Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Q1 2019 Earnings Presentation
30 slides from Aksa Enerji Uretim A.s's earnings presentation, May 15, 2019
Slide 1: Transforming into a Global Energy Player
TRANSFORMING INTO A GLOBAL ENERGY PLAYER... EARNINGS PRESENTATION 1Q2019 15 MAY 2019 P O W E R B E Y O N D B O R D E R S
Slide 2: Turkish Market
TURKISH MARKET
Slide 3: Market Highlights: 1Q2019 Key Figures
MARKET HIGHLIGHTS 1Q2019 – Key Figures The share of generation via natural GENERATION BY FUEL TYPE gas decreased from 32% in March 2018 to 19% in March 2019, mainly 5% 9% Lignite & Coal due to the increase in natural gas 36% Natural gas prices and the low spark spread. Hydro Wind On the other hand,
Slide 4: Installed Capacity Changes by Fuel Type
MARKET HIGHLIGHTS Installed Capacity Changes by Fuel Type 1Q2019 – 1Q2018 CAPACITY CHANGES Fossil Renewable MW When new and 1.900 decommissioned capacities 2.500 are netted off, there is an 1.500 941 585 489 increase of 941 MW in hydro, 585 MW in lignite and 500 coal, 489 MW in wind and -18 -500 851
Slide 5: Generation & Consumption
MARKET HIGHLIGHTS Generation & Consumption In 1Q19, electricity generation and consumption decreased by 1.4% and 1.5% respectively. GENERATION (GWh) CONSUMPTION (GWh) 73.111 72.053 72.917 71.793 1Q18 1Q19 1Q18 1Q19 3
Slide 6: Natural Gas Prices vs Spot Energy Prices
MARKET HIGHLIGHTS Natural Gas Prices vs Spot Energy Prices BOTAŞ NATURAL GAS TARIFF (TRY) BOTAŞ increased its tariff in August 1.755 1.700 1.700 1.550 1.550 1.550 1.550 1.550 500 2018 reflecting devaluation in TRY 1.500 450 400 by pegging the prices to USD for the 350 878 878 878 878 1.000 800 800 8
Slide 7: Turkish Operations
TURKISH OPERATIONS OPERATIONS
Slide 8: Turkish Operations – USD based visibility in coal fired PP in 2019
Turkish Operations – USD based visibility in coal fired PP in 2019 • The regulator amended the “Purchase of Electricity from Private Companies Operating Only Domestic Coal-Fired Power Plants” for 2019 and beyond. Hard currency denominated • TRY denominated power purchases of EUAS are now partially p
Slide 9: Turkish Operations
Turkish Operations • Local power plants’ production in 1Q19 was 22% lower YoY due to decreased Peak hour generation volumes in natural gas PPs, as the CCGT PPs were utilised at peak hours to maximise profitability rather than volume. On the coal side, Bolu Göynük CFPP’s at CCGTs along with productio
Slide 10: Overseas Operations - The Tariff Structure
Overseas Operations - The Tariff Structure Hard currency • The tariffs of Aksa Energy’s overseas power plants, including the one in denominated tariffs TRNC and CTA-2 Power Plant, which is operated on behalf of Madagascar, consist of two components. • The first component is the guaranteed purchase t
Slide 11: Overseas Operations - The Tariff Structure
Overseas Operations - The Tariff Structure • Despite potential negative impact of the changing energy demands, seasonality and electricity generation by renewable power plants, the 60% QoQ sales volume contribution of the overseas power plants to Aksa Energy’s profitability increase in Africa. conti
Slide 12: Financial & Operational Highlights 1Q 2019
FINANCIAL & OPERATIONAL HIGHLIGHTS 1Q 2019
Slide 13: 1Q 2019 Results: Sales Breakdown (Turkey + Northern Cyprus)
FINANCIAL HIGHLIGHTS 1Q 2019 Results Sales Breakdown (Turkey + Northern Cyprus) 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh Northern Cyprus 175.664 467 176.518 560 177.510 814 174.622 755 174.854 701 BSM (Spot Market) 2.387.525 184 2.147.836 20
Slide 14: 1Q 2019 Results: Sales Breakdown
FINANCIAL HIGHLIGHTS 1Q 2019 Results Sales Breakdown 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh TURKISH MARKET 2,988,191 301 3,778,091 187 3,226,328 226 4,068,300 273 3,058,963 433 (Including N. Cyprus) AFRICAN 271,364 1,557 432,987 732 255,90
Slide 15: 1Q 2019 Results Snap Shot
FINANCIAL HIGHLIGHTS 1Q 2019 Results Snap Shot QoQ 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 1Q 2018 1Q 2019 YoY Change Change Installed Capacity 2,221 MW 2,221 MW 2,221 MW 1,946 MW 1,946 MW - 2,221 MW 1,946 MW -275 MW Sales Volume (GWh)* 3,778 3,226 4,068 3,060 2,988 -2% 3,778 2,988 -21% Net Sales (T
Slide 16: Rapid improvement in Net Financial Debt/EBITDA ratio
FINANCIAL HIGHLIGHTS 1Q 2019 Results Rapid improvement in Net Financial Debt/EBITDA ratio EBITDA NET FINANCIAL DEBT/EBITDA TRY mn 400 351 9 8,6 350 306 8,3 287 300 8 7,1 233 250 217 7 +118% 6 5,7 200 161 150 5 4,4 4,4 4,1 100 4 3,6 3,3 50 3 0 2 4Q17 1Q18 2Q18 3Q2018 4Q2018 1Q2019 1Q17 2Q17 3Q17 4Q17
Slide 17: 1Q 2019 Results: Regional EBITDA Breakdown
FINANCIAL HIGHLIGHTS 1Q 2019 Results Regional EBITDA Breakdown REVENUES (TRY mn) Although 64% of the revenues are generated from Turkey and 411 TRNC, African power plants 744 generated 67% of the EBITDA in 1Q2019 due to their high margin FX based sales. TURKEY+N.CYPRUS AFRICA EBITDA (TRY mn) 116 235
Slide 18: EBITDA Breakdown by Currency & Fuel
FINANCIAL HIGHLIGHTS 1Q 2019 Results EBITDA Breakdown by Currency & Fuel EBITDA BY FX RATE Hard currency portion of the EBITDA constitutes 70% of the total in 1Q2019. HARD 30% CURRENCY 70% TRY BASED EBITDA BY FUEL TYPE 11% 19% COAL PPA NATURAL GAS 70% 14
Slide 19: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Financial Highlights 1Q 2019 Consolidated Income Statement NET SALES & EBITDA (TRY MN) EBITDA Margin 4.669 EBITDA Margin 1Q18: 21.3 % 3.599 FY17: 13.7% 1Q19: 30.4 % FY18: 22.1% 1.022 1.155 1033 217 351 493 Net Sales EBITDA Net Sales EBITDA 1Q2018 1Q2019 FY2017 FY2018 OPERATING I
Slide 20: Net Financial Debt & Repayment Schedule
FINANCIAL HIGHLIGHTS Financial Highlights 1Q 2019 Net Financial Debt & Repayment Schedule NET FINANCIAL DEBT (TRY mn) 4.000 100% 86% 90% 3.500 76% 67% 65% 80% 3.000 62% 62% 70% 2.500 60% 2.000 50% 1.500 3.692 3.802 40% 2.742 3.086 2.777 30% 1.000 1.781 20% 500 10% 0 0% 5,2 6,2 7,1 5,7 3,6 3,3 2014 2
Slide 21: 2019 Guidance
2019 GUIDANCE
Slide 22: 2019 Guidance
FINANCIAL HIGHLIGHTS 2019 GUIDANCE 2019 EBITDA BREAKDOWN 2019E EBITDA GROWTH (mn TRY) +30% 1339 1033 15% 85% AFRICA TURKEY & N. CYPRUS 2018A 2019E REVENUES: TRY 4835 mn 2019 guidance assumptions EBITDA: TRY 1339 mn No new investments are foreseen in 2019 USD/TRY: 6.23 CAPEX: TRY 80 mn EUR/TRY: 7.10
Slide 23: Appendix
APPENDIX
Slide 24: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Consolidated Income Statement (TRY mn) 31.12.2016 31.12.2017 31.12.2018 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 Net sales 3.178.201.840 3.599.311.868 4.669.249.102 1.022.120.075 1.036.169.391 1.428.214.991 1.182.744.645 1.155.422.198 Cost of sales (2.907.157.616) (3.283.982.668) (3.9
Slide 25: Consolidated Balance Sheet
FINANCIAL HIGHLIGHTS Consolidated Balance Sheet Assets (TRY mn) 31.12.2016 31.12.2017 31.12.2018 31.03.2018 31.03.2019 Cash and cash equivalents 219.364.855 59.577.791 53.026.362 36.898.264 116.463.204 Trade receivables net 219.696.945 759.563.092 1.403.203.217 989.145.792 1.655.650.367 Due from rel
Slide 26: Consolidated Statement of Cash Flow
FINANCIAL HIGHLIGHTS Consolidated Statement of Cash Flow (TRY mn) 31.12.2016 31.12.2017 31.12.2018 1Q 2018 1Q 2019 Net income (loss) before tax -367.623.980 290.120.538 150.478.434 48.309.727 108.039.568 Depreciation and amortisation 191.172.113 225.000.265 394.018.340 90.998.271 112.652.450 Other a
Slide 27: 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 28: Pipeline
Pipeline Power Plant Investment License Owner Fuel Type Capacity (MW) Completion Year Madagascar Greenfield Aksaf Power HFO 54 2021 onwards Total 54 22
Slide 29: 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 Mah. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul
Slide 30: 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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