Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Q1 2014 Earnings Presentation
19 slides from Aksa Enerji Uretim A.s's earnings presentation, May 2014
Slide 1: Aksa Enerji: The leading IPP in Turkey
Aksa Enerji The leading IPP in Turkey 1Q14 Earnings Presentation May 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: 1Q 2014
1Q 2014
Slide 4: 1Q 2014 Results
1Q 2014 Results * YoY YoY QoQ 2012 2013 Change Q1 2013 Q1 2014 Change Q4 2013 Q1 2014 Change Installed Capacity (MW) 2.045 2.052 7 MW 2.048 2.066 18 MW 2.052 2.066 14 MW Sales Volume (GWh) 9.784 9.109 -7% 1.965 2.458 25% 2.399 2.458 2% Capacity Utilization Rate (CUR) 60% 56% -4pp 50% 61% +11pp 58% 6
Slide 5: Market Highlights
Market Highlights 64.000.000 1,2 63.000.000 ►Electricity generation increased 62.000.000 1,0 61.000.000 0,8 by 4% in 1Q14 vs 1Q13 and by 1% 60.000.000 59.000.000 0,6 compared to 4Q13. 58.000.000 0,4 57.000.000 56.000.000 0,2 55.000.000 54.000.000 - 1Q13 2Q13 3Q13 4Q13 1Q14 66.000.000 1,2 Generation
Slide 6: Market Highlights
Market Highlights ►Prices – There was a steep hike of Weighted Average Price TL 25% in spot prices in February 2014 170 when compared to the same month 165,6 165 161,9 last year, as a result of natural gas 160,2 160 shortage in the first half of February. 155 This caused the weighted average price 1
Slide 7: Market Highlights
Market Highlights ►Total installed capacity in Turkey has increased by 568 MW in 1Q14, all from renewable sources. 460 MW of the new capacity came from HPPs, while 137 MW came from WPPs. ►However, due to the draught, the contribution of these new capacities have been minimal. Furthermore, the new ca
Slide 8: Turkish power market Supply dynamics
Turkish power market Supply dynamics Breakdown of installed capacity by fuel type (1Q14) Breakdown of generation by fuel type Wind Fuel-oil Wind Fuel-oil 4% 1% 3% 2% Lignite & Coal 19% Hydro 18% Coal & Lignite 29% Hydro 36% Total installed capacity: Natural Gas 64.6 GW 40% Natural Gas 48% Breakdown
Slide 9: Company Highlights
Company Highlights ► At the end of Q1, we have introduced to the market a new concept of tariffs leading the sector in a new path of «price innovation». ► In 1Q14, net sales of the Company has increased by 25% YoY from 1,965 GWh to 2,458 GWh due to the increase percentage of bilateral agreements in
Slide 10: Company Highlights
Company Highlights ► The second phase of Belen/Atik WPP, which was 14MW has become operational in mid-February this quarter, taking this plant’s total installed capacity to 18MW, increasing our current installed capacity to 2,066MW and total renewable capacity to 217MW. ► Constructions of the 2 wind
Slide 11: Decreasing generation costs via increasing share of sourcing and generation from renewables
Decreasing generation costs via increasing share of sourcing and generation from renewables Improving Lower Cost Output % of Renewables 12% 19% 25% increase in total production YoY &Sourcing 7 ppt increase in share of renewables & 2,458 GWh sourcing YoY, part of our strategy to decrease generati
Slide 12: Financial highlights 1Q 2014 Consolidated income statement
Financial highlights 1Q 2014 Consolidated income statement Net sales & EBITDA (TL mn) 472 457 472 EBITDA Margin EBITDA Margin 392 4Q13: 15.8% 1Q13: 18.7% 1Q14: 15.5% 1Q14: 15.5% 73 73 72 73 Net Sales EBITDA Net Sales EBITDA 1Q13 1Q14 4Q13 1Q14 Operating income & Net income (TL mn) 46 44 42 44 21 Ope
Slide 13: Financial highlights 1Q 2014 Net financial debt and repayment schedule
Financial highlights 1Q 2014 Net financial debt and repayment schedule Net financial debt (TL mn) 1.600 61% 1.450 64% 1.400 1.270 1.280 1.306 62% 1.200 1.138 60% 58% 58% 1.000 55% 56% 800 55% 54% 600 52% 400 52% 50% 200 48% - 46% 2010 2011 2012 2013 1Q14 6.0 4.2 4.0 4.2 4.6 Net Financial Debt Levera
Slide 14: Consolidated income statement
Consolidated income statement (TLm) 2010 2011 2012 2013 Q1 2013 Q1 2014 Net sales 911,9 1315,4 1840,6 1786,0 391,5 472,1 Cost of sales -775,5 -1088,0 -1604,0 -1565,9 -341,0 -423,5 0,0 Gross profit 136,4 227,4 236,6 220,1 50,5 48,6 Gross profit margin 15% 17% 13% 12% 13% 10% General & administrative
Slide 15: Consolidated balance sheet
Consolidated balance sheet (TL mn) Assets 2010 2011 2012 2013 1Q 2013 1Q 2014 Cash and cash equivalents 78,3 110,5 40,9 22,3 101,6 127,6 Trade receivables net 113,0 261,5 245,9 142,3 227,2 115,0 Due from related parties and shareholders 607,9 360,0 593,9 0,0 252,4 0,0 Inventory 81,3 121,5 135,5 250,
Slide 16: Consolidated statement of cash flows
Consolidated statement of cash flows (TLmn) 2010 2011 2012 2013 1Q 2013 1Q 2014 Net income (loss) 69,4 -122,0 219,9 -133,3 20,8 -9,6 Depreciation and amortisation 71,7 92,5 105,3 111,8 26,7 29,3 Other adjustments 13 236,8 -46,4 193,0 5,4 27,2 Change in w orking capital -67,1 -20,3 -189,4 7,5 -16,2 6
Slide 17: Appendix
Appendix
Slide 18: Operating (Current)
Operating (Current) 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 Aks
Slide 19: Ongoing Investments and Revised Licence Portfolio
Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding Planned acquisitions from Kazancı Holding Additional Capacity Power Plant Investment License Owner Fuel Type (MW) Completion Year Siirt 24 MW operating fuel-oil PP Siirt Operational Kazancı Holding Fuel-O
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