Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (May 2024)
35 slides from Aksa Enerji Uretim A.s's investor presentation, May 2024
Slide 1: Investor Presentation May 2024
Investor Presentation Investor Presentation May 2024
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 SUSTAINABILITY, CORPORATE GOVERNANCE, PARTICIPATION, MSCI & FTSE INDICES Shareholder Structure SHAREHOLDING STRUCTURE OF AKSA ENERGY SHAREHOLDING STRUCTURE OF KAZANCI HOLDİNG A.Ş. Tülay Kazancı; 4,8% Mehmet Kazancı; 5,9% Free Float; 21% Kazancı Holding AŞ; 79% Ali Metin K
Slide 4: Power Generation by Fuel Type
TURKISH ENERGY SECTOR - 53% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES Power Generation by Fuel Type 37% 34% 29% 22% 18% 13% 11% 11% 5% 5% 5% 4% 3% 3% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 4M2023 4M2024 Source: TEİAŞ 4
Slide 5: Monthly Change in Power Consumption
TURKISH ENERGY SECTOR – MODERATE GROWTH IN CONSUMPTION Monthly Change in Power Consumption 10% 6% 5% 1% January February March April 2024 vs 2023 Source: TEİAŞ 5
Slide 6: Financial & Operational Highlights YE2023
FINANCIAL & OPERATIONAL HIGHLIGHTS YE2023
Slide 7: Key Highlights – YE23
MARGIN RECOVERY DESPITE ONGOING INVESTMENTS Key Highlights – YE23 TL million YE23 YE22 y/y Cumulative- YE23 Net Sales 35,172 87,102 -60% EBITDA 7,901 12,655 -38% Net Income 5,497 5,582 -2% Net Financial Debt 12,645 12,135 4% YE23 YE22 y/y KPIs- YE23 Gross Margin 21% 12% +9 pp EBITDA Margin 22% 15% +
Slide 8: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA REACHING 58% Regional Breakdown TL million Domestic Foreign Share of Foreign 22% Cumulative- YE23 Net Sales 27,283 7,890 58% EBITDA 3,290 4,610 84% Profit Before Tax 1,113 6,029 TL million Domestic Foreign Share of Foreign 10% Cumulative-YE22 Net Sales 78,5
Slide 9: Shares of Regions in EBITDA
FOREIGN OPERATIONS’ CONTRIBUTION INCREASING AT FULL PACE Shares of Regions in EBITDA Shares of Regions in EBITDA 70% 58% 60% 51% 49% 50% 42% 40% 30% 20% 10% 0% Domestic Foreign 2022 2023 • Contribution of domestic operations (including Turkey and Northern Cyprus) to EBITDA decreased to 42% from 51%
Slide 10: Price Evolution in Turkish Market
SPOT PRICES STABILISED AT AROUND 2,000 TL/MWh Price Evolution in Turkish Market Average Spot Electricity Prices & Capped Prices (TL/MWh) Price Cap Implementation 5.250 4.501 4.500 3.565 3.653 3.548 3.750 2.636 2.562 2.837 2.633 3.000 3.122 2.368 2.250 2.018 1.895 2.056 2.179 2.078 1.500 2.028 1.767
Slide 11: Domestic Operations
DOMESTIC OPERATIONS
Slide 12: Domestic Operations at a Glance
MAJORITY OF DOMESTIC INSTALLED CAPACITY BASED ON NATURAL GAS DOMESTIC Domestic Operations at a Glance INSTALLED CAPACITY Bolu-Göynük 1,340.5 MW 270 MW Natural Gas (1 plant) 900 MW Fuel-Oil (1 plant) 170.5 MW Lignite (1 plant) 270 MW Antalya 900 MW Northern Cyprus 170.5 MW 12
Slide 13: Antalya PP Key Highlights
ACTIVE PRESENCE IN ANCILIARY SERVICES Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation (Gross): 3,719 GWh (YE23) Capacity Payment: 163 MM TL (YE23) CUR: 55% (YE23) Adjusted CUR (*): 67% (YE23) • Base load power plant with high efficiency ratio of 59% • 77% o
Slide 14: Bolu Göynük PP Key Highlights
CAPACITY UTILIZATION RATE AT A HIGH 83% Bolu Göynük PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 1,978 GWh (YE23) CUR: 83% (YE23) Capacity Payment: 60 MM TL (YE23) • 90% of electricity sold via bilateral agreements, 6% via day ahead market and 4% via a
Slide 15: Şanlıurfa PP Key Highlights
RELOCATED TO ENSURE EFFICIENCY Şanlıurfa PP Key Highlights Energy Source: Natural Gas Installed Capacity: 147 MW Generation (Gross): 282 GWh (YE23) CUR: 25% (YE23) • 57% of electricity sold in day ahead market, 42% via anciliary services (secondary frequency control mechanism) and remaining 1% intra
Slide 16: Northern Cyprus PP Key Highlights
USD BASED CAPACITY CHARGE SUPPORTIVE OF MARGINS Northern Cyprus PP Key Highlights Energy Source: Fuel Oil Installed Capacity: 170.5 MW Generation (Gross): 787 GWh (YE23) CUR: 59% (YE23) Contract Expiry: 2038 • Northern Cyprus PP benefits from USD based guaranteed capacity charge. • In July 2023, a 1
Slide 17: Renewable Energy Projects - Key Highlights
831.41 MW STORAGE-BASED WIND and SOLAR POWER PLANTS & 35 MW SOLAR POWER PLANT IN GÖYNÜK Renewable Energy Projects - Key Highlights • On December 4, 2023, our preliminary licenses were granted for a total of 831.41 MW Storage Wind and Solar Energy Plants by EMRA. • Investments in Renewable Energy con
Slide 18: Foreign Operations
FOREIGN OPERATIONS
Slide 19: Active in Central Asia Since 2022
ACTIVE IN CENTRAL ASIA SINCE 2022… ASIA Contribution to the Energy Transition INSTALLED CAPACITY 740 MW PIPELINE CAPACITY 670 MW 19
Slide 20: Country Snapshots - Central Asia
ATTRACTIVE REGION WITH STRONG GROWTH POTENTIAL… Country Snapshots - Central Asia Uzbekistan Kazakhstan Population 36.8 mn Population 20.1 mn GDP $ 90.8 bn GDP $ 261.4 bn GDP per capita $ 2,494 GDP per capita $ 13,279 Installed Capacity 17,659 MW Installed Capacity 24,524 MW Energy Consumption 66.1 b
Slide 21: 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 22: Tallimarjon Natural Gas PP - Key Highlights
430 MW NATURAL GAS POWER PLANT AGREEMENT SIGNED IN TALLIMARJON, UZBEKISTAN Tallimarjon Natural Gas PP- Key Highlights • On 9 November 2023, Aksa Energy signed a power purchase agreement with NEGU (National Electric Grid of Uzbekistan) regarding installation and operation of a 430 MW Natural Gas Comb
Slide 23: 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 24: Active in Africa Since 2017
ACTIVE IN AFRICA SINCE 2017… AFRICA Attractive Region with Strong Growth Potential INSTALLED CAPACITY 496 MW *Excluding Republic of Congo PIPELINE CAPACITY 605 MW 24
Slide 25: Country Snapshot - Africa
CONTRIBUTION TO ENERGY ACCESS Country Snapshot - Africa Ghana Madagascar Mali Senagal Population 33.4 mn Population 29.6 mn Population 22.6 mn Population 17.32 mn GDP $ 73.8 bn GDP $ 15.3 bn GDP $ 18.8 bn GDP $ 27.68 bn GDP per capita $ 2,204 GDP per capita $ 516.6 GDP per capita $ 833 GDP per capit
Slide 26: Africa Operations - Key Highlights
FUEL IS PASS THROUGH IN ALL OF OUR OVERSEAS OPERATIONS Africa Operations - Key Highlights • Ghana PP benefits from USD based guaranteed capacity charge for 332 MW out of 370 MW installed capacity. PPA extended for 15 years in Oct’22 • Ghana engine conversion to dual fuel project (heavy fuel oil/natu
Slide 27: Kumasi Natural Gas PP - Key Highlights
350 MW NATURAL GAS POWER PLANT AGREEMENT SIGNED IN KUMASI, GHANA Kumasi Natural Gas PP- Key Highlights • Aksa Energy Company Ghana Limited, a subsidiary of Aksa Enerji Üretim A.Ş., signed a contract with the Electricity Company of Ghana on April 6, 2023 for the construction of the Kumasi combined cy
Slide 28: Senegal Natural Gas PP - Key Highlights
INVESTMENT WILL BEGIN FOR A 255 MW NATURAL GAS POWER PLANT IN SAINT LOUIS, SENEGAL SENEGAL Natural Gas PP- Key Highlights • NDAR Energies SA, a subsidiary of Aksa Global Investments BV (one of the group companies of Aksa Enerji Üretim A.Ş.) will initiate investments for the financing, establishment,
Slide 29: Sustainability
SUSTAINABILITY
Slide 30: 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 31: 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 32: Consolidated Summary Income Statement
ANNEX Consolidated Summary Income Statement YE23 YE22 y/y MM TL Net sales 35,172 87,102 -60% Cost of sales (27,957) (76,511) -63% Gross Profit 7,215 10,591 -32% General & administrative costs (786) (569) 38% Marketing expenses (23) (43) -46% Other operating income 475 745 -36% Other operating expens
Slide 33: Consolidated Summary Balance Sheet
ANNEX Consolidated Summary Balance Sheet YE23 YE22 ytd MM TL Cash and cash equivalents 795 1,544 -49% Trade receivables 13,530 15,188 -11% Inventories 896 321 179% Total Current Assets 17,091 18,807 -9% PP&E 35,017 35,283 -1% Intangibles 1,107 741 49% Total Non-current Assets 38,716 36,397 6% Total
Slide 34: Contact - Investor Relations
Contact- Investor Relations Pınar Saatcıoğlu Sena Atay Investor Relations and Investor Relations Sustainability Director Manager Email: investorrelations@aksaenerji.com.tr Phone: +90 216 681 1053 Address: Rüzgarlıbahçe Mh. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul
Slide 35: 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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