Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Q1 2023 Earnings Presentation
20 slides from Aksa Enerji Uretim A.s's earnings presentation, May 9, 2023
Slide 1: 1Q 2023 Earnings Presentation
1Q 2023 Earnings Presentation 9 May 2023
Slide 2: Key Highlights – 1QM23
STRONG FIRST QUARTER BASED ON OPERATIONAL AND FINANCIAL HIGHLIGHTS Key Highlights – 1QM23 TL million 1Q23 1Q22 y/y Quarterly- 1Q23 vs 1Q22 Net Sales 8,294 5,892 41% EBITDA 1,671 1,507 11% Net Income 1,115 1,270 -12% Net Financial Debt 6,491 6,071 7% 1Q23 4Q22 q/q 1Q23 vs 4Q22 Net Sales 8,294 11,908
Slide 3: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT 48% Regional Breakdown TL million Domestic Foreign Share of Foreign 16% Quarterly- 1Q23 Net Sales 6,991 1303 48% EBITDA 872 799 60% Profit Before Tax 594 902 Net Sales EBITDA Note: Foreign operations include Africa and Uzbekistan operations. Northern Cyp
Slide 4: Regional Breakdown: Sales Volume and Price
PERFORMANCE SUPPORTED BY FOREIGN CURRENCY-BASED PRICING FOR AFRICA AND CYPRUS POWER PLANTS Regional Breakdown Domestic Foreign Total Quarterly- 1Q23 Sales Volume (GWh) 2,252 1,553 3,805 Sales Price (TL/MWh) 3,077 838 2,164 Note: Company internal data. Excludes intercompany eliminations applied in CM
Slide 5: Sales Channel Breakdown
STRONG RECOVERY IN DOMESTIC SALES PRICES Sales Channel Breakdown Net Sales Volume by Channel (3M23) Sales Price by Channel (TL/MWh) 3,309 5% 2,809 2,718 182 GWh 2,310 1,228 1,551 42% 1,553 GWh 1,385 1,470 GWh 1,407 42% 838 730 - GWh 20% Northern BSM (Spot Affiliated DisCo OTC&Bilateral* Foreign Cypr
Slide 6: Bolu PP Key Highlights
1Q23 SALES PRICE AVERAGE STILL ABOVE 2022 LEVELS DESPITE PRICE CAP MECHANISM Bolu PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 541 GWh (1Q23) CUR: 92% (1Q23) Capacity Payment: 9 MM TL (1QM23) Sales Composition: 10% Day Ahead Market, 90% Bilateral Avera
Slide 7: 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): 1,148 GWh (1Q23) Capacity Payment: 34 MM TL (1Q23) CUR: 65% (1Q23) Adjusted CUR (*): 60% (1Q23) • Base load power plant with high efficiency ra
Slide 8: Şanlıurfa PP Key Highlights
EFFECTIVE UTILIZATION OF ANCILIARY SERVICES Şanlıurfa PP Key Highlights Energy Source: Natural Gas Installed Capacity: 147 MW Generation (Gross): 70 GWh (1Q23) CUR: 25% (1Q23) Adjusted CUR (*): 60% (1Q23) • Şanlıurfa Power Plant resumed its operations from Aug’21 onwards driven by favorable market c
Slide 9: 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): 184 GWh (1Q23) CUR: 55% (1Q23) PPA Price: 2,809 TL/MWh (1Q23) Contract Expiry: 2024 (+3 year extension option) • Northern Cyprus PP benefits from U
Slide 10: 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/nat
Slide 11: 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 12: 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 13: 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 14: 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 15: Renewable Energy Projects - Key Highlights
182.24 MW WIND AND STORAGE, 35 MW SOLAR POWER PLANT, STRONG START IN RENEWABLE ENERGY Renewable Energy Projects - Key Highlights • On October 13, 2022, the first permits were granted for the 182.24 MW Wind Power Plant with Storage in the first stage of our renewable energy applications to EMRA. Work
Slide 16: Consolidated Summary Income Statement
ANNEX Consolidated Summary Income Statement 1Q23 1Q22 y/y MM TL Net sales 8,294 5,892 41% Cost of sales (6,665) (4,465) 49% Gross Profit 1,629 1,427 14% General & administrative costs (119) (53) 129% Marketing expenses (3) (52) 473% Other operating income 73 16 368% Other operating expenses (20) (71
Slide 17: Consolidated Summary Balance Sheet
ANNEX Consolidated Summary Balance Sheet 1Q23 1Q22 ytd MM TL Cash and cash equivalents 1,477 937 58% Trade receivables 8,770 9,217 -5% Inventories 427 244 75% Total Current Assets 11,547 11,416 1% PP&E 21,629 21,295 2% Intangibles 371 346 7% Total Non-current Assets 22,195 21,816 2% Total Assets 33,
Slide 18: 2023 Guidance
2023 GUIDANCE FINANCIAL INDICATORS 2022 ACTUAL COMPOSITION 2023 GUIDANCE COMPOSITION %10 %24 Net Sales %90 %76 (MM TL) 45,638 Domestic Foreign 27,714 Domestic Foreign 23% Uzbekistan %59 36% Africa %52 EBITDA %48 %41 (MM TL) 6,559 Domestic Foreign 7,788 Foreign Domestic %3 %60 %28 32% %65 CAPEX 12% (
Slide 19: Contact- Investor Relations
Contact- Investor Relations Cevdet Yalçın CFO investorrelations@aksaenerji.com.tr +90 216 681 1053 Rüzgarlıbahçe Mh. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul 19
Slide 20: 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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