Aksa Enerji Uretim A.s. · BIST:AKSEN

Aksa Enerji Uretim A.s — H1 2016 Earnings Presentation

27 slides from Aksa Enerji Uretim A.s's earnings presentation, Aug 19, 2016

  1. Slide 1: 1H2016 Earnings Presentation

    1H2016 Earnings Presentation 19 August 2016

  2. Slide 2: Market Highlights - Generation & Consumption

    Market Highlights- Generation & Consumption  Electricity generation and consumption both increased by 5% YoY in 1H16. Generation (GWh) Consumption (GWh) 140.000 131.139 140.000 133.588 124.884 126.967 120.000 120.000 100.000 100.000 80.000 80.000 60.000 60.000 40.000 40.000 20.000 20.000 - 0 1H15 1

  3. Slide 3: Market Highlights - Installed Capacity Changes

    Market Highlights - Installed Capacity Changes Wind Hydro 6% 34% Others 1H2016 3% Fuel-oil  Total installed capacity in Turkey has reached Installed Capacity 1% 76,550 MW in 1H16, indicating a 7% increase YoY. 76,550 MW Coal & Lignite 22% Natural Gas 34% Capacity Changes (1H15-1H2016) Fossil Renewa

  4. Slide 4: Market Highlights - Prices

    Market Highlights - Prices Weighted average prices were 2.5% lower YoY in 1H16 due to: Weighted Average Price (TL) 176 180,0 173  1,159 MW new renewable capacity 170,0 162 166 160 156 (378 MW HEPP+ 439 MW WEPP + 257 MW Solar+ 88 160,0 149 158 151 150,0 147 MW Geo-thermal) 140,0 146 132  (Increased

  5. Slide 5: Financial & Operational Highlights 1H 2016

    Financial & Operational Highlights 1H 2016

  6. Slide 6: 1H 2016 Results - Snap Shot

    1H 2016 Results - Snap Shot * Adjusted Adjusted Adjusted Adjusted Adjusted 1Q15 1H15 9M15 FY15 1Q16 2Q16 QoQ Change 1H15 1H16 YoY Change Installed Capacity (MW) 2.151 2.160 2.192 2.076 2.211 2.198 -13 MW 2.160 2.198 38 MW Sales Volume (GWh) 3.013 5.768 9.925 14.018 4.178 3.886 -7% 5.768 7.647 33% Ne

  7. Slide 7: 1H 2016 Results – Sales Breakdown

    1H 2016 Results – Sales Breakdown * 1Q 2016 2Q 2016 1H 2015 1H 2016 MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh Northern Cyprus 174.808 212,1 176.372 221,5 339.393 278,7 351.180 216,8 Renewable Market (YEKDEM) 231.572 214,8 142.760 223,4 204.531 171,1 374.331 218,1 BSM (Spot Market Sales)* 257.364 2

  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 141,5 Sales Price 170,2 Local 70% 70% Sourcing TL/MWh 200 190,8 7,647 GWh 25,8 160 152,7 147,6 5,768 GWh 130,7 57% 32,6 4.374 120 23,2 variab

  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 1H2016 Consolidated income statement

    Financial highlights 1H2016 Consolidated income statement Net sales & EBITDA (TL mn) 1.302 EBITDA Margin EBITDA Margin 576 1H15: 21.8% (adj) 2Q15: 28.1% 503 1H16: 16.9% 2Q16: 18.0% 856 142 104 228 220 Net Sales EBITDA Net Sales EBITDA 2Q15 2Q16 1H15 1H16 Operating income & Net income (TL mn) 163 133

  11. Slide 11: Financial highlights 1H2016 Net financial debt and repayment schedule

    Financial highlights 1H2016 Net financial debt and repayment schedule Net financial debt (TL mn) 76% 76% 3.000 80% 61% 62% 70% 2.500 2.686 55% 55% 52% 2.501 60% 2.000 50% 1.500 1.781 40% 1.270 1.280 1.306 30% 1.000 1.138 20% 500 10% - 0% 2010 2011 2012 2013 2014 2015 1H16 6.0 4.2 4.0 4.2 5.2 5.8 6.3

  12. Slide 12: Business Developments

    a K S a ENERGY Business Developments Aksa Energy The Leading IPP in Turkey

  13. Slide 13: Corporate Bond Issue- Short term FX debt refinanced in TRY

    Corporate Bond Issue- Short term FX debt refinanced in TRY 18/11/2015 28/06/2016 TRSAKSNK1714 TRSAKSN61815 TRSAKSN61914 TRY 135,000,000 TRY 60,000,000 TRY 140,000,000 728 days (2 years) 729 days (2 years) 1093 days (3 years) Variable interest Variable interest Variable interest Due to high demand, t

  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: Ghana PPA- Technical Developments to Date

    Ghana PPA- Technical Developments to Date  Maintenance and dismantling of all equipment sent to Ghana were undertaken by Aksa Energy.  To date, over 375 containers of equipment are sent to the field, which entered the country exempt from all taxes.  Stack steel structures and radiators’ procureme

  17. Slide 17: Ghana PPA- Technical Developments to Date

    Ghana PPA- Technical Developments to Date  Switchyard civil works are completed.  Stack 2 steel structure fabrication is already completed.  Switchyard pylons, surge arrester steel supports are already installed.  Isolators’ erection is already completed.  2 pcs of set-up transformers are alrea

  18. Slide 18: What to Expect in 2H16

    What to Expect in 2H16  Natural gas price decrease- Aksa Energy expects a 5-10% decrease in 4Q16.  Local coal incentive- The incentive kicked in at 185TL/MWh to be purchased as of 22 Aug.  New thermal capacities (600 MW imported coal) to become operational. Effects of natural gas price decrease :

  19. Slide 19: 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 18

  20. Slide 20: Appendix

    a K S a ENERGY Appendix Aksa Energy The Leading IPP in Turkey

  21. Slide 21: Consolidated income statement

    Consolidated income statement (TL mn) 2011 2012 2013 2014 2015 1H 2015 1H 2016 Net sales 1315,4 1840,6 1786,0 1957,4 2320,0 856,4 1302,1 Cost of sales -1088,0 -1604,0 -1565,9 -1710,8 -2001,6 -678,8 -1155,4 Gross profit 227,4 236,6 220,1 246,6 318,3 177,6 146,8 Gross profit margin 17% 13% 12% 13% 14%

  22. Slide 22: Consolidated balance sheet

    Consolidated balance sheet Assets (TL mn) 2012 2013 2014 2015 1H 2015 1H 2016 Cash and cash equivalents 40,6 22,3 34,2 48,5 31,4 84,2 Trade receivables net 245,9 142,3 88,7 182,6 52,1 178,0 Due from related parties and shareholders 593,9 0,0 4,4 0,0 8,3 31,0 Inventory 135,5 250,0 269,2 319,3 364,9 3

  23. Slide 23: Consolidated statement of cash flows

    Consolidated statement of cash flows (TLmn) 2011 2012 2013 2014 2015 1H2015 1H2016 Net income (loss) before tax -116,5 226,5 -156,1 26,6 -234,6 -72,0 -7,3 Depreciation and amortisation 92,5 105,3 111,8 121,5 145,2 66,6 86,3 Other adjustments 231,2 -53,1 193,9 82,0 314,6 193,0 36,4 Change in w orking

  24. Slide 24: 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

  25. Slide 25: Ongoing Investments and Revised Licence Portfolio

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

  26. Slide 26: 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 25

  27. Slide 27: 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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