Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (December 2020)
30 slides from Aksa Enerji Uretim A.s's investor presentation, December 2020
Slide 1: Investor Presentation
Investor Presentation Investor Presentation December 2020 November 2020
Slide 2: Key Investment Highlights
AKSA ENERGY: AN OUTLIER IN TURKISH ENERGY SECTOR Key Investment Highlights Deep Expertise in Energy Sector Geographically Diversified Portfolio Low Leverage Sustainable Growth Resilient Business Model 2
Slide 3: Shareholder Structure
AKSA ENERGY: LISTED IN BIST 100 SINCE 2010 & BIST SUSTAINABILITY SINCE 2015 Shareholder Structure SHAREHOLDING STRUCTURE OF AKSA ENERGY SHAREHOLDING STRUCTURE OF KAZANCI HOLDİNG A.Ş. Tülay Kazancı, 4.8% Mehmet Kazancı, Free Float, 21% 5.9% Ali Metin Kazancı, Kazancı Holding A.Ş. 29.0% Cemil Kazancı,
Slide 4: Sector Highlights
SECTOR HIGHLIGHTS
Slide 5: Power Generation by Fuel Type
40% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES IN TURKEY Power Generation by Fuel Type 100% 90% 80% 70% 60% 50% 40% 38% 36% 33% 29% 30% 21% 20% 18% 8% 8% 10% 3% 3% 2% 2% 0% Lignite & Coal Hydro Natural gas Wind Geothermal Others 10M2019 10M2020 Source: TEİAŞ 5
Slide 6: Monthly Change in Power Consumption
ECONOMIC RECOVERY REFLECTED IN POWER CONSUMPTION SINCE AUG’20 Monthly Change in Power Consumption 10% 8% 7% 5% 5% 3% 4% 0% 0% Jan Feb March April May June July Aug Sep Oct -1% -2% -5% -10% -15% -15% -17% -20% 2020 VS 2019 Source: TEİAŞ 6
Slide 7: Domestic Operations
DOMESTIC OPERATIONS
Slide 8: Domestic Installed Capacity
MAJORITY OF DOMESTIC INSTALLED CAPACITY BASED ON NATURAL GAS DOMESTIC Domestic Operations at a Glance INSTALLED CAPACITY Bolu-Göynük 1,470 MW 270 MW Natural Gas (2 plants) 1,047 MW Fuel-Oil (1 plant) 153 MW Lignite (1 plant) 270 MW Şanlıurfa* Antalya 147 MW 900 MW Northern Cyprus 153 MW 8 *The elect
Slide 9: Bolu PP Key Highlights
MEETING 1% OF TURKEY’S POWER DEMAND Bolu PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation: 1,413 GWh (9M20) CUR: 80% (9M20) Capacity Payment: 44 MM TL (9M20) EÜAŞ Lignite PPA Price: 359 TL/MWh (3Q20) • Bolu PP sold 72% of its generation to EÜAŞ (state-run Sales Com
Slide 10: Antalya PP Key Highlights
BASE LOAD POWER PLANT WITH INCREASING CUR Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation: 1,980 GWh (9M20) Capacity Payment: 56 MM TL (9M20) CUR: 37% (9M20) • Base load power plant with high efficiency ratio of 59% • Power generation more than 10 x of 2Q20
Slide 11: Şanlıurfa PP Key Highlights
SUSPENSION OF OPERATIONS SINCE AUG’20 Şanlıurfa PP Key Highlights Energy Source: Natural Gas Installed Capacity: 147 MW Generation: 96 GWh CUR: 11% • Şanlıurfa PP operations were suspended in Aug’20 due to high transmission costs • 90% of transmission cost saving was achieved 11
Slide 12: 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: 527 GWh CUR: 52% PPA Price: 733 TL/MWh (9M20) Contract Expiry: 2027 • Northern Cyprus PP benefits from USD based guaranteed capacity charge for 120 MW out
Slide 13: Foreign Operations
FOREIGN OPERATIONS
Slide 14: Foreign Operations at a Glance Africa
ACTIVE IN AFRICA SINCE 2017… Foreign Operations at a Glance AFRICA TOTAL 476 MW* * Does not include CTA-2 Mali 40 MW Ghana 370 MW Madagascar 66 MW CTA-2 14 24 MW
Slide 15: Penetration in Africa
VERY ATTRACTIVE REGION WITH STRONG GROWTH POTENTIAL… Penetration in Africa Ghana Madagascar Mali Population 30.4 mn Population 27.0 mn Population 19.7 mn GDP $ 67 bn GDP $ 14 bn GDP $ 18 bn GDP per capita $ 2,202 GDP per capita $ 522 GDP per capita $ 891 Installed Capacity 5,043 MW Installed Capacit
Slide 16: Ghana Key Highlights
LONG TERM INVESTOR VISION IN PLACE… Ghana Key Highlights • Ghana PP benefits from USD based guaranteed capacity charge COMPLETED IN 9.5 MONTHS for 332 MW out of 370 MW installed capacity based on a 6.5 year power purchase agreement (PPA) signed with Republic of Ghana on Aug’17 • On top of that, PP g
Slide 17: Madagascar Key Highlights
OWNER & OPERATOR IN MADAGASCAR Madagascar Key Highlights • Madagascar PP benefits from USD based guaranteed capacity COMPLETED IN 7 MONTHS charge for 60 MW out of 66 MW installed capacity based on a 20 year Power Purchase Agreement (PPA) signed with the Republic of Madagascar with Jirama, the state-
Slide 18: Mali Key Highlights
RENEWAL NEGOTIATIONS ONGOING Mali Key Highlights • Mali PP benefits from EUR based guaranteed capacity charge for COMPLETED IN 6 MONTHS 30 MW out of 40 MW installed capacity based on a 3 year Power Purchase Agreement (PPA) signed with Énergie du Mali on Nov’17 • Contract with Mali government has bee
Slide 19: Uzbekistan Key Highlights
NEW INVESTMENT IN UZBEKISTAN TO BE OPERATIONAL BY 2021 YE Uzbekistan Key Highlights • 25 year power purchase agreement (PPA) including guaranteed capacity payment in TO BE COMPLETED IN 12 MONTHS USD terms signed with the Ministry of Energy of Uzbekistan on May’20 regarding 240 MW natural gas combine
Slide 20: Financial & Operational Highlights 9M2020
FINANCIAL & OPERATIONAL HIGHLIGHTS 9M2020
Slide 21: Key Highlights – 9M20
STRONG FINANCIAL RESULTS IN A CHALLENGING OPERATING ENVIRONMENT... Key Highlights – 9M20 TL million 3Q20 3Q19 y/y Quarterly- 3Q20 Net Sales 1,801 1,487 21% EBITDA 381 366 4% Net Income 157 121 29% (1) Net Financial Debt 2,857 3,142 -9% 9M20 9M19 y/y Cumulative-9M20 Net Sales 5,268 3,800 39% EBITDA 1
Slide 22: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT A HIGH 67% Regional Breakdown TL million Domestic Foreign Share of Foreign 19% Quarterly- 3Q20 Net Sales 1,464 337 EBITDA 133 248 65% Profit Before Tax 22 164 88% TL million Domestic Foreign Share of Foreign Cumulative-9M20 20% Net Sales 4,203 1,065 EBIT
Slide 23: Regional Breakdown
FX BASED PRICE TARIFFS IN AFRICA AND NORTHERN CYPRUS SUPPORTIVE OF OPERATIONS Regional Breakdown Domestic Foreign Total Quarterly- 3Q20 Sales Volume (GWh) 4,919 187 5,106 Sales Price (TL/MWh) 340 1,891 397 Domestic Foreign Total Cumulative-9M20 Sales Volume (GWh) 15,090 696 15,786 Sales Price (TL/MW
Slide 24: Sales Channel Breakdown
TURKISH MARKET DRIVING VOLUME, AFRICAN MARKET DRIVING MARGINS.. Sales Channel Breakdown Sales Volume by Channel (9M20) Sales Price by Channel (TL/MWh) 1,616 4% 3% 527 1,297 696 GWh GWh 30% 741 733 4,758 GWh 54% 271 308 258 270 246 296 1,255 8,550 GWh GWh 8% Northern BSM (Spot Affiliated OTC&Bilatera
Slide 25: Appendix
APPENDIX
Slide 26: Consolidated Summary Income Statement
ANNEX Consolidated Summary Income Statement 9M2019 9M2020 y/y MM TL Net sales 3,800 5,268 39% Cost of sales (2,996) (4,383) 46% Gross Profit 804 885 10% General & administrative costs (75) (84) 12% Marketing expenses (1) (4) n.m. Other operating income 28 6 -78% Other operating expenses (8) (36) n.m
Slide 27: Consolidated Summary Balance Sheet
ANNEX Consolidated Summary Balance Sheet 2019 9M2020 ytd MM TL Cash and cash equivalents 122 307 153% Trade receivables 1,933 2,770 43% Inventories 284 131 -54% Total Current Assets 2,684 3,488 30% PP&E 5,499 5,846 6% Intangibles 99 122 23% Total Non-current Assets 5,817 6,123 5% Total Assets 8,501
Slide 28: 2020 Share Performance
1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 1/2/2020 1/7/2020 1/10/2020 1/15/2020 1/20/2020 1/23/2020 1/28/2020 1/31/2020 2/5/2020 ANNEX 2/10/2020 2/13/2020 2/18/2020 2/21/2020 2/26/2020 3/2/2020 3/5/2020 3/10/2020 3/13/2020 3/18/2020 3/23/2020 3/26/2020 3/31/2020 4/3/2020 4/8/2020 4/13/2020
Slide 29: Contact- Investor Relations
Contact- Investor Relations Pınar SAATCIOĞLU Head of Investor Relations and Corporate Communications pinar.saatcioglu@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mh. 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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