109 9.814 14.018 43% 4.178 3.886 5.127 32% 9.925 12.774 29% Net

  7. Slide 7: 9M 2016 Results – Sales Breakdown

    9M 2016 Results – Sales Breakdown * 1Q 2016 2Q 2016 3Q 2016 9M 2015 9M 2016 MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh Northern Cyprus 174.808 212,1 176.372 221,5 178.688 279,2 519.187 304,0 529.868 237,9 Renewable Market (YEKDEM) 231.572 214,8 142.760 223,4 227.180 232,1 316.232 178,1 6

  8. Slide 8: Company Highlights - Cost Structure (TL)

    Company Highlights - Cost Structure (TL) Cost Structure vs. Sales Price (1H 2016) Improving Lower Cost Output % of Weighted Avg. Weighted Avg. Renewables Cost 146 Sales Price 173 Local 66% 71% Sourcing TL/MWh 12,774 GWh 200 186 167 22,9 9,925 GWh 160 30,9 142 128 7.447 58% 71% 120 20,4 variable 100

  9. Slide 9: Company Highlights - Sales mix and prices (TL)

    Company Highlights - Sales mix and prices (TL) Capacity 44% 80% (adj) Utilization TWh 15 14 TWh 14 Balancing Market 13 Northern Cyprus BSM 36% 12 Sales 5 Wholesale Bilateral 11 to BSM 10 Retail Bilateral 9 4.2 TWh 8 7 6 Total Contracted 64% 5 86% 3.63.6 Contracted BSM 4 9 Sales 3 2 14% Contracted 0.

  10. Slide 10: Financial highlights 9M 2016 Consolidated income statement

    Financial highlights 9M 2016 Consolidated income statement Net sales & EBITDA (TL mn) EBITDA Margin 3Q15: 16,1% 3Q16: 13,6% Operating income & Net income (TL mn) Source:IFRS financial statements 9

  11. Slide 11: Financial highlights 9M 2016 Net financial debt and repayment schedule

    Financial highlights 9M 2016 Net financial debt and repayment schedule Net financial debt (TL mn) 3.500 90% 76% 79% 3.000 80% 61% 62% 70% 2.500 2.875 55% 55% 52% 2.501 60% 2.000 50% 1.500 1.781 40% 30% 1.000 1.270 1.280 1.306 1.138 20% 500 10% - 0% 2010 2011 2012 2013 2014 2015 9M16 6.0 4.2 4.0 4.2

  12. Slide 12: 2016 Guidance – Financials

    2016 Guidance – Financials  Sales: 15.4 TWh  Revenues: TRY 2.5 bn  Average Aksa Price: TRY 164 (vs expected average market price of TRY 135)  CAPEX: USD 150 mn  EBITDA: TRY 480 mn 11

  13. Slide 13: African Projects

    African Projects

  14. Slide 14: Madagascar PPA – 20 year contract with generation in 2017

    Madagascar PPA – 20 year contract with generation in 2017  20 year power purchase agreement (PPA) in the Republic of Madagascar with Jiro Sy Rano Malagasy (Jirama), the state- owned electricity and water services company.  Established a 58,35% subsidiary in the Republic of Mauritius (Aksaf Power L

  15. Slide 15: Ghana PPA - To provide fast track USD based cash generation

    Ghana PPA- To provide fast track USD based cash generation  5 year power purchase agreement (PPA) with Republic of Ghana for installation of a 370 MW HFO plant, electricity generation and the guaranteed sale of this energy.  Approved by the parliament of Republic of Ghana  Can be extended before

  16. Slide 16: Appendix

    Appendix

  17. Slide 17: Consolidated income statement

    Consolidated income statement (TL mn) 2011 2012 2013 2014 2015 9M 2015 9M 2016 Net sales 1315,4 1840,6 1786,0 1957,4 2320,0 1607,6 2212,1 Cost of sales -1088,0 -1604,0 -1565,9 -1710,8 -2001,6 -1337,4 -1987,9 Gross profit 227,4 236,6 220,1 246,6 318,3 270,2 224,2 Gross profit margin 17% 13% 12% 13% 1

  18. Slide 18: Consolidated balance sheet

    Consolidated balance sheet Assets (TL mn) 2012 2013 2014 2015 9M 2015 9M 2016 Cash and cash equivalents 40,6 22,3 34,2 48,5 84,8 78,5 Trade receivables net 245,9 142,3 88,7 182,6 80,1 279,3 Due from related parties and shareholders 593,9 0,0 4,4 0,0 0,0 64,7 Inventory 135,5 250,0 269,2 319,3 426,0 4

  19. Slide 19: Consolidated statement of cash flows

    Consolidated statement of cash flows CASH FLOWS FROM OPERATING ACTIVITIES 1 January- 30 Sep 2015 1 January- 30 Sep 2016 Net profit / (loss) before tax for the period (239.700.361) (78.021.893) Depreciation and amortization 104.846.793 139.725.049 Provision for employee severance indemnity 1.162.857

  20. Slide 20: Licence Portfolio (Operational)

    Licence Portfolio (Operational) Power Plant License Owner Fuel Type Installed Capacity (MW) % Mardin-1 Aksa Energy Fuel-oil 32 Mardin-2 Rasa Elektrik Fuel-oil 33 Northern Cyprus Aksa Cyprus Fuel-oil 153 İdil (Şırnak) İdil İki Energy Fuel-oil 24 Total Fuel-Oil fired power plants 242 11% Antalya NGCC

  21. Slide 21: Ongoing Investments and Revised Licence Portfolio

    Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding  Planned acquisition from Kazancı Holding: Power Plant Investment License Owner Fuel Type Additional Capacity (MW) Completion Year  Datça 12 MW WPP Datça Licenced Kazancı Holding Wind 12 2016 licence 12 Und

  22. Slide 22: Contact- Investor Relations

    Contact- Investor Relations Özlem McCann Director Investor Relations and Corporate Communications Ozlem.McCann@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mah. Özalp Çıkmazı No:10 Kavacık Beykoz, Istanbul 21

  23. Slide 23: Disclaimer

    Disclaimer Aksa Enerji 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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