Galata Wind Enerji A.s. · BIST:GWIND
Galata Wind Enerji A.s — Investor Presentation (2023)
50 slides from Galata Wind Enerji A.s's investor presentation, 2023
Slide 1: Corporate Presentation
GALATAWIND Galata Wind Enerji A.S.
Slide 2: Agenda
Agenda Company Briefs Energy Market in Turkey Operational Data 2025 Strategy & Beyond Financial Data Corporate Governance & Sustainability Annex 2
Slide 3: Company Briefs
O1 COMPANY BRIEFS GALATAWIND
Slide 4: Doğan Holding | Overview of Operations
Doğan Holding | Overview of Operations Internet & Electricty Generation Industry & Trade Automotive Finance Real Estate Entertainment Hepsiemlak Galata Wind Enerji Karel Elektronik Hepiyi Sigorta Kanal D Romanya Boyabat HES (JV) Ditaş Doğan Trend D Yatırım Bankası D Gayrimenkul DMC & Net D Aslancık
Slide 5: Galata Wind At A Glance
Galata Wind At A Glance Corporate Information Shareholder Structure Core Values 01 We appreciate the value. Company Name Galata Wind Enerji A.Ş. Established 04 April 2006 Free Float; 02 We bring innovation. Issued Capital 540.000.000 TRY 30% Registered Capital Ceiling 1.000.000.000 TRY 03 We act wit
Slide 6: Galata Wind Portfolio
Galata Wind Portfolio Strategic Placement to capture the most efficient Generation Taşpınar WPP Latest commercially operational Çorum SPP Erzurum SPP turbine technology Permits for: Good location and efficient Best Generation in its 269 MW Hybrid SPP of 42.5MW operation distribution zone Total Capac
Slide 7: Galata Wind Portfolio | Business Segments
Galata Wind Portfolio | Business Segments Wind Power Plants Solar Power Plants Şah Taşpınar Mersin Çorum Erzurum Location Bandırma/ Balıkesir Nilüfer/Bursa Mut/ Mersin Location Merkez/ Çorum Aziziye/Karayazı/Hınıs Installed Capacity 105 MW 67,2 MW 62,7 MW Installed Capacity 9,4 MW 24,7 MW Number of
Slide 8: Milestones
Milestones “EIA Positive” decision for “Taşpınar Hybrid SPP” ESG Rating of ‘Advanced’ (A1) score from Moody’s ESG Solutions, which increased the company’s Construction start of rating from 57/100 to 60/100 Taspinar WPP (05/20) (ESG) Risk Rating Score from Sustainalytics was Partial Provisional deter
Slide 9: Energy Market in Turkey
O2 ENERGY MARKET IN TURKEY GALATAWIND
Slide 10: Turkey Installed Capacity | September 2023
Turkey Installed Capacity | September 2023 Total: 105.623 MW Installed Capacity SOLAR UNLICENSED 10% THERMAL 9% 21% PRODUCTION COMPANIES HYDRO 31.594 WIND 11% EUAS 71.309 INSTALLED 23% CAPACITY NATURAL GAS 25.074 INSTALLED BY ENERGY CAPACITY BY RESOURCES ENERGY UTILITIES 24% THERMAL 22.362 30% 68% H
Slide 11: Turkey Installed Capacity | December 2022 / September 2023
Turkey Installed Capacity | December 2022 / September 2023 +22 December 2022 INSTALLED CAPACITY BY ENERGY RESOURCES (MW) September 2023 31.572 31.594 -5 +25 25.079 25.074 22.337 22.362 +206 +1.438 11.396 11.602 9.425 10.863 +128 4.000 4.128 HYDRO NATURAL GAS THERMAL WIND SOLAR GEO/BIO +405 INSTALLED
Slide 12: Turkey Energy Generation | September 2023
Turkey Energy Generation | September 2023 Total: 241.953 MWh Energy Generation SOLAR UNLICENSED GEO/BIO 6% 5% EÜAŞ 6% THERMAL 87.050 PRODUCTION COMPANIES 15% WIND 10% THERMAL 36% 194.767 GENERATION HYDRO 48.854 GENERATION BY BY ENERGY ENERGY UTILITIES RESOURCES NATURAL GAS 52.045 22% ATURAL GAS 80%
Slide 13: Turkey Energy Generation | September 2022/2023
Turkey Energy Generation | September 2022/2023 GENERATION BY ENERGY RESOURCES (MWh) September 2022 September 2023 +4.028 83.022 87.050 -8.572 -3.890 57.426 55.935 52.045 -1.351 48.854 +2.508 -571 26.507 25.156 14.541 13.970 12.370 14.878 THERMAL HYDRO NATURAL GAS WIND GEO/BIO SOLAR +105 GENERATION B
Slide 14: Turkey Energy Market | Electricity Consumption
Turkey Energy Market | Electricity Consumption As of September 2023, electricity consumption has decreased as 1.3% compared to the previous year. 332.871 331.105 304.167 303.320 306.109 296.702 279.286 -1,3% 265.724 257.220 252.571 246.357 249.254 242.370 230.306 210.434 198.085 194.079 2008 2009 20
Slide 15: Electricity Prices (2022 – 2023 Spot/Cap)
Electricity Prices (2022 – 2023 Spot/Cap) TL/MWh AVG. PRICES: 2022: 2.506 – 2022CAP: 1.426 – 2023 / 9 Month: 2.211 – 2023CAP / 9 Month: 1.885 4.000 3.431,5 3.470,0 3.438,3 2022 Actual 3.500 3.066,6 3.850,6 2.802,7 3.724,4 2022 CAP 3.000 2.126,2 1.830,6 1.907,3 2.340,1 2.330,4 2.251,0 2023 Actual 2.5
Slide 16: Operational Data
O3 OPERATIONAL DATA GALATAWIND 3°
Slide 17: Operation | Generation
Operation | Generation Growth of Generation (GWh) 800 Full capacity at all PPs 741 690 700 All time Low Mersin WPP 183 547 147 Şah WPP low wind wind 514 600 545 500 2 505 500 463 Taşpınar WPP 428 437 421 132 386 384 114 Total 400 326 344 322 333 317 327 300 292 299 326 295 240 236 193 277 273 200 10
Slide 18: Operation | Carbon Emission Certificate Rights Sales
Operation | Carbon Emission Certificate Rights Sales Carbon Emission Reduction Certificate Sales ~400.000 tons 1.000.000 7 6 800.000 Emission reduction annually Sales Price (USD) 5 600.000 ton CO2 4 Mersin WPP ~1.500.000 tons 400.000 3 2 Şah WPP 200.000 1 Taşpınar WPP sold in last 3 years Çorum SPP
Slide 19: Key Operational Figures | WPPs
Key Operational Figures | WPPs Capacity Usage Ratio % Generation GWh 50% 800 741 690 45% 700 600 514 547 40% 500 35% GWh 400 30% 300 200 327 344 322 333 25% 100 222 225 183 187 200 147 2 20% - 2019 2020 2021 2022 2019 2020 2021 2022 Türkiye Mersin RES Şah RES Taşpınar RES Galata Galata Şah RES Mersi
Slide 20: Share of Generation and Installed Capacity | WPPs
Share of Generation and Installed Capacity | WPPs Share of WPP Generation in Turkey Wind Supply – GWh 400 40.000 344 350 327 333 35.000 322 35.092 31.001 300 30.000 Turkey Total GWh Galata Wind GWh 250 25.000 24.607 Share of SPP Installed Capacity in Turkey Solar Power – MW 21.515 200 183 20.000 120
Slide 21: Key Operational Figures | SPPs
Key Operational Figures | SPPs Capacity Usage Ratio % Generation GWh 26% 60 53 54 54 52 24% 50 22% 40 20% GWh 30 18% 20 39 40 41 39 16% 10 14% 14 14 13 13 12% - 2019 2020 2021 2022 10% 2019 2020 2021 2022 Galata Çorum GES Erzurum GES Türkiye Çorum Ges Erzurum GES Galata Generation Price Distribution
Slide 22: Share of Generation and Installed Capacity | SPPs
Share of Generation and Installed Capacity | SPPs Share of SPP Generation in Turkey Solar Supply – GWh 45 18.000 40 41 39 15.828 39 40 16.000 35 14.000 13.530 30 12.000 Turkey Total GWh Galata Wind GWh 11.200 Share of SPP Installed Capacity in Turkey Solar Power – MW 25 10.000 9.571 30 10.000 20 8.0
Slide 23: 2025 Strategy & Beyond
O4 2025 Strategy & Beyond GALATAWIND >
Slide 24: 2025 and Beyond | 2025 Strategy
2025 and Beyond | 2025 Strategy Additional Capacity To become one Extension of 52 MW; 39 MW – 6 turbines for Mersin WPP of the leading & 13 MW – 2 turbines for Taşpınar WPP renewable energy M&As and/or greenfield project development generators in Small to mid-scale licensed and/or pre-licensed p
Slide 25: 2025 and Beyond | Growth Strategy
2025 and Beyond | Growth Strategy As part of the 2025 Strategy, GWIND aims to double its installed capacity 2030 to 550 MW by 2025. On the longer run, it aims to be a global player. Global Player 1000+ MW 550 MW . Expansion . Focus Portfolio Growth Optimum Portfolio Diversification . 269 MW Explore
Slide 26: 2025 and Beyond | Investment Pipeline - Türkiye
2025 and Beyond | Investment Pipeline - Türkiye Capacity Extensions and New Acquisitions Total of 108 MW investment Commissioning until 2025 year-end Taşpınar Hybrid SPP 1.Phase 17 MW – 2023 Taşpınar WPP Ext. 2. Phase 25 MW - 2025 13 MW – 2024 Alapınar WPP Mersin WPP Ext. 14 MW – 2025 39 MW – 2024 2
Slide 27: 2025 and Beyond | Investment Pipeline - Türkiye
2025 and Beyond | Investment Pipeline - Türkiye New EMRA Legislation: Power Plants with Storage Facilities Total of 350 MW – 300 MW WPP & 50 MW SPP Construction and Commissioning between 2026 – 2029 Fulacık WPP 50 MW Yakuplar WPP Bakacak WPP 50 MW Akbelen WPP Kurtulus WPP 50 MW 50 MW 50 MW Çamlıca W
Slide 28: 2025 and Beyond | Investment Pipeline - Europe
2025 and Beyond | Investment Pipeline - Europe Activities in Europe Various opportunities studied & analyzed since 2021 Amongst some; Italy, Spain, Hungary, Ukraine, Kosovo, Montenegro, Germany, Macedonia European HQ established in the Netherlands in July 2023 2 Project Development contracts
Slide 29: 2025 and Beyond | Organizational Structure - Europe
2025 and Beyond | Organizational Structure - Europe Doğan Şirketler Grubu Publicly traded on Holding Borsa İstanbul 70% 30% Structure in Europe 1 Million Euro Initial Capital The set up of the proposed double layer of holding BVs allows for control over the separate investments that Galata Wind
Slide 30: 2025 and Beyond | Investment Pipeline
2025 and Beyond | Investment Pipeline Total Capacity - Present 2023 2024 2025 2026 & Beyond Mersin WPP 62.7 MW Taşpınar Hybrid SPP Mersin WPP Capacity Ext. Alapınar WPP New License European SPP Investments Şah WPP 105 MW 1. Phase 17 MW 39 MW 13,6 MW 100 MW Taşpınar WPP 67.2 MW Taşpınar WPP Capacity
Slide 31: Financial Data
OS FINANCIAL DATA GALATAWIND >
Slide 32: Financial Performance (Mio TL)
Financial Performance (Mio TL) Revenue (mio TRY) EBITDA (mio TRY) CapEx (mio TRY) Purchase of PPE & Intangible Assets 1.187 1.003 425 14% 3.150% 1% 540 591 449 453 195 518 428 335 264 110 86 6 2020 2021 2022 2022 2023 2020 2021 2022 2022 2023 2020 2021 2022 2022 2023 June June June June June June To
Slide 33: Margins (%)
Margins (%) Gross Margin (%) EBITDA Margin (%) Net Debt/ EBITDA 1,8 82,0 82,6 84,5 86,6 73,5 73,1 75,1 78,7 79,2 76,7 1,1 -0,2 -0,2 -0,1 2020 2021 2022 2022 2023 2020 2021 2022 2022 2023 2020 2021 2022 2022 2023 June June June June June June ROA (%) ROE (%) Net Financial Debt/Equity 0,51 0,47 42,3 5
Slide 34: Distribution of Cost of Sales
Distribution of Cost of Sales Cost Distribution by Nature 2023 Q2 Cost Distribution by Currency Other Personnel expenses 5% 100 100 Security expenses 5% Repair & maintenance expenses Consultancy expenses 3% 4% 30% Insurance expenses 58 6% Fixed Cost 92 42 47% Variable Cost 8 Distribution & system us
Slide 35: Corporate Governance & Sustainability
06 CORPORATE GOVERNANCE & SUSTAINABILITY 35
Slide 36: Board of Directors | Skills Matrix
Board of Directors | Skills Matrix 36
Slide 37: Executive Directors | Dynamic Team
Executive Directors | Dynamic Team Burak Kuyan Z. Onur Aytekin M. Ali Gürpınar Özlen Ertuğrul Cendere Chief Executive Officer Chief Financial Officer Chief Operations Officer Chief Legal Officer 15+ years Sector 5+ years Group Experience 10+ years Sector Experience 15+ years Group Experience Experie
Slide 38: Corporate Governance Structure
Corporate Governance Structure Board of Directors Structure 6 Board Members 1 Female Board Member Corporate Governance Rating 9.4/10 2 Independent Board Members Chairman and CEO are separate No Voting Rights Restrictions Executive Team Dynamic Young Team Ability to add items to the AGM agenda
Slide 39: Sustainability
Sustainability Quality Policy & Certifications ISO 9001:2015 Quality Management ISO 14001:2015 Environmental Management ISO 45001:2018 Occupational Health & Safety Management ISO 10002:2018 Customer Satisfaction Management ISO 50001:2018 Energy Management ISO/IEC 27001:2013 Information Security Mana
Slide 40: Galata Wind Sustainability Strategy
Galata Wind Sustainability Strategy 40
Slide 41: Sustainability Rating
Sustainability Rating In its sector in Turkey In its sector globally 41
Slide 42: Investor Relations
Investor Relations Visit our Website Müge Yücel, GRCP Director of Investor Relations & Sustainability Corporate Governance Committee Member Sustainability Committee Member Address Burhaniye, Kısıklı Caddesi No 65 Üsküdar, Istanbul, Turkey Contact ir@galatawind.com.tr galatawindenerji +90 216 556 94
Slide 43: Stock Performance
Stock Performance TTR WPT TT Oo | a GALATAWIND 9
Slide 44: Annex
O/ Annex GALATAWIND >
Slide 45: Financial Data | Balance Sheet
Financial Data | Balance Sheet Current Assets: Consolidated Financial Statement (mn TL) 30 June 2023 31 December 2022 % Change As of 30 June 2023, current assets decrased by 8%. Cash and cash equivalents increased by Total Assets 2,829.63 2,466.36 15% 10% and reached to TL 727,21 mn. The main reason
Slide 46: Financial Data | P&L Table
Financial Data | P&L Table Consolidated Income Statement (mn TL) 30 June 2023 30 June 2022 % Change Gross Profit: Revenue 590.95 517.89 14% Revenue has increased by 14% compared with the same period in 2022. Especially the increase in the USD/TL rate has a primary effect on the increase in our reven
Slide 47: Profit & Loss – Quarterly Period
Profit & Loss – Quarterly Period Income Statement Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q1-2023 Q2-2023 22Q1-22Q2 % 22Q2-22Q3 % 22Q3-22Q4 % 22Q4-23Q1 % 23Q1-23Q2 % Revenue 290,017,674 227,876,182 344,810,106 324,567,866 337,130,632 253,818,005 -21% 51% -6% 4% -25% Cost of Sales (-) (42,857,015) (4
Slide 48: Financial Data | Loans
Financial Data | Loans Banka Hypovereinsbank (EKF) Hermes Loan Utilization Date 18.08.2017 30.06.2021 Loan Utilization Amount 14,5 mn EUR 20 mn EUR Remaining Principal Balance 7,8 mn EUR 16 mn EUR Interest Rate 0,65% 0,80% BITT/VAT - - 12 years maturity, 10 years maturity, principal and interest pri
Slide 49: Distribution of Cost of Sales
Distribution of Cost of Sales Cost Distribution by Nature 2022 Cost Distribution by Currency Other Personnel expenses Security expenses 4% 100 100 4% Consultancy expenses 3% 4% Insurance expenses 6% Repair & 66 maintenance expenses Fixed Cost 71 51% Distribution & system usage fees 27% Variable Cost
Slide 50: Disclaimer
Disclaimer All information contained in this presentation ("Presentation"), which consists of documents and appendices, is provided by Galata Wind Enerji A.Ş. It has been prepared by GWIND to present information, insights and statements about the company (GWIND). The accuracy, adequacy and completen
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