Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (December 2022)
36 slides from Aksa Enerji Uretim A.s's investor presentation, December 2022
Slide 1: Investor Presentation December 2022
Investor Presentation Investor Presentation December 2022 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 30, BIST CORPORATE GOVERNANCE, FTSE INDICES 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% Cemil Kazancı; 60,
Slide 4: Sector Highlights
SECTOR HIGHLIGHTS
Slide 5: Power Generation by Fuel Type
TURKISH ENERGY SECTOR - 43% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES Power Generation by Fuel Type 35% 33% 31% 21% 22% 17% 11% 9% 5% 4% 3% 3% 3% 2% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 11M21 11M22 Source: TEİAŞ 5
Slide 6: Monthly Change in Power Consumption
TURKISH ENERGY SECTOR- CONSUMPTION REMAINED STABLE IN CUMULATIVE TERMS Monthly Change in Power Consumption 6% 6% 3% 2% 2% 1% -1% -2% -4% -5% -6% January February March April May June July August September October November 2022 VS 2021 Source: TEİAŞ 6
Slide 7: Financial & Operational Highlights 9M2022
FINANCIAL & OPERATIONAL HIGHLIGHTS 9M2022
Slide 8: Key Highlights – 9M22
FINANCIAL LEVERAGE AT ALL TIME LOW WITH 1.1x Key Highlights – 9M22 TL million 3Q22 3Q21 q/q Quarterly- 3Q22 vs 3Q21 Net Sales 15,161 3,559 326% EBITDA 1,975 644 207% Net Income 1,454 325 347% (1) Net Financial Debt 6,966 4,545 53% 9M22 9M21 y/y Cumulative-9M22 Net Sales 33,730 8,323 305% EBITDA 5,29
Slide 9: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT 49% Regional Breakdown TL million Domestic Foreign Share of Foreign 9% Quarterly- 3Q22 Net Sales 13,846 1,316 50% EBITDA 982 993 56% Profit Before Tax 801 1,017 TL million Domestic Foreign Share of Foreign 10% Cumulative-9M22 Net Sales 30,422 3,308 49% E
Slide 10: Regional Breakdown
HIGHER SPOT PRICES IN TURKEY ACCOMPANIED BY FX BASED TARIFFS IN FOREIGN OPERATIONS Regional Breakdown Domestic Foreign Total Quarterly- 3Q22 Sales Volume (GWh) 5,683 1,380 7,063 Sales Price (TL/MWh) 2,750 1,046 2,417 Domestic Foreign Total Cumulative- 9M22 Sales Volume (GWh) 15,667 3,329 18,996 Sale
Slide 11: Sales Channel Breakdown
STRONG RECOVERY IN DOMESTIC SALES PRICES Sales Channel Breakdown Net Sales Volume by Channel (9M22) Sales Price by Channel (TL/MWh) 2.792 3% 2.324 467 2.186 18% 2.023 3,329 GWh GWh 1.828 48% 1.104 1.071 2,891 GWh 16% 450 486 401 8,696 2,618 GWh GWh Northern BSM (Spot Affiliated DisCo OTC&Bilateral F
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
3Q22 SALES PRICE AVERAGE STILL ABOVE 2021 LEVELS DESPITE PRICE CAP MECHANISM Bolu PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 1,581 GWh (9M22) CUR: 89% (9M22) / 86% (3Q22) Capacity Payment: 26 MM TL (9M22) Sales Composition: 66% Day Ahead Market, 34%
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): 2,892 GWh (9M22) Capacity Payment: 106 MM TL (9M22) CUR: 54% (9M22) / 60% (3Q22) Adjusted CUR (*): 69% (9M22) • Base load power plant with high
Slide 16: Şanlıurfa PP Key Highlights
EFFECTIVE UTILIZATION OF ANCILIARY SERVICES Şanlıurfa PP Key Highlights Energy Source: Natural Gas Installed Capacity: 147 MW Generation (Gross): 171 GWh (9M22) CUR: 20% (9M22) / 12% (3Q22) Adjusted CUR (*): 35% (9M22) • Şanlıurfa Power Plant resumed its operations from Aug’21 onwards driven by favo
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 (Gross): 475 GWh (9M22) CUR: 47% (9M22) / 56% (3Q22) PPA Price: 2,792 TL/MWh (9M22) Contract Expiry: 2024 (+3 year extension option) • Northern Cyprus PP be
Slide 18: Foreign Operations
FOREIGN OPERATIONS
Slide 19: Foreign Operations at a Glance – Africa
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 COMPLETED IN 9.5 MONTHS • Ghana PP benefits from USD based guaranteed capacity charge for 332 MW out of 370 MW installed capacity based on power purchase agreement (PPA) signed with Republic of Ghana on Aug’17 initially. PPA extended for 15 ye
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: Foreign Operations at a Glance – Uzbekistan
UZBEKISTAN Foreign Operations at a Glance TOTAL INSTALLED CAPACITY 740 MW Tashkent A 240 MW Tashkent B 230 MW Bukhara 270 MW
Slide 25: 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 26: 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 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: 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: Appendix
APPENDIX
Slide 32: Consolidated Summary Income Statement
ANNEX-1 Consolidated Summary Income Statement 9M22 9M21 y/y MM TL Net sales 33,730 8,323 305% Cost of sales (29,276) (6,863) 327% Gross Profit 4,454 1,460 205% General & administrative costs (193) (87) 121% Marketing expenses (8) (4) 90% Other operating income 144 12 1102% Other operating expenses (
Slide 33: Consolidated Summary Balance Sheet
ANNEX-2 Consolidated Summary Balance Sheet 9M22 YE21 ytd MM TL Cash and cash equivalents 844 525 61% Trade receivables 9,010 5,328 69% Inventories 299 225 33% Total Current Assets 11,139 7,129 56% PP&E 17,105 13,038 31% Intangibles 289 222 30% Total Non-current Assets 17,734 13,520 31% Total Assets
Slide 34: 2022 Guidance
ANNEX-3 2022 GUIDANCE FINANCIAL 2021 2022 2022 REVISED INDICATORS ACTUAL COMPOSITION GUIDANCE COMPOSITION GUIDANCE 13% 19% 88% Domestic 12% Foreign Net Sales 87% 81% (MM TL) 13,887 Domestic Foreign 24,154 Domestic Foreign 39,953 21% Uzbekistan 42% Domestic 43% Africa 39% Africa 54% 36% 19% Uzbekista
Slide 35: 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 36: 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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