Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Q1 2020 Earnings Presentation
36 slides from Aksa Enerji Uretim A.s's earnings presentation, May 21, 2020
Slide 1: Transforming into a Global Energy Player - 1Q2020 Earnings Presentation
TRANSFORMING INTO A GLOBAL ENERGY PLAYER... 1Q2020 EARNINGS PRESENTATION 21 MAY 2020 P O W E R B E Y O N D B O R D E R S
Slide 2: Turkish Market
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Slide 3: 1Q20 Key Figures - The Sector
MARKET HIGHLIGHTS 1Q20 Key Figures - The Sector GENERATION BY FUEL TYPE 1Q19 GENERATION BY FUEL TYPE 1Q20 Hydro Wind 30% 9% Wind Hydro Others 9% 31% 4% Generation via natural gas Fuel Oil 1% Others 5% inreased by 1 ppt, while Natural gas generation from hydro and 20% Fuel Oil coal decreased by 1 ppt
Slide 4: Installed Capacity Changes by Fuel Type
MARKET HIGHLIGHTS Installed Capacity Changes by Fuel Type 1Q2020 – 1Q2019 CAPACITY CHANGES Total installed capacity in Turkey Fossil Renewable has reached 91.496 MW in 1.400,00 1Q2020, indicating an increase 1.200,00 of 2.382 MW YoY (+2,7 %). 1.000,00 800,00 600,00 1.234 400,00 561 When new and deco
Slide 5: Generation & Consumption
MARKET HIGHLIGHTS Generation & Consumption In 1Q2020, electricity generation and consumption increased by 3% YoY. GENERATION (GWh) CONSUMPTION (GWh) 80.000 80.000 70.000 70.000 60.000 60.000 50.000 50.000 40.000 40.000 72.053 74.012 71.793 74.127 30.000 30.000 20.000 20.000 10.000 10.000 - - 2019-1Q
Slide 6: Natural Gas Prices vs Spot Energy Prices
MARKET HIGHLIGHTS Natural Gas Prices vs Spot Energy Prices BOTAŞ NATURAL GAS TARIFF vs ENERGY PRICES (TRY) 500 1800 450 In 1Q2020, BOTAŞ natural gas 400 1650 1650 1600 1600 1600 1600 1600 1600 1600 1600 1550 1550 1550 1550 1550 1550 tariff rose by 3.2% YoY while 350 1300 average spot energy prices 3
Slide 7: Turkish Operations
TURKISH OPERATIONS OPERATIONS
Slide 8: Turkish Operations – USD based visibility in coal fired PP
Turkish Operations – USD based visibility in coal fired PP • The regulator amended the “Purchase of Electricity from Private Companies Bolu, TRNC, Ghana, Operating Only Domestic Coal-Fired Power Plants” for 2020 and beyond. Mali and Madagascar power • TRY denominated power purchases of EUAS are part
Slide 9: Turkish Operations - Profitability Before Volume
Turkish Operations- Profitability Before Volume • Local power plants’ production in 1Q2020 was 29% lower YoY due to low capacity High margin coal fired utilisation rates at CCGT PPs business along with o CCGT PPs were utilised at peak hours to maximise profitability rather than peak hour generation
Slide 10: Bolu Coal Fired PP Benefits from High Price Scheme
Turkish Operations – Bolu Coal Fired PP Benefits from High Price Scheme The YoY increase (+15%) in spot energy prices improved the profitability of our local coal fired EÜAŞ PURCHASE TARIFF vs AVG SPOT PRICES (TRY) power plant, Bolu PP significantly. 350 We sell about half of our 317 316 322 product
Slide 11: Payment Received from Asset Sale in 2017
Turkish Operations- Payment Received from Asset Sale in 2017 • $ 15,185,249.27 of the balance remaining from the sale of Kıyıköy Wind Power $15.2mn collected Plant, which was sold to Borusan in 2017, has been received. from Borusan • Borusan has received permits for 18 of the 20 turbines for the pla
Slide 12: Overseas Operations - The Tariff Structure
Overseas Operations - The Tariff Structure • The tariffs of Aksa Energy’s overseas power plants, including the one in TRNC and CTA-2 Power Plant, which is operated on behalf of Madagascar, consist of two components: Hard currency denominated tariffs o The first component is the guaranteed capacity c
Slide 13: Overseas Operations - Ghana/Madagascar/Mali/TRNC
Overseas Operations- Ghana/Madagascar/Mali/TRNC Higher generation in • Generation in Africa was up by 26% YoY Africa YoY o Dispatch orders continue to be driven by the countries’ need to manage their balance sheet and the amount of rain fall. • Generation at TRNC Power Plant was at the same level •
Slide 14: Overseas Operations - New Contract in Uzbekistan
Overseas Operations- New Contract in Uzbekistan • 25 year power purchase agreement (PPA) Aksa Energy signed a 25 • With the Ministry of Energy of Uzbekistan year- PPA with the • Guaranteed capacity payment set in USD Ministry of Energy of Uzbekistan pertaining to • 240 MW natural gas combined cycle
Slide 15: Financial & Operational Highlights 1Q2020
FINANCIAL & OPERATIONAL HIGHLIGHTS 1Q2020
Slide 16: Sales Breakdown (Turkey + TRNC)
FINANCIAL HIGHLIGHTS 1Q2020 Results Sales Breakdown (Turkey + TRNC) 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q2020 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh Northern Cyprus 174.854 701 175.484 777 179.710 743 175.800 747 174.866 820 BSM (Spot 1.947.755 283 2.255.051 257 2.836.432 274 2.763
Slide 17: Sales Breakdown (Turkey+TRNC vs Africa)
FINANCIAL HIGHLIGHTS 1Q2020 Results Sales Breakdown (Turkey+TRNC vs Africa) 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q2020 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh TURKISH MARKET 4.750.117 325 2.988.191 301 3.577.429 275 4.101.233 289 4.817.096 287 (Including N.Cyprus) AFRICAN 341.483 1.1
Slide 18: 1Q2020 Results Snapshot
FINANCIAL HIGHLIGHTS 1Q2020 Results Snapshot QoQ 1Q 2019 1Q 2020 YoY Change 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Change Installed Capacity* 1.946 MW 1.946 MW 1.946 MW 1.946 MW 1.946 MW - 1.946 MW 1.946 MW - Sales Volume (GWh) 3.260 3.871 4.323 5.058 5.092 1% 3.260 5.092 56% Net Sales (TRY mn) 1.1
Slide 19: Further improvement in Net Financial Debt/EBITDA ratio
FINANCIAL HIGHLIGHTS 1Q2020 Results Further improvement in Net Financial Debt/EBITDA ratio EBITDA (TRY mn) NET FINANCIAL DEBT/EBITDA 450 402 400 371 364 10 351 350 350 306 7,8 300 277 8 7,3 6,6 250 233 217 5,6 6 200 4,4 4,4 4,1 150 4 3,6 3,3 2,8 2,6 100 2,1 2,1 2 50 0 0 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Slide 20: Net Financial Debt – $185mn YoY Debt Reduction
FINANCIAL HIGHLIGHTS 1Q2020 Results Net Financial Debt – $185mn YoY Debt Reduction Aksa Energy’s net financial debt NET FINANCIAL DEBT (USD mn) decreased from $860 mn in YE2015, when the decision to expand to Africa was taken, to $736 mn in YE2017 through 850 asset sales. 750 860 Net financial debt
Slide 21: Regional EBITDA Breakdown
FINANCIAL HIGHLIGHTS 1Q2020 Results Regional EBITDA Breakdown REVENUES (TRY mn) Although 80% of the revenues are generated from Turkey and 376 TRNC, African power plants 20% Turkey + Northern Cyprus generated 70% of the EBITDA in Africa 1Q20 due to their high margin 1.471 FX based sales & capacity 8
Slide 22: EBITDA Breakdown by Currency & Fuel
FINANCIAL HIGHLIGHTS 1Q2020 Results EBITDA Breakdown by Currency & Fuel EBITDA BY FX RATE Hard currency portion of the EBITDA constitutes 82% of the 18% total in 1Q20. TRY Based Hard Currency In 1Q20, only Antalya CCGT was operational (Urfa CCGT 82% was suspended). Due to low spark spreads and EBITD
Slide 23: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Financial Highlights 1Q2020 Consolidated Income Statement NET SALES & EBITDA (TRY MN) 1.847 1.779 1.847 1.155 351 371 364 371 Net Sales EBITDA Net Sales EBITDA 1Q2019 1Q2020 4Q2019 1Q2020 OPERATING INCOME & NET INCOME (TRY MN) 268 268 238 228 108 107 106 107 Operating Income Net
Slide 24: Net Financial Debt & Repayment Schedule
FINANCIAL HIGHLIGHTS Financial Highlights 1Q2020 Net Financial Debt & Repayment Schedule NET FINANCIAL DEBT (TRY mn) 4.000 85% 90% 76% 3.500 67% 80% 3.000 70% 2.500 60% 62% 62% 50% 2.000 40% 1.500 45% 45% 30% 1.000 20% 500 1.781 2.501 2.744 2.777 3.692 3.142 3.195 10% - 0% 5,2 5,6 6,3 5,6 3,6 2,1 2,
Slide 25: Share Performance
Share Performance AKSA ENERGY (AKSEN TI) Aksa Energy trades AKSA ENERGY (AKSEN TI) 6,00 60.000.000 on BIST 100, BIST 50 5,00 50.000.000 & Sustainability 4,00 40.000.000 DAILY VOLUME PRICE (TRY) 3,00 30.000.000 indices 2,00 20.000.000 1,00 10.000.000 0,00 0 02.01.2019 14.01.2019 24.01.2019 05.02.2019
Slide 26: Effect of Brent Oil and FX Rate Changes on Receivables
Effect of Brent Oil and FX Rate Changes on Receivables 6,52 7,00 2.000 5,87 5,94 5,62 5,51 5,66 6,00 5,36 1.856 1.927 1.802 5,00 1.500 4,36 1.724 3,80 3,81 1.539 1.549 4,00 1.284 1.000 1.113 3,00 901 2,00 500 675 424 371 401 375 325 339 353 334 1,00 233 255 - 0,00 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Slide 27: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Consolidated Income Statement (TRY) FY2017 FY2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 Net sales 3.599.311.868 4.669.249.102 1.155.422.198 2.312.965.207 3.799.886.130 5.578.594.781 1.846.833.556 Cost of sales -3.283.982.668 -3.933.709.353 -892.164.845 -1.749.780.328 -2.996.237.096
Slide 28: Consolidated Balance Sheet
FINANCIAL HIGHLIGHTS Consolidated Balance Sheet Assets (TRY) 2017 2018 2019 31.03.2019 31.03.2020 Cash and cash equivalents 59.577.791 53.026.362 121.503.123 116.463.204 309.157.528 Trade receivables net 759.563.092 1.403.203.217 1.863.493.659 1.655.650.367 2.069.427.962 Due from related parties and
Slide 29: Consolidated Statement of Cash Flow
FINANCIAL HIGHLIGHTS Consolidated Statement of Cash Flow (TRY mn) 2017 2018 2019 1Q2019 1Q2020 Net income (loss) before tax 290.120.538 150.478.434 455.343.289 108.039.568 107.205.860 Depreciation and amortisation 225.000.265 394.018.340 485.469.510 112.652.450 109.068.725 Other adjustments 113.887.
Slide 30: Guidance
2020 GUIDANCE Gay,
Slide 31: 2020 Guidance
FINANCIAL HIGHLIGHTS 2020 GUIDANCE REVENUES: TRY 5.259 mn 2020 EBITDA BREAKDOWN EBITDA: TRY 1.445 mn CAPEX: TRY 155 mn African power plants are forecast to account for 72% of the projected EBITDA for 2020. Turkey & In 2020, Bolu Goynuk Thermal Energy Power Plant and Ali TRNC Metin Kazancı Natural Ga
Slide 32: Appendix
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Slide 33: Operational Assets
Operational Assets Power Plant License Owner Fuel Type Installed Capacity (MW) % Northern Cyprus Aksa Cyprus Fuel-oil 153 Ghana Aksa Energy Fuel-oil 370 Mali Aksa Energy Fuel-oil 40 Madagascar Aksa Energy Fuel-oil 66 Total Fuel-Oil Fired Power Plants 629 32% Antalya NGCC Aksa Energy Natural Gas 900
Slide 34: Planned Investments
Planned Investments Power Plant Fuel Type Installed Capacity (MW) Completion Year Uzbekistan Natural Gas 240 2021 Uzbekistan power plant will utilise the existing equipments from Ali Metin Kazancı Antalya Natural Gas Combined Cycle Power Plant, which had left the transmission system following the pa
Slide 35: Contact Investor Relations
Contact Investor Relations Özlem McCann Director Head of Investor Relations and Corporate Communications Ozlem.McCann@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mh. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul
Slide 36: 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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