Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (August 2024)
35 slides from Aksa Enerji Uretim A.s's investor presentation, August 2024
Slide 1: Investor Presentation
Investor Presentation Investor Presentation August 2024
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, DIVIDEND, PARTICIPATION, 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% A
Slide 4: Power Generation by Fuel Type
TURKISH ENERGY SECTOR – 53% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES Power Generation by Fuel Type 36% 34% 28% 22% 20% 14% 10% 11% 8% 6% 4% 3% 3% 3% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 6M2023 6M2024 Source: TEİAŞ 4
Slide 5: Monthly Change in Power Consumption
TURKISH ENERGY SECTOR – STRONG GROWTH IN JUNE Monthly Change in Power Consumption 15% 10% 6% 5% 4% 1% January February March April May June 2024 vs 2023 Source: TEİAŞ 5
Slide 6: Financial & Operational Highlights 1Q2024
FINANCIAL & OPERATIONAL HIGHLIGHTS 1Q2024
Slide 7: Key Highlights – 1Q24
SUSTAINED RECOVERY IN EBITDA MARGIN Key Highlights – 1Q24 TL million 1Q24 1Q23 y/y 1Q24 vs 1Q23 Net Sales 5,862 14,330 -59% EBITDA 1,424 2,751 -48% Net Income 726 1,605 -55% Net Financial Debt 17,855 14,550 (*) 23% 1Q24 1Q23 y/y KPIs-1Q24 vs 1Q23 Gross Margin 17% 19% -2 pp EBITDA Margin 24% 19% +5 p
Slide 8: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA REACHING 76% Regional Breakdown TL million Domestic Foreign Share of Foreign 33% Cumulative- 1Q24 Net Sales 3,924 1,938 76% EBITDA 349 1,075 Profit Before Tax -354 1,684 TL million Domestic Foreign Share of Foreign 16% Cumulative- 1Q23 Net Sales 12,080 2,25
Slide 9: Shares of Regions in EBITDA
FOREIGN OPERATIONS’ CONTRIBUTION INCREASING AS EXPECTED Shares of Regions in EBITDA Shares of Regions in EBITDA 80% 76% 70% 60% 51% 49% 50% 40% 30% 24% 20% 10% 0% Domestic 1Q 2323 Foreign 1Q24 1Q 23 1Q24 1Q 1Q24 Domestic Foreign • Contribution of domestic operations (including Turkey and Northern Cy
Slide 10: Price Evolution in Turkish Market
SPOT PRICE CEILING INCREASED TO 3,000 TL/MWh FROM 2,700 TL/MWh IN JUL’24 Price Evolution in Turkish Market Average Spot Electricity Prices & Maximum Settlement Prices (TL/MWh) Maximum Settlement Price Implementation • Effective from 1 October 2023, Energy Market Regulatory Authority (EMRA) terminate
Slide 11: Domestic Operations
DOMESTIC OPERATIONS
Slide 12: Domestic Operations at a Glance
MAJORITY OF DOMESTIC INSTALLED CAPACITY BASED ON NATURAL GAS DOMESTIC Domestic Operations at a Glance INSTALLED CAPACITY Bolu-Göynük 1,358 MW 270 MW Natural Gas (1 plant) 900 MW Fuel-Oil (1 plant) 188 MW Lignite (1 plant) 270 MW Antalya 900 MW Northern Cyprus 188 MW 12
Slide 13: Antalya PP Key Highlights
ACTIVE PRESENCE IN ANCILIARY SERVICES Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation (Gross): 649 GWh (1Q24) Capacity Payment: 45 MM TL (1Q24) CUR: 37% (1Q24) Adjusted CUR (*): 48% (1Q24) • Part load power plant with high efficiency ratio of 59% • 40% of e
Slide 14: Bolu Göynük PP Key Highlights
HIGHER CAPACITY PAYMENTS ON THE BACK OF NEW REGULATION Bolu Göynük PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 409 GWh (1Q24) CUR: 69% (1Q24) Capacity Payment: 59 MM TL (1Q24) • 90% of electricity sold via bilateral agreements, 4% via day ahead market
Slide 15: Northern Cyprus PP Key Highlights
USD BASED CAPACITY CHARGE SUPPORTIVE OF MARGINS Northern Cyprus PP Key Highlights Energy Source: Fuel Oil Installed Capacity: 188 MW Generation (Gross): 217 GWh (1Q24) CUR: 65% (1Q24) Contract Expiry: 2038 • Northern Cyprus PP benefits from USD based guaranteed capacity charge. • In July 2023, a 15-
Slide 16: Renewable Energy Projects - Key Highlights
891.41 MW STORAGE-BASED WIND and SOLAR POWER PLANTS 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. • With the acquisition of pre-licenses for a 25 MW solar power plant with
Slide 17: Foreign Operations
FOREIGN OPERATIONS
Slide 18: Contribution to the Energy Transition – Asia
ACTIVE IN CENTRAL ASIA SINCE 2022… ASIA Contribution to the Energy Transition INSTALLED CAPACITY 740 MW PIPELINE CAPACITY 670 MW 18
Slide 19: 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 20: Uzbekistan PP Key Highlights
USD BASED CAPACITY CHARGE WITH ADDITIONAL EBITDA EXPECTATION IN 2025 Uzbekistan PP Key Highlights Energy Source: Natural Gas Installed Capacity: 740 MW Generation (Gross): 1,100 GWh (1Q24) CUR: 73% (1Q24) Contract Expiry: 2045 • 25 year power purchase agreement (PPA) including guaranteed capacity pa
Slide 21: 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 22: 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 23: Attractive Region with Strong Growth Potential – Africa
ACTIVE IN AFRICA SINCE 2017… AFRICA Attractive Region with Strong Growth Potential INSTALLED CAPACITY 496 MW *Excluding Republic of Congo PIPELINE CAPACITY 605 MW 23
Slide 24: 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 25: 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/natu
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: 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 28: Sustainability
SUSTAINABILITY
Slide 29: 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 30: 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 31: Consolidated Summary Income Statement
ANNEX Consolidated Summary Income Statement 1Q24 1Q23 y/y MM TL Net sales 5,862 14,330 -59% Cost of sales (4,868) (11,646) -58% Gross Profit 994 2,684 -63% General & administrative costs (280) (206) 36% Marketing expenses (12) (5) 140% Other operating income 293 128 130% Other operating expenses (29
Slide 32: Consolidated Summary Balance Sheet
ANNEX Consolidated Summary Balance Sheet 1Q24 YE23 ytd MM TL Cash and cash equivalents 1,216 915 33% Trade receivables 14,315 15,568 -8% Inventories 1,224 1,031 19% Total Current Assets 19,761 19,664 0% PP&E 41,389 40,290 3% Intangibles 1,219 1,273 -4% Total Non-current Assets 47,919 44,546 8% Total
Slide 33: 2024 Guidance
2024 GUIDANCE 2023 FINANCIAL 2024 GUIDANCE ACTUAL COMPOSITION COMPOSITION INDICATORS (MM TL) (MM TL) 24% 38% 62% 76% Domestic Foreign NET SALES 35,172 Domestic Foreign 27,215 36% 23% 64% 77% Domestic Foreign Domestic Foreign EBITDA 7,901 7,795 21% 23% 22% 57% 7% 71% Africa Domestic Asia Asia Domesti
Slide 34: Contact- Investor Relations
Contact- Investor Relations Pınar Saatcıoğlu Sena Atay Investor Relations and Investor Relations Sustainability Director Manager Email: investorrelations@aksaenerji.com.tr Phone: +90 216 681 1053 Address: 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
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