Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Q3 2014 Earnings Presentation
28 slides from Aksa Enerji Uretim A.s's earnings presentation, Nov 6, 2014
Slide 1: Aksa Enerji: The leading IPP in Turkey
Aksa Enerji The leading IPP in Turkey Earnings Presentation 6 November 2014
Slide 2: Disclaimer
Disclaimer Aksa Enerji Üretim A.Ş. ("Aksa Enerji") has prepared this presentation material (the “Document”) for the sole purpose 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: Market Highlights- Generation & Consumption
Market Highlights- Generation & Consumption Generation (GWh) ►Electricity generation in 3Q14 increased 70.000 68.000 by 6.9% YoY and by 12.4% QoQ. 66.000 ►Ytd (9M), electricity generation was up by 64.000 62.000 5.3% YoY. 60.000 58.000 56.000 54.000 52.000 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Consumpt
Slide 4: Market Highlights- Generation by type
Market Highlights- Generation by type 9M13 vs 9M14 Wind Fuel-Oil 3% 2% Hydro 17% Fuel-Oil Lignite & Coal Wind 2% 29% 3% Other 1% Hydro 26% Lignite & Coal 25% Other 1% Natural gas 43% Natural gas Inner circle: 9M 2013 48% Outer Circle: 9M 2014 ►Source of electricity generation 9M14 changed due to dro
Slide 5: Market Highlights- Installed Capacity
Market Highlights- Installed Capacity ►Natural gas, followed by hydro capacities continue to dominate the market. ►The installed capacity has gone up by 7% in 2014 so far. Installed Capacity Installed Capacity Breakdown- 9M 2014 MW 30.000 Hydro; 34% 25.000 20.000 15.000 Natural gas; 37% 10.000 Wind;
Slide 6: Market Highlights- Installed Capacity
Market Highlights- Installed Capacity ►Total installed capacity in Turkey has increased by 4,223 MW in 9M14 to 68,230 MW, Capacity Changes (9M2014 vs YE2013) with the majority coming in from coal&lignite and MW Fossil Renewable hydro. 1.607 1.750,0 ►QoQ, there was an increase of 1,206MW in 1.500,0 1
Slide 7: Market Highlights- Prices
Market Highlights- Prices Weighted Average Price (TL) ►Prices – Weighted average prices have 185,0 180,0 176 gone up by 9% YoY in 3Q14 due to the drought 175,0 170,0 166 in Turkey preventing a significant contribution 165,0 162 160 160,0 157 from the hydroelectric power plants and the 155,0 150,0 14
Slide 8: 9M 2014 Results- Snap Shot
9M 2014 Results- Snap Shot * YoY QoQ YoY YoY 2012 2013 Change Q2 2014 Q3 2014 Change Q3 2013 Q3 2014 Change 9M 2013 9M 2014 Change Installed Capacity (MW) 2.045 2.052 7 MW 2.066 2.127 61 MW 2.052 2.127 75 MW 2.052 2.127 75 MW Sales Volume (GWh) 9.784 9.109 -7% 2.298 2.835 23% 2.570 2.835 10% 6.709 7
Slide 9: Our sales mix is getting more diversified and secure, increasing our capacity utilization
Our sales mix is getting more diversified and secure, increasing our capacity utilization Capacity Utilization 44% 61% 8 TWh 7.6 TWh Balancing Market 7 Northern Cyprus Sales 6 Wholesale Bilateral to BSM 2.16 BSM 28% Retail Bilateral 5 4.2 TWh 4 3 3.6 Total 5.43 Contracted 72% 86% BSM 3.6 2 Contracte
Slide 10: Sales breakdown (MWh)
Sales breakdown (MWh) 3Q 2014 vs 2Q 2014 3Q 2014 MW 2Q 2014 MW Renewable Market Renewable Market BSM 1% 2% 36% BSM 11% Regional Sales Regional Sales 3% 1% Northern Cyprus 7% Northern Cyprus Bilateral 6% Agreements 52% Affiliated DisCos 1% Bilateral Agreements Affiliated DisCos 76% 4% -Bilateral sale
Slide 11: Sales breakdown (TL)
Sales breakdown (TL) 3Q 2014 vs 2Q 2014 Renewable Market 3Q14 TL 2Q 2014 TL 0% BSM BSM 7% Renewable Market 39% 1% Regional Sales 3% Regional Sales 11% Northern Cyprus 15% Northern Cyprus 10% Affiliated DisCos Bilateral Agreements Affiliated DisCos 4% 38% 1% Bilateral Agreements 71% -Bilateral sales
Slide 12: We are utilizing our own generation as well as sourcing capabilities to supply our customers
We are utilizing our own generation as well as sourcing capabilities to supply our customers Cost Structure vs. Sales Price (9M 2014) Improving Lower Cost Output % of TL/MWh 175 448 Renewables 20% 18% &Sourcing 320 311 7,591 GWh 31 6,709 GWh 280 Average Cost: 141 240 200 159 160 9 280 120 82 70 80 1
Slide 13: Company Highlights- 9M 2014 Production & Sales
Company Highlights- 9M 2014 Production & Sales ► In 9M14, net sales of the Company has increased by 13% YoY from 6,709 GWh to 7,591 GWh due to the increase in electricity demand, which is coming from a low base and the increase in bilateral agreements. ► 5.43GWh of electricity was sold on a contract
Slide 14: Company Highlights- 9M 2014 Production & Sales
Company Highlights- 9M 2014 Production & Sales ► Capacity utilisation rate has increased by 6 ppts to 61% in 9M14 YoY and by 5ppts compared to YE2013, as the increase in bilateral sales enables the Company to better project future production need and hence help increase the CUR. ► Strong operating p
Slide 15: Company Highlights- Power plants
Company Highlights- Power plants ► Kıyıköy WPP’s provisional ministry acceptance was completed on 12 August 2014, whereby 24MW was added to the generation portfolio. ► Akköy HPP’s (13MW) transfer to Aksa Enerji from Kazancı Holding was approved by EMRA at the end of August. ► With the additions of K
Slide 16: Company Highlights- Bolu lignite power plant to be fully operational in 2015
Company Highlights- Bolu lignite power plant to be fully operational in 2015 ► The construction of Bolu/Göynük lignite fired power plant, which started on 13 July 2012, continues as planned. This plant will have an installed capacity of 270MW and the first phase, 135MW, will be ready for first fire
Slide 17: Company Strategy Going Forward
Company Strategy Going Forward ► The company’s strategy is to increase its local and renewable resources within its production portfolio to decrease its cost base. ► To this end, we are more focused on creating new greenfield lignite fired power plant projects. We are in discussions for 3 new lignit
Slide 18: Catalysts and Key Events- Bolu Göynük Lignite PP
Catalysts and Key Events- Bolu Göynük Lignite PP 1st Phase Near Completion ► An installed capacity of 270MW ► SES CFB boilers & Skoda turbines ► 1st phase, 135MW, to be operational at the beginning of 1Q 2015. ► 2nd phase, 135MW, to be operational at the end of 1Q 2015. ► CAPEX: $350mn ► Annual prod
Slide 19: Financial highlights 9M 2014 Consolidated income statement
Financial highlights 9M 2014 Consolidated income statement Net sales & EBITDA (TL mn) 1.510 599 EBITDA Margin EBITDA Margin 3Q14: 24.7% 1.329 9M14: 18.3% 537 3Q13: 20.9% 9M13: 18.0% 148 112 240 276 Net Sales EBITDA Net Sales EBITDA 3Q13 3Q14 9M13 9M14 Operating income & Net income (TL mn) 183 115 15
Slide 20: Financial highlights 9M 2014 Net financial debt and repayment schedule
Financial highlights 9M 2014 Net financial debt and repayment schedule Net financial debt (TL mn) 1.800 1.688 64% 61% 1.600 62% 1.400 1.280 1.306 60% 1.138 1.270 1.200 60% 58% 1.000 56% 800 54% 55% 55% 600 52% 400 52% 50% 200 48% - 46% 2010 2011 2012 2013 9M14 6.0 4.2 4.0 4.2 4.8 Net Financial Debt
Slide 21: Financial Highlights 9M 2014
Financial Highlights 9M 2014
Slide 22: Consolidated income statement
Consolidated income statement (TLm) 2010 2011 2012 2013 9M 2013 9M 2014 3Q 2013 3Q 2014 Net sales 911,9 1315,4 1840,6 1786,0 1328,6 1509,8 536,7 599,4 Cost of sales -775,5 -1088,0 -1604,0 -1565,9 -1156,6 -1308,6 -448,5 -477,1 Gross profit 136,4 227,4 236,6 220,1 172,0 201,2 88,2 122,3 Gross profit m
Slide 23: Consolidated balance sheet
Consolidated balance sheet (TL mn) Assets 2010 2011 2012 2013 9M 2013 9M 2014 Cash and cash equivalents 78,3 110,5 40,6 22,3 24,2 19,5 Trade receivables net 113,0 261,5 245,9 142,3 253,5 27,8 Due from related parties and shareholders 607,9 360,0 593,9 0,0 0,0 0,5 Inventory 81,3 121,5 135,5 250,0 188
Slide 24: Consolidated statement of cash flows
Consolidated statement of cash flows (TLmn) 2010 2011 2012 2013 9M 2013 9M 2014 Net income (loss) before tax 84,7 -116,5 226,5 -156,1 -60,6 56,8 Depreciation and amortisation 71,7 92,5 105,3 111,8 81,2 89,7 Other adjustments 14,7 231,2 -53,1 193,9 173,5 43,0 Change in w orking capital 18,64 -20,3 -1
Slide 25: Appendix
Appendix
Slide 26: Operating (Current)
Operating (Current) Power Plant License Owner Fuel Type Installed Capacity (MW) Mardin-1 Aksa Energy Fuel-oil 32 Mardin-2 Rasa Elektrik Fuel-oil 33 Northern Cyprus Aksa Cyprus Fuel-oil 120 İdil (Şırnak) İdil İki Energy Fuel-oil 24 Siirt Siirt Akköy Fuel-oil 24 Total Fuel-Oil fired power plants 233 1
Slide 27: Ongoing Investments and Revised Licence Portfolio
Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding Power Plant Investment License Owner Fuel Type Additional Capacity (MW) Completion Year Planned acquisition from Kazancı Holding: Datça Licenced Kazancı Holding Wind 12 2015 Datça 12 MW wind farm licence
Slide 28: Contact- Investor Relations
Contact- Investor Relations Özlem McCann IR Manager Ozlem.McCann@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mah. Selvi Çıkmazı No:10 Kavacık Beykoz, Istanbul 27
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