Akenerji Elektrik Uretim A.S. · BIST:AKENR
Akenerji Elektrik Uretim A.S — Investor Presentation (May 2013)
30 slides from Akenerji Elektrik Uretim A.S's investor presentation, May 16, 2013
Slide 1: Akenerji Elektrik Üretim A.Ş. 2013
AKENERJİ ELEKTRİK ÜRETİM A.Ş. 2013 www.akenerji.com.tr
Slide 2: Company Overview
COMPANY OVERVIEW Private Energy Company 648 MW active power capacity (Natural gas, Hydro and wind) 900 MW natural gas to be operational 2H2014 198 MW hydro at development stage Role in Market • Established in 1989, one of the largest and most experienced players in the market. • Single-handedly
Slide 3: Strong Shareholder Synergy
STRONG SHAREHOLDER SYNERGY AKKÖK GROUP CEZ GROUP One of the biggest industrial groups in Turkey CEZ is the largest Czech corporation, and the largest corporation among 10 new EU member states Active in several sectors with main focus on Chemicals,Energy,Real Estate,Port Operations,IT and Insuranc
Slide 4: Global Trends & Expectations in Energy
GLOBAL TRENDS & EXPECTATIONS IN ENERGY 4
Slide 5: How to Meet the Growing Demand
HOW TO MEET THE GROWING DEMAND Today, with the growth of the economies, demand for energy is increasing. As a result, further investments and diversification of the energy sources seems immanent. With the developed energy markets, unefficient/expensive power plants will be eliminated and efficient/
Slide 6: Demand for Energy Is Driven by Emerging Markets
DEMAND FOR ENERGY IS DRIVEN BY EMERGING MARKETS According to IEA World energy Outlook Report-2011, world primary energy demand will increase by one-third b/w 2010 and 2035. 90% of the projected growth comes from non-OECD It is forecasted that the increased need in baseload economies; capacity
Slide 7: Natural Gas Consumption Expected to Catch Up Coal by 2035
NATURAL GAS CONSUMPTION EXPECTED TO CATCH UP COAL BY 2035 Natural gas is the only fuel to increase its share in the global mix Gas demand increases at an average rate of 1.7% p.a. globally 81% of global gas demand and 70% of global gas production is driven by non-OECD countries Unconventiona
Slide 8: Trends & Expectations in Turkish Energy Market
TRENDS & EXPECTATIONS IN TURKISH ENERGY MARKET 8
Slide 9: Demand Growth & Potential
DEMAND GROWTH & POTENTIAL Electricity consumption is mainly effected by GDP, population growth, urbanization, climate change and efficiency applications. GDP 2011 2012 Turkey 8.5% 2% ; 4% EU 1.4% ; 1.6% -1.2 %;-0.5% Source: IMF, OECD, WB, UN, Govt, It has been historically observed globally that t
Slide 10: Consumption Dynamics
CONSUMPTION DYNAMICS Electricity Consumption Trend 14% 12% 10% In the last 20 years, net electricity consumption increased 8% remarkably with 7 % CAGR. 6% TEIAS forecasts average annual consumption growth of 7 % 4% per year for 2010 to 2019. The consumption growth may be 2% shifted due to the glob
Slide 11: Generation Characteristics
GENERATION CHARACTERISTICS Turkey's Installed Capacity by Generation Companies (MW) 60.000 BO-BOT-TOR and others Private Generation Co. 50.000 Public Generation Co. %17 Fuel Sources Fuel Oil Other 40.000 1% 3% 2011 30.000 %37 Hydro 20.000 23% Natural %45 Gas 10.000 45% 0 1990 1991 1992 1993 1995 199
Slide 12: Yearly & Monthly Growth Trends
YEARLY & MONTHLY GROWTH TRENDS In 2011, consumption increased yoy by 9% and has been 229 MoM increase in 2012 for the eight months is 8% in Turkey. TWh in Turkey. Monthly Electricity Demand in Turkey (TWh) 2009 2010 2011 2012 Yearly Electricity Consumptions of Turkey (TWh) 24 240 23 220 22 200 21
Slide 13: Market Mechanism
MARKET MECHANISM TRY/MWh 200 The official electricity tariff (for residential 180 /commercial/industrial use) is set by the government every 3 months as per APM*. 160 NG tariffs are determined by the government, and 140 adjusted quarterly by APM (the private gas suppliers operate by providing a
Slide 14: Market Liberalization Schedule
MARKET LIBERALIZATION SCHEDULE Turkish Energy Market deregulation is developed after the UK Model and has been proceeding as per below schedule. Privatization & Liberalization should be expected to start to help create a transparent & competitive market environment. Liberalization NG Market The priv
Slide 15: Privatization Overview
PRIVATIZATION OVERVIEW The aim of the GenCo privatizations is to increase the efficiency in the market and provide cheap electricity to the end-user. GenCO DisCO Privatized Pending Cancelled %37 of Turkey’s capacity will be offered to the private sector. Among 21 DisCOs, 3 tenders were cancelled
Slide 16: Akenerji
AKENERJİ 16
Slide 17: Akenerji Highlights
AKENERJİ HIGHLIGHTS Diversified portfolio mix Tripling base load capacity through Egemer by 2014 Experienced trading staff Profitability Margins are effected positively because of renewables in the portfolio The total capacity of 388 MW renewable portfolio enables Akenerji to avoid over 1
Slide 18: Operations and Investments
OPERATIONS and INVESTMENTS Capacity 2%Diversification by 2012 48% 50% Natural Gas Hydro Wind Capacity Operational Power Plants [MW] Investments Capacity [MW] COD Capacity Bozüyük NGPP 132 Diversification by Egemer 900 2014 1% 2014* Kemalpaşa NGPP 127,6 15 Kemah 198 Development Phase Ayyıldız WPP 81
Slide 19: Sales & Pricing Assumptions
SALES & PRICING ASSUMPTIONS Akenerji has 3 main types of customers: direct, and indirect customers, and DUY system. DIRECT-INDIRECT SALES * DUY SALES Tariff for sales to direct and indirect customers are set as a In the DUY Market, since the price is set by the generation company function of the g
Slide 20: Capacity & Sales Forecast
CAPACITY & SALES FORECAST* * These forecasts are based on the licensed investment assumptions given in the previous slides . With the completion of Egemer project, Akenerji’s power generation capacity will increase with a CAGR of 28% by 2014. Average capacity utilisation rate can be considered as
Slide 21: Egemer Highlights
EGEMER HIGHLIGHTS Egemer is a 900 MW, natural gas Combined Cycle Power Plant The projects is the largest investment of Akenerji and tripling the base load capacity One of the most efficient projects in Turkey with a desirable coastal location, located in Erzin/Hatay, in the south of the country
Slide 22: Financing Strategy
FINANCING STRATEGY Akenerji’s Projects are in compliance with international environmental standards which enables access to international financing Akenerji prefers project financing for each SPV • Projects are financed with grace period + minimum 5+ year terms • Competitive pricing • Target Deb
Slide 23: Main Capex Assumptions
MAIN CAPEX ASSUMPTIONS For CAPEX estimations, the following data can be used: 1,2-1,5 mio $/MW for HPPs, 0,75-1 mio $/MW for NG PPs, and 1,5-2 mio $/MW for wind projects. For investment period estimations , the following data can be used: 2 years for WPPs, 2-3 years for NG PPs , and 3 years for HP
Slide 24: Financial Information
FINANCIAL INFORMATION 24
Slide 25: Financial Performance
FINANCIAL PERFORMANCE Net Sales (mio USD) Ebitda (mio USD) 500 447 80 74 63 400 335 60 296 286 300 40 33 34 200 24 100 86 20 0 0 2009 2010 2011 2012 1Q2013 2009 2010 2011 2012 1Q2013 Net Profit (mio USD) 60 45 40 16 20 0 -20 2009 2010 2011 2012 1Q2013 -40 -17 -2 -60 -80 -100 -120 -140 -128 25 (*) :
Slide 26: Profitability Performance
PROFITABILITY PERFORMANCE Yearly Profitability Margins 2002 2003* 2004* 2005 2006* 2007* 2008 2009 2010 2011 2012 1Q2013 EBITDA Margin 17% 18% 13% -5% 0% 9% 15% 11% 9% 19% 17% 39% Net Margin 15% 2% -5% -20% -7% 1% 15% 5% -6% -38% 10% -2% Quarterly Profitability Margins 1Q2010 2Q2010 3Q2010 4Q2010 1Q
Slide 27: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET Size of Balance Sheet (mio USD) 1.584 1.670 1.600 1.400 1.237 1.169 1.200 1.000 1.000 800 600 400 200 0 2009 2010 2011 2012 1Q2013 Debt Structure (mio USD) 2010 2011 2012 1Q2013 Key Ratios 2010 2011 2012 1Q2013 Cash 26 45 97 78 Current Ratio 0,6 0,3 1,1 0,9 Short-term Fina
Slide 28: Stock Performance
STOCK PERFORMANCE 700% - Partnership with CEZ 600% - Egemer and SEDAŞ acquisition 500% DUY market introduction 400% 300% 200% Electricity Prices/Natural Gas Prices 100% Stock Performance IMKB Energy 0% 28
Slide 29: Abbreviations
ABBREVIATIONS MW : Megawatt GW : Gigawatt NG : Natural Gas GDP : Gross Domestic Product CAGR : Compound Annual Growth Rate DUY : Electricity Market Balancing and Settlement Regulation System DISCO : Distribution Companies GENCO : Generation Companies COD : Commercial Operation Date TWh : Terawatthou
Slide 30: Akenerji Investor Relations
AKENERJI INVESTOR RELATIONS Akenerji Elektrik Üretim A.Ş. Gamze DİNÇKÖK YÜCAOĞLU +90 212 249 82 82 Miralay Şefik Bey Sok. gdinckok@akenerji.com.tr No:15 Akhan 34437 Gümüşsuyu İstanbul Nilüfer AYDOĞAN Turkey +90 212 249 82 82 (ext:21130) info@akenerji.com.tr +90 212 393 50 18 naltintasi@akenerji.com.
Akenerji Elektrik Üretim A.Ş. — Investor Presentation (May 2013) on 6ix