Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (August 2022)
37 slides from Aksa Enerji Uretim A.s's investor presentation, August 2022
Slide 1: Investor Presentation
Investor Presentation Investor Presentation August 2022 November 2020
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 50, BIST CORPORATE GOVERNANCE, BIST SUSTAINABILITY & BIST PARTICIPATION INDEX Shareholder Structure SHAREHOLDING STRUCTURE OF AKSA ENERGY SHAREHOLDING STRUCTURE OF KAZANCI HOLDİNG A.Ş. Tülay Kazancı; 4,8% Mehmet Kazancı; Free Float; 21% 5,9% Ali Metin Kazancı; Kazancı Hol
Slide 4: Sector Highlights
SECTOR HIGHLIGHTS
Slide 5: Power Generation by Fuel Type
TURKISH ENERGY SECTOR - 46% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES Power Generation by Fuel Type 32% 31% 31% 24% 22% 19% 11% 9% 4% 5% 3% 3% 3% 2% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 8M21 8M22 Source: TEİAŞ 5
Slide 6: Monthly Change in Power Consumption
TURKISH ENERGY SECTOR- 1% ANNUAL GROWTH IN POWER CONSUMPTION Monthly Change in Power Consumption 6% 6% 3% 2% 2% 1% -2% -5% January February March April May June July August 2022 VS 2021 Source: TEİAŞ 6
Slide 7: Financial & Operational Highlights 1H2022
FINANCIAL & OPERATIONAL HIGHLIGHTS 1H2022
Slide 8: Key Highlights – 1H22
STRONG GROWTH ACCOMPANIED BY LOW LEVERAGE Key Highlights – 1H22 TL million 2Q22 2Q21 q/q Quarterly- 2Q22 vs 2Q21 Net Sales 12,676 2,620 384% EBITDA 1,813 616 194% Net Income 1,283 280 358% (*) Net Financial Debt 6,896 4,545 52% 1H22 1H21 y/y Cumulative-1H22 Net Sales 18,568 4,764 290% EBITDA 3,320 1
Slide 9: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT 48% Regional Breakdown TL million Domestic Foreign Share of Foreign 9% Quarterly- 2Q22 Net Sales 11,553 1,123 EBITDA 829 984 54% Profit Before Tax 899 735 45% TL million Domestic Foreign Share of Foreign 11% Cumulative-1H22 Net Sales 16,576 1,992 EBITDA
Slide 10: Regional Breakdown
HIGHER SPOT PRICES IN TURKEY ACCOMPANIED BY FX BASED TARIFFS IN FOREIGN OPERATIONS Regional Breakdown Domestic Foreign Total Quarterly- 2Q22 Sales Volume (GWh) 4,732 1,271 6,003 Sales Price (TL/MWh) 1,918 920 1,707 Domestic Foreign Total Cumulative- 1H22 Sales Volume (GWh) 9,984 1,948 11,932 Sales P
Slide 11: Sales Channel Breakdown
STRONG RECOVERY IN DOMESTIC SALES PRICES Sales Channel Breakdown Sales Volume by Channel (1H22) Sales Price by Channel (TL/MWh) 3% 2.394 17% 283 1,948 GWh 1.877 GWh 1.512 1.506 1,152 1.431 10% GWh 1.031 1.089 57% 1,480 6,417 373 363 13% 266 GWh GWh Northern BSM (Spot Affiliated DisCo OTC&Bilateral F
Slide 12: Domestic Operations
DOMESTIC OPERATIONS
Slide 13: Domestic Installed Capacity
MAJORITY OF DOMESTIC INSTALLED CAPACITY BASED ON NATURAL GAS DOMESTIC Domestic Operations at a Glance INSTALLED CAPACITY Bolu-Göynük 1,470 MW 270 MW Natural Gas (2 plants) 1,047 MW Fuel-Oil (1 plant) 153 MW Lignite (1 plant) 270 MW Şanlıurfa Antalya 147 MW 900 MW Northern Cyprus 153 MW 13
Slide 14: Bolu PP Key Highlights
2Q22 SALES PRICE AVERAGE STILL ABOVE 2021 LEVELS DESPITE PRICE CAP MECHANISM Bolu PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 1,069 GWh (1H22) CUR: 91% (1H22) Capacity Payment: 20 MM TL (1H22) Sales Composition: 99% Day Ahead Market, 1% Bilateral Agre
Slide 15: Antalya PP Key Highlights
ACTIVE PRESENCE IN SECONDARY FREQUENCY CONTROL MECHANISM Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation (Gross): 1,798 GWh (1H22) Capacity Payment: 78 MM TL (1H22) CUR: 50% (1H22) Adjusted CUR (*): 66% (1H22) • Base load power plant with high efficiency ra
Slide 16: Şanlıurfa PP Key Highlights
EFFECTIVE UTILIZATION OF ANCILIARY SERVICES Şanlıurfa PP Key Highlights Energy Source: Natural Gas Installed Capacity: 147 MW Generation (Gross): 137 GWh (1H22) CUR: 25% (1H22) Adjusted CUR (*): 42% (1H22) • Şanlıurfa Power Plant resumed its operations from Aug’21 onwards driven by favorable market
Slide 17: Northern Cyprus PP Key Highlights
USD BASED CAPACITY CHARGE SUPPORTIVE OF MARGINS Northern Cyprus PP Key Highlights Energy Source: Fuel Oil Installed Capacity: 153 MW Generation (Gross): 287 GWh (1H22) CUR: 43% (1H22) PPA Price: 2,359 TL/MWh (1H22) Contract Expiry: 2024 (+3 year extension option) • Northern Cyprus PP benefits from U
Slide 18: Foreign Operations
FOREIGN OPERATIONS
Slide 19: Foreign Operations at a Glance: Africa
ACTIVE IN AFRICA SINCE 2017… Foreign Operations at a Glance AFRICA TOTAL 496 MW* * Does not include CTA-2 Mali 60 MW Ghana 370 MW Madagascar 66 MW CTA-2 19 24 MW
Slide 20: Penetration in Africa
VERY ATTRACTIVE REGION WITH STRONG GROWTH POTENTIAL… Penetration in Africa Ghana Madagascar Mali Population 30.4 mn Population 27.0 mn Population 19.7 mn GDP $ 67 bn GDP $ 14 bn GDP $ 18 bn GDP per capita $ 2,202 GDP per capita $ 522 GDP per capita $ 891 Installed Capacity 5,043 MW Installed Capacit
Slide 21: Ghana Key Highlights
LONG TERM INVESTOR VISION IN PLACE… Ghana Key Highlights COMPLETED IN 9.5 MONTHS • Ghana PP benefits from USD based guaranteed capacity charge for 332 MW out of 370 MW installed capacity based on a 6.5 year power purchase agreement (PPA) signed with Republic of Ghana on Aug’17 • On top of that, PP g
Slide 22: Madagascar Key Highlights
OWNER & OPERATOR IN MADAGASCAR Madagascar Key Highlights • Madagascar PP benefits from USD based guaranteed capacity COMPLETED IN 7 MONTHS charge for 60 MW out of 66 MW installed capacity based on a 20 year Power Purchase Agreement (PPA) signed with the Republic of Madagascar with Jirama, the state-
Slide 23: Mali Key Highlights
CAPACITY EXTENSION FROM 30 MW TO 50 MW Mali Key Highlights COMPLETED IN 6 MONTHS • Mali PP benefits from EUR based guaranteed capacity charge for 30 MW out of 40 MW installed capacity based on a 3 year Power Purchase Agreement (PPA) renewed with Énergie du Mali on Jan’21 • In Jan’21, contract with M
Slide 24: Foreign Operations at a Glance: Uzbekistan
UZBEKISTAN Foreign Operations at a Glance TOTAL INSTALLED CAPACITY 740 MW Tashkent A 240 MW Tashkent B 230 MW Bukhara 270 MW
Slide 25: 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 26: 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 Kyzykorda combined heat and power plant project • Power plant is ex
Slide 27: Congo Project - Key Highlights
100 MW GAS POWER PLANT’S OPERATING RIGHTS OBTAINED IN JAN’21 Congo Project - Key Highlights • On 21 January 2021, Aksa Enerji Üretim A.Ş.’s 100% subsidiary Aksa Energy Company Congo has signed a concession agreement with Republic of Congo about obtaining operating rights of a 50 MW natural gas power
Slide 28: Sustainability
SUSTAINABILITY
Slide 29: Sustainability at Aksa Energy
SUSTAINABILITY AT AKSA ENERGY SUSTAINABLE BUSINESS MODEL • Aksa Energy’s stock is trading at BIST Sustainability Index since 2015. • The Company acts with the Responsibility of a Sustainable Business Model for a safe future. • The Company' sustainability approach is based on three pillars - Environm
Slide 30: 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 31: Appendix
APPENDIX
Slide 32: Consolidated Summary Income Statement
ANNEX Consolidated Summary Income Statement 1H22 1H21 y/y MM TL Net sales 18,568 4,764 290% Cost of sales (15,716) (3,859) 307% Gross Profit 2,852 905 215% General & administrative costs (116) (47) 145% Marketing expenses (4) (2) 73% Other operating income 105 12 787% Other operating expenses (86) (
Slide 33: Consolidated Summary Balance Sheet
ANNEX Consolidated Summary Balance Sheet 1H22 YE21 ytd MM TL Cash and cash equivalents 236 525 -55% Trade receivables 7,821 5,328 47% Inventories 303 225 34% Total Current Assets 9,390 7,129 32% PP&E 16,042 13,038 23% Intangibles 268 222 21% Total Non-current Assets 16,752 13,520 24% Total Assets 26
Slide 34: Share Performance
ANNEX-3 Share Performance Aksa Enerji shares increased by 160% in 2021 and reached 9.99 TL in Dec31. Aksa Enerji shares increased by 189% year to date and reached 28.86 TL as of 19 Aug’22. Market capitalization reached 35.4 bln TL as of 19 Aug’22. 33
Slide 35: 2022 Guidance
2022 GUIDANCE FINANCIAL INDICATORS 2021 ACTUAL COMPOSITION 2022 GUIDANCE COMPOSITION 13% 19% 87% 81% Net Sales (MM TL) 13,887 Domestic Foreign 24,154 Domestic Foreign 21% Uzbekistan 43% Africa 54% 36% 64% 46% EBITDA (MM TL) 2,609 Domestic Foreign 5,477 Domestic Foreign 10% 20% 12% 90% 68% CAPEX (MM
Slide 36: Contact- Investor Relations
Contact- Investor Relations Pınar SAATCIOĞLU Head of Investor Relations pinar.saatcioglu@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mh. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul
Slide 37: 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
Aksa Enerji Uretim A.S. — Investor Presentation (August 2022) on 6ix