Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (March 2018)
44 slides from Aksa Enerji Uretim A.s's investor presentation, Mar 23, 2018
Slide 1: Transforming into a Global Energy Player
TRANSFORMING INTO A GLOBAL ENERGY PLAYER... INVESTOR PRESENTATION 23 MARCH 2018 P O W E R B E Y O N D B O R D E R S
Slide 2: Assets under operation across Turkey and Northern Cyprus
5 assets under operation CURRENT across Turkey and Northern Cyprus TOTAL Bolu-Göynük 1,835 MW 270 MW Natural Gas (3 plants) 1,412 MW 77% Fuel-Oil (1 plant) 153 MW 8% Lignite (1 plant) Manisa 270 MW 15% 115 MW Şanlıurfa Antalya 147 MW 1,150 MW Northern Cyprus 153 MW 2
Slide 3: Assets under operation across Africa
3 assets under operation CURRENT across Africa TOTAL Aksa Energy’s installed 386 MW capacity in Africa will reach 530 MW once the power plants reach full capacity. Ghana HFO Power Plant became operational at the end of March with 192.5 MW and reached 280 MW at the beginning of August. Mali 40 MW Mal
Slide 4: Pipeline of 2 international projects adding 144 MW
TOTAL Pipeline of INSTALLED PIPELINE INSTALLED CAPACITY CAPACITY 2 international projects adding 2.365 MW 144 MW to 2.236 MW 144 our portfolio 15 270 270 The favorable effects of these power plants on our financials have 1.412 become clearly visible 1.412 from 3Q2017. Pipeline of 144 MW is made up o
Slide 5: International Expansion
“INTE RNATIONAL .. “EXPANSION ea r
Slide 6: Aksa Energy in Africa
Aksa Energy in Africa Ghana Madagascar Mali Population 28.5 mn Population 25.5 mn Population 18.6 mn GDP $ 37,54 bn GDP $ 9,7 bn GDP $ 12,7 bn GDP per capita $ 1,697 (real) GDP per capita $ 410 GDP per capita $ 721 Installed Capacity 3,655 MW Installed Capacity 500 MW Installed Capacity 380 MW Energ
Slide 7: Ghana HFO Power Plant 1st Phase Completed
Ghana HFO Power Plant 1st Phase Completed Construction completed in 9.5 months, utilising existing equipment from idle PPs in Turkey, reducing cash CAPEX. KEY POINTS •Over 120,000 m2 power plant area •Land purchased •1,200 containers of equipment •650 employees on site (90% local) •200 employees to
Slide 8: Ghana
Ghana Aksa Energy signed a deal with the Republic TOTAL INSTALLED CAPACITY (MW) of Ghana pertaining to construction of a 4.000 power plant, electricity generation and take-or-pay electricity sales. 3.000 • 6.5 year power purchase agreement (PPA) with Republic of Ghana for installation of a 370 MW HF
Slide 9: Ghana – Fast Track USD Based Cash Generation
Ghana – Fast Track USD Based Cash Generation Operational since March 2017, currently running at 280 MW • Became operational at the end of March with 192.5 MW and increased to 280 MW at the beginning of August • First phase is completed and 6.5 years contract started in August 2017 • Option to go up
Slide 10: Madagascar HFO Power Plant 1st Phase – 66 MW Completed
Madagascar HFO Power Plant 1st Phase – 66 MW Completed *Picture as at July 2017 11
Slide 11: Madagascar
Madagascar 20 year power purchase agreement (PPA) in INSTALLED CAPACITY (MW) the Republic of Madagascar with Jiro Sy Rano 600 Malagasy (Jirama), the state-owned electricity and water services company. • Established a 58.35% subsidiary in the Republic of Mauritius 400 (Aksaf Power Ltd) with a local p
Slide 12: Madagascar Key Points
Madagascar Key Points • Guaranteed sales of 900,000 MWh/year when both phases are operational • 61% of consumption in the country to be provided by Aksa Energy when both phases are operational • Equipment from the existing HFO plants were used, enabling minimal CAPEX and fast track operation • Const
Slide 13: Mali HFO Power Plant Operational since August 2017
Mali HFO Power Plant Operational since August 2017 *Picture as at Septembery 2017 17
Slide 14: Mali
Mali Emergency power purchase agreement with INSTALLED CAPACITY (MW) Énergie du Mali for the guaranteed sale of 400 the energy generated via Euro based tariff. • 40 MW HFO power plant in the capital of Republic of Mali, Bamako • 3 year contract signed with Énergie du Mali for the 200 380 guaranteed
Slide 15: Mali – Key Points
Mali – Key Points 13% of consumption in the country to be provided by Aksa Energy. • € 4mn mobilisation fee is received • € 1.6mn payment guarantee is received • Became operational at the beginning of August with 10 MW • Full commissioning (40 MW) completed in September • 13% of consumption in the c
Slide 16: Turkey & Africa
Turkey & Africa While continuing its investments in Turkey, EBITDA Aksa Energy has moved toward becoming a global brand with the investments it has undertaken in Africa. Turkey Turkey African PPs will be making up 76% of EBITDA in 2018 Mali Ghana Madagascar Africa 19
Slide 17: Potential Opportunities for 2018 and Beyond
Potential Opportunities for 2018 and Beyond Mali Senegal Chad Guinea Burkina Faso Benin Togo Cameroon Ghana Gabon Indonesia Tanzania Angola Madagascar 26
Slide 18: Financial & Operational Highlights FY 2017
FINANCIAL & OPERATIONAL HIGHLIGHTS FY 2017
Slide 19: FY 2017 Results Sales Breakdown (Turkey+N.Cyprus)
FINANCIAL HIGHLIGHTS FY 2017 Results Sales Breakdown (Turkey+N.Cyprus) 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 TRY/MW MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh h Northern Cyprus 179,631 378 175,906 388 176,615 380 175,897 431 708,050 394 Renewable Market 192,332 266 112,655 272 116,784 263
Slide 20: FY 2017 Results Snap Shot
FINANCIAL HIGHLIGHTS FY 2017 Results Snap Shot 1Q 2017 2Q 2017 3Q 2017 4Q 2017 QoQ Change FY 2016 FY 2017 YoY Change Installed Capacity (MW) 2,104 MW 2,211 MW 2,377 MW 2,236 MW -141 MW 2,109 MW 2,236 MW 127 MW Sales Volume (GWh)* 4,676 3,764 4,204 4,310 3% 18,028 16,954 -6% Net Sales (TRY mn) 738 87
Slide 21: FY 2017 Results Sales Breakdown
FINANCIAL HIGHLIGHTS FY 2017 Results Sales Breakdown 9M 2017 4Q 2017 FY 2017 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh TURKISH MARKET (Inc. N.Cyprus) 12,644,181 169 4,309,588 173 16,953,769 170 AFRICAN MARKET 591,853 661 371,979 757 963,832 698 TOTAL 13,236,034 247 4,681,567 219 17,917,601 199 10
Slide 22: FY 2017 Results Regional Breakdown
FINANCIAL HIGHLIGHTS FY 2017 Results Regional Breakdown EBITDA (TRY mn) REVENUES (TRY mn) 674 126 367 2.925 TURKEY+N.CYPRUS AFRICA TURKEY+N.CYPRUS AFRICA 11
Slide 23: FY 2017 Results Regional Breakdown
FINANCIAL HIGHLIGHTS FY 2017 Results Regional Breakdown EBITDA (TRY mn) 163 Ghana PP became operational in March 2017, therefore a very small revenue contribution is 134 seen in 1Q17 while no positive contribution took place at the EBITDA level. 73 -2,9 1Q2017 2Q2017 3Q2017 4Q2017 AFRICA 12
Slide 24: Financial Highlights FY 2017 Consolidated Income Statement
FINANCIAL HIGHLIGHTS Financial Highlights FY 2017 Consolidated Income Statement NET SALES & EBITDA (TRY MN) 3.599 EBITDA Margin 3.178 EBITDA Margin 4Q16: 9.4% FY16: 13.7% 4Q17: 15.6% FY17: 13.7% 966 1.034 493 435 91 161 Net Sales EBITDA Net Sales EBITDA 4Q16 4Q17 FY16 FY2017 OPERATING INCOME & NET I
Slide 25: Net Financial Debt & Repayment Schedule
FINANCIAL HIGHLIGHTS Financial Highlights FY 2017 Net Financial Debt & Repayment Schedule NET FINANCIAL DEBT (TRY mn) 3.500 90% 100% 86% 89% 88% 90% 3.000 76% 80% 2.500 62% 70% 62% 60% 2.000 2.742 3.086 3.299 3.096 2.984 50% 1.500 2.777 40% 1.781 1.000 30% 20% 500 10% 0 0% 2014 2015 2016 1Q17 2Q17 3
Slide 26: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Consolidated Income Statement (TRY mn) 31/12/2014 31/12/2015 31/12/2016 31/12/2017 1Q2017 2Q2017 3Q2017 4Q2017 Net sales 1,957.4 2,306.7 3,178.2 3,599.3 738.4 874.6 952.4 1,033.9 Cost of sales -1,710.8 -1,979.5 -2,907.2 -3,284.0 -714.7 -824.1 -814.4 -930.8 Gross profit 246.6 327
Slide 27: Consolidated Balance Sheet
FINANCIAL HIGHLIGHTS Consolidated Balance Sheet Assets (TRY mn) 31.12.2010 31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.2015 31.12.2016 31.12.2017 Cash and cash equivalents 78.3 110.1 40.6 22.3 34.2 48.5 219.4 59.6 Trade receivables net 113 261.5 245.9 142.3 88.7 119.8 219.7 759.6 Due from rela
Slide 28: Consolidated Statement of Cash Flow
FINANCIAL HIGHLIGHTS Consolidated Statement of Cash Flow (TRY mn) 31/12/2010 31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 Net income (loss) before tax 69.4 -122 226.5 -156.1 26.6 -221.1 -367.6 290.2 Depreciation and amortisation 71.7 92.5 105.3 111.8 121.5 146.6 191.2
Slide 29: 2018 Guidance
2018 GUIDANCE
Slide 30: 2018 Guidance
FINANCIAL HIGHLIGHTS 2018 GUIDANCE 2018 EBITDA BREAKDOWN 2018 EBITDA GUIDANCE (TRY) • SALES: 11.3 TWh • REVENUES: TRY 3.4 bn 24% • CAPEX*: TRY 120 mn 840 • EBITDA**: TRY 840 mn 642 76% 198 TURKEY+N.CYPRUS AFRICA TURKEY+N.CYPRUS AFRICA TOTAL * Includes maintenance CAPEX in Turkey and Africa and the 9
Slide 31: Asset Sale
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Slide 32: 355 MW Asset Sale – USD 411.6 mn
ASSET SALE 355 MW Asset Sale – USD 411,6 mn The cash proceeds are used for decreasing the COMPLETED short term liabilities. 96 MW HEPP & 259 MW WPP Kozbükü, Sebenoba, Karakurt, Ayvacık, Kapıdağ, Belen/Atik, Kıyıköy, Şamlı, İncesu 2016: $89 mn 2017: $286 mn 2018: $15 mn 2018: $36,6 mn* TOTAL: $411,6m
Slide 33: Turkish Market
TURKISH MARKET
Slide 34: The Largest Quoted IPP in Turkey
MARKET HIGHLIGHTS The Largest Quoted IPP in Turkey IPPS BY INSTALLED CAPACITY Publicly listed companies 3.604 2.940 2.790 2.221 2.055 1.666 1.224 1.090 392 364 Enerjisa Limak Eren Energy Aksa Energy Cengiz Energy İÇDAŞ Ak Energy Zorlu Energy Ayen Energy AES Entek SHARE OF AKSA ENERGY SHARE OF AKSA E
Slide 35: Turkey – Key Figures
MARKET HIGHLIGHTS Turkey – Key Figures INSTALLED CAPACITY 2003 GENERATION 2003 16% 2% 24% EUAS 55% EUAS BOT, TOR,BOO BOT, TOR,BOO IPPs 45% IPPs 8% Auto Producers Auto Producers 13% 37% INSTALLED CAPACITY 2017 GENERATION 2017 62% EUAS 16% EUAS BOO, BOT, TOR 66% BOT, TOR,BOO IPPs 11% IPPs Others 18% 2
Slide 36: 2017YE – Key Figures
MARKET HIGHLIGHTS Total installed capacity in Turkey has reached 83,275 MW in 2017YE, 2017YE – Key Figures an increase of 4,611 MW YoY. INSTALLED CAPACITY (2017) GENERATION BY FUEL TYPE Fuel-Oil; 1 Other; 3 Other; 4 Fuel-Oil; 1 Wind; 8 Wind; 6 Hydro; 33 Natural Gas; 38 Hydro; 20 Lignite&Coal; 21 Lig
Slide 37: 2017 YE – Installed Capacity Changes
MARKET HIGHLIGHTS 2017 YE – Installed Capacity Changes 2017 YE - 2016 YE CAPACITY CHANGES When new and 2.500,00 decommissioned capacities are Fossil Renewable netted off, there is an increase 2.000,00 1.929 of 1.081 MW in wind, 697 MW in hydro, 630 MW in 1.500,00 coal&lignite, 348 MW in natural 1.08
Slide 38: Generation & Consumption
MARKET HIGHLIGHTS Generation & Consumption Electricity generation increased by 8% and consumption by 5% YoY in 2017. GENERATION (GWh) CONSUMPTION (GWh) 290.546 275.154 289.975 270.194 2016 2017 2016 2017 36
Slide 39: Prices
MARKET HIGHLIGHTS Prices 200 188 184 178 180 177 178 180 168 Weighted average spot price was TRY 168 in 156 151 160 148 148 158 2017, 15% higher than 2016 (TRY 146) due to: 140 • 2016 setting a very low base (mild weather 120 & very strong renewable production) 100 • Natural gas consumption limitati
Slide 40: Appendix
APPENDIX
Slide 41: Operational Assets
Operational Assets Power Plant License Owner Fuel Type Installed Capacity (MW) % Northern Cyprus Aksa Cyprus Fuel-oil 153 Ghana Aksa Energy Fuel-oil 280 Mali Aksa Energy Fuel-oil 40 Madagascar Aksa Energy Fuel-oil 66 Total Fuel-Oil Fired Power Plants 539 24% Antalya NGCC Aksa Energy Natural Gas 1.15
Slide 42: Ongoing Investments
Ongoing Investments Power Plant Investment License Owner Fuel Type Capacity (MW) Completion Year Ghana Greenfield Aksa-Ghana HFO 90 2018 Madagascar Greenfield Aksaf Power HFO 54 2018-2019 Total 144 The above projects are utilising mostly existing equipments from Şırnak, Hakkari, Mardin 1, Mardin 2,
Slide 43: 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
Slide 44: Disclaimer
Disclamier 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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