Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Q4 2013 Earnings Presentation
22 slides from Aksa Enerji Uretim A.s's earnings presentation, February 2014
Slide 1: Aksa Enerji: The leading IPP in Turkey
Aksa Enerji The leading IPP in Turkey Q4 2013 Earnings Presentation February, 2014
Slide 2: Disclaimer
Disclaimer Aksa Enerji Üretim A.Ş. ("Aksa Enerji") has prepared this presentation material (the “Document”) for the sole purposes of providing information which includes opinions and estimates and certain forward looking projections and statements relating to Aksa Enerji, the Turkish electricity mar
Slide 3: Contents
Contents Q4 2013 Operational & Financial Results 1 Executive Summary 2 Quarter Highlights 3 Operational Indicators 4 Recent Developments 5 Financial Performance Appendix 1 Turkish power market 2 Aksa Enerji overview 2
Slide 4: Executive Summary
Executive Summary YoY YoY QoQ 2012 2013 Change Q4 2012 Q4 2013 Change Q3 2013 Q4 2013 Change Installed Capacity (MW) 2.045 2.052 7 MW 2.045 2.052 7 MW 2.052 2.052 - Sales Volume (GWh) 9.784 9.109 -7% 2.225 2.399 8% 2.570 2.399 -7% Capacity Utilization Rate (CUR) 60% 56% -4pp 54% 58% +4pp 67% 58% -9p
Slide 5: We are the second largest IPP in Turkey with 2,066MW installed capacity
We are the second largest IPP in Turkey with 2,066MW installed capacity IPPs by Installed Capacity 2.560 2.066 1.605 1.585 1.490 (MW) 952 777 746 410 365 Enerjisa Aksa Enerji İÇDAŞ Limak Eren Enerji Cengiz Zorlu Enerji Akenerji Bis Enerji AES Entek Source: Information obtained from each IPP’s annual
Slide 6: Market Highlights: Electricity consumption and GDP growth
Market Highlights ► Electricity production in Turkey increased by 5% in 4Q13 compared to 4Q12. ► In 2013 as a whole however, Turkey’s 12 10 electricity consumption has increased by a mere 8 1.4% compared to 2012, which is short of 6 Growth (%) Treasury’s expected GDP growth rate of 3.6%, a 4 2 rare
Slide 7: Market Highlights: Demand, production and spot prices
Market Highlights ►Although the demand has increased by 1.4%, the production of electricity has remained flat in 2013 compared to 2012 due to the decrease in exports and increase in imports. (Imports have increased by 1.6TWh, while exports have decreased by 1.7TWh.) ►In 2013, 7,000MW new capacity ca
Slide 8: Turkish power market: Supply dynamics
Turkish power market Supply dynamics Breakdown of installed capacity by fuel type and ownership (December 31, 2013) Wind; 4% Others; 2% BOT,TOR,BOO Auto-producers Fuel oil; 1% 5% 15% Lignite & Natural EUAS coal; 19% Gas; 38% (Government) 37% Hydro; IPPs 35% Total installed capacity: 43% 64.0 GW Brea
Slide 9: Company Highlights
Company Highlights ► Although slightly overshadowed by lower than expected demand and spot prices, major operational indicators recorded a pleasing performance in Q4 2013. ►Amongst the planned acquisitions of 3 operational power plants from Kazancı Holding, the acquisition of Kapıdağ wind farm has b
Slide 10: Company Highlights
Company Highlights ► 4MW of Belen / Atik 30MW wind farm project has been commissioned and taken into commercial operation; bringing up the number of total operating power plants to 16, total installed capacity to 2,052MW in 2013 and additionally the second phase of this project, 14MW, has also been
Slide 11: Capacity and Production Increases in Renewables and Local Fuel
Capacity and Production Increases in Renewables and Local Fuel Targeted Capacity Increases in Renewables & Lignite (MW) 900 10% 18% 27% 4000 800 3500 185 700 270 3000 600 62 2500 500 135 2000 12 275 400 135 135 1500 300 13 28 71 1000 200 15 259 271 100 500 188 0 0 2013 2014 Additions 2014 2015 Addit
Slide 12: Customer Mix and Sales
Customer Mix and Sales More diversified and well balanced customer mix Customer Mix 2012 2013 Total Sales Volume: 9.8 Twh Total Sales Volume: 9.1 Twh Northern Affiliated Northern Affiliated Exports; 13% Bilateral Cyprus; 6% DisCos; 2% Regional Cyprus; 7% DisCos; 3% Agreements; Sales; 1% Regional 40%
Slide 13: Our sales mix is getting more diversified and secure, increasing our capacity utilization
Our sales mix is getting more diversified and secure, increasing our capacity utilization Capacity 44% 56% Utilization 11 TWh Balancing Market 9TWh Northern Cyprus 8 Wholesale Bilateral Sales 2.6 BSM 29% Retail Bilateral to BSM 6 4.2 TWh 4 Total 6.5 Contracted 71% 86% BSM 3.6 3.6 2 Contracted Sales
Slide 14: Shifting bilateral mix towards more profitable commercial clients
At the same time, we are shifting bilateral mix towards more profitable commercial clients Evolution of Eligibility Limit Increasing Contracted Volume Supported by Affiliated Distribution Regions 19.6x 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 # of Bilateral 1,275 245 610 24,9
Slide 15: Financial highlights: Consolidated income statement
Financial highlights Consolidated income statement Net sales & EBITDA (TL mn) 1.841 1.786 457 2.00 0 22,9% 1.841 1.786 25, 0% EBITDA Margin 433 EBITDA Margin 1.80 0 2012: 17.6% 2012: 15.6% 1.60 0 20, 0% 2013: 17.5% 2013: 15.8% 20,7% 1.315 17,6% 1.40 0 17,5% 1.20 0 15, 0% 1.00 0 912 800 10, 0% 600 30
Slide 16: Financial highlights: Net financial debt and repayment schedule
Financial highlights Net financial debt and repayment schedule Net financial debt (TL mn) 1350 64% 61% 1306 62% 1300 1280 1270 60% 1250 58% 55% 55% 56% 1200 54% 1138 1150 52% 52% 50% 1100 48% 1050 46% 2010 2011 2012 2013 6.0 4.2 4.0 4.2 Net Financial Debt Leverage Ratio Net Financial Debt/EBITDA Rep
Slide 17: Consolidated income statement
Consolidated income statement * (TLm) 2010 2011 2012 2013 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Net sales 911,9 1315,4 1840,6 1786,0 526,9 340,8 540,1 432,8 391,5 400,3 536,7 457,4 Cost of sales -775,5 -1088,0 -1604,0 -1565,9 -431,5 -313,7 -470,7 -388,2 -341,0 -367,1 -448,5
Slide 18: Consolidated balance sheet
Consolidated balance sheet (TL mn) Assets 2010 2011 2012 2013 Cash and cash equivalents 78,3 110,5 40,9 22,3 Trade receivables net 113,0 261,5 245,9 142,3 Due from related parties and shareholders 607,9 360,0 593,9 0,0 Inventory 81,3 121,5 135,5 250,0 Derivative Financial Instruments – – – – Other c
Slide 19: Consolidated statement of cash flows
Consolidated statement of cash flows (TLmn) 2010 2011 2012 2013 Net income (loss) 69,4 -122,0 219,9 -133,3 Depreciation and amortisation 71,7 92,5 105,3 111,8 Other adjustments 13 236,8 -46,4 193,0 Change in w orking capital -67,1 -20,3 -189,4 7,5 Operating cash flow s 87 187,1 89,3 178,9 Purchased
Slide 20: Operational Assets
Operational Assets Installed capacity Power plant Licensed owner Fuel type MW (Current) Mardin 1 Aksa Energy Fuel-oil 30.00 Mardin 2 Rasa Elektrik Fuel-oil 35.10 Northern Cyprus Aksa Cyprus Fuel-oil 120.00 İdil İdil İki Energy Fuel-oil 24.00 Total fuel-oil fired power plants 209.10 Antalya NGCC Aksa
Slide 21: Ongoing Investments and Revised Licence Portfolio
Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding Additional Capacity Planned acquisitions from Kazancı Holding Power Plant Investment License Owner Fuel Type (MW) Completion Year Siirt Operational Kazancı Holding Fuel-Oil 24 2014 Siirt 24 MW operating f
Slide 22: 11aLD0408_Client template 1
11aLD0408_Client template 1 21
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