Astor Enerji A.s. · BIST:ASTOR
Astor Enerji A.s — FY2023 Earnings Presentation
45 slides from Astor Enerji A.s's earnings presentation, February 2024
Slide 1: Astor Enerji A.Ş. Investor Presentation 2023 End of Year
WHEREVER, WHENEVER ENERGY IS NEEDED ASTOR ENERJI A.Ş. INVESTOR PRESENTATION 2023 End of Year Ankara – February 2024
Slide 2: Content
100TH ANNIVERSARY OF THE REPUBLIC OF TÜRKİYE C CONTENT SINCE 1 COMPANY OVERVIEW 2 OVERVIEW OF ACTIVITIES 3 MARKET OVERVIEW 4 FINANCIAL RESULTS
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: Slide 4
Slide 5: Astor Past To Present
Astor Past To Present Venture into HV switching products market: 170 kV circuit breaker The mechanical factory production. Astor rents Özgüney plants, commissioned Company ventures into machinery and equipment and continues production in the HV reactor market: 2021 170 kV – 400 kV Ankara HV breaker
Slide 6: Public Offering - Stock Exchange
Public Offering - Stock Exchange INTERNATIONAL INDICES BIST Metal NATIONAL S&P INDICES FTSE Goods Global BIST (All Machinery/ BIST IPO BMI Ankara World) Industrial Index Index BIST BIST 100 FTSE Non- BIST 50 RUSSELL Bank BIST 30 (Large Cap) Liquid 10 IPO Price 12.50 TL Total IPO Size 210.000.000 Pcs
Slide 7: Overview
Overview Net Sales and the Advent of EBITDA margin (1) Million $ 40+ Years of Industry Experience 40 700 Founded in 1983, ASTOR produces power and distribution transformers as well as MV- 35 600 34 HV equipment for power generation, transmission, distribution and industrial facilities. 30 28 26 500
Slide 8: Organizational Structure
Organizational Structure Marketing Manager Risk Management and Budget Reporting Manager
Slide 9: Overview of Activities
Overview of Activities
Slide 10: Production Facilities
Production Facilities 01 02 03 05 Power Transformers Distribution Transformers MV/HV Equipment Mechanical Factory • 15.000 m2 indoors • 14.000 m2 indoors • 26.000 m2 indoors • 10.000 m2 indoors (Distribution Transformer) • 65% of capacity utilized • 97% of capacity utilized • 96% of capacity utilize
Slide 11: R&D
R&D High product quality, operational efficiency and R&D-driven innovation. Among the largest 250 industrial companies based in Türkiye, ASTOR ranks the 40th in terms of R&D expenditures(1). According to the results of the OSBÜK 2022 survey (OIZ Executive Committee), ASTOR ranks the 8th in the categ
Slide 12: Product Groups
Product Groups POWER TRANSFORMERS MV AND HV SWITCHING DISTRIBUTION TRANSFORMERS EQUIPMENT • 170 kV Shunt Reactor • 7,5 MVA furnace transformer • 40,5 kV Metal Clad • 132 kV Mobile Transformer 5 Phases with Motorized Control • 36 kV 630 ve 1.250 A SF6 Gas Disconnector and Separator • 800 kV Power Tra
Slide 13: Product Groups Product Portfolio
Product Groups DISTRIBUTION TRANSFORMERS POWER TRANSFORMERS MV SWITCHING HV SWITCHING Product Portfolio Compact/Metal Transformer Switches/Circuit Breakers Centers Oil Type Dry Type Shunt Reactors Metal-Enclosed Metal Clad Serial Reactors Industrial/Special Equipment Equipment HV Live Tank Circuit B
Slide 14: Customer Categories
Customer Categories DOMESTIC MARKET CUSTOMER CATEGORIES TURKISH ELECTRICITY TRANSMISSION CORP.(TEİAŞ) ELECTRICITY DİSTRIBUTION COMPANIES INDUSTRIAL FACILITIES, ELECTRICITY BRANCHES EXPORT MARKETS THE ELECTRICITY GENERATION CORP.(EÜAŞ) PRODUCTION FACILITIES AND OTHER • Public institution responsible
Slide 15: Customer References
Customer References Turkish Electricity Transmission Corp. (TEİAŞ) Industrial Facilities, Electricity Production Facilities and National Distribution Contractor Companies The Electrıcity Generation Corp. (EÜAŞ) Other Companies Power Distribution Companies D D • A long-term solid and strong commercia
Slide 16: Silent Voyage of Energy
Silent Voyage of Energy ASTOR CHARGE Sector Astor Share % Number of Electric Vehicles in Türkiye AC 10.475 75 0,7 78.654 DC (Socket) 4.987 240 4,8 Total 15.462 315 2,0 Source : EPDK - January 2024 %706 %188 %237 Number of licensed companies : 168 %528 %190 Number of operational companies : 128 %195
Slide 17: Astor Charge
ASTOR CHARGE Electric Vehicle Charging Network Management License was obtained from EMRA on 23 June 2022. The installation of a 302 Slot charging stations was completed in 31 provinces. In 2022, 750 thousand $ were invested. In 2023, 10 Million $ were invested. Investment objective for 2024 is 20 Mi
Slide 18: SPP Investments
SPP Investments The SPP investment with a capacity of 14 Mwe, which we started to invest in Ankara - Bala in 2023, was completed. With the obtainment of the necessary permits, it will be commissioned in the 1st quarter of 2024. Together with the 6.6 MW Rooftop SPP, we will continue our activities in
Slide 19: Market Overview
Market Overview
Slide 20: Transformer Market
Transformer Market Current State of Global Transformer Market • As the energy production and consumption increase worldwide, the rising need for energy equipment and the Global Transformer Market (billion USD) demand for transformers are no exception. • Today, there is no alternative technology or p
Slide 21: Current State of Global Transformer Market
Current State of Global Transformer Market • With ever-increasing • Energy efficiency initiatives • Rising electricity demands • Especially in North population, a global aiming to reduce losses in in tandem with increased America and Europe, first inclination towards clean distribution and infrastru
Slide 22: Regional Overview Of Key Market
• Asia Pacific • East and Southeast Asia • North America The Biggest Regional Overview • Middle East and Africa • Asia Pacific Of Key Market The Fastest Growing • CIS • North America • Asia Pacific • Europe The Most Advanced
Slide 23: Türkiye's Transformer Market
Türkiye's Transformer Market Market Growth Overview - Türkiye CAGR +%5,4 CAGR Transformer Market Value - Türkiye (USD mio) +%5,9 2.616 2.428 2.453 2.453 2.159 2.177 2.015 2.035 2.008 2.068 1.991 2.131 1.861 1.820 1.694 1.822 1.246 1.161 1.142 1.170 1.025 1.023 1.016 1.120 791 717 680 651 687 600 637
Slide 24: Türkiye's Market Dynamics
• The market is expected to grow between 6-7% (2022-2026). The transformer installed capacity of 737 thousand MVA is expected to reach 903 thousand MVA in 2026 with 7% growth. • The Türkiye’s market size, which was approximately 2 billion USD in 2021, is expected to reach 2.4 in 2024 and approximate
Slide 25: Financial Outlook 2023
2023 Financial Outlook
Slide 26: Financial Outlook
* Financial Outlook Strong, stable inflation-adjusted growth in sales and profitability Million ₺ 2022 - 2023 Difference P&L 2022 2023 Amount (%) Net Sales 13.783,5 16.914,4 3.130,9 22,7% Cost of sales (9.598) (10.437) (839) 9% Gross Profit 4.185,3 6.477,4 2.292,1 54,8% Gross Profit Margin % 30,4 38
Slide 27: Sales And Profitability
Sales And Profitability 13.784 16.914 Million ₺ %38 Net Sales %23 GrossGross Profit Profit Margin %34 Annual Growth Gross profit margin %30 % 21 %134 7.392 %34 6.477 % 22 %118 3.154 4.185 %28 1.449 % 18 %29 2.486 % 19 % 81 % 82 % 78 %79 % 66 425 884 2020 2021 2022 2022 2023 2020 2021 2022 2022 2023
Slide 28: Balance Sheet
Balance Sheet 2022 2023 18.754 59% Asset growth in 2023 13.034 11.811 Increasing liquid assets strengthen the capacity to meet financial obligations and secure the liquidity position. 8.528 5.929 4.248 The share of stocks in assets is 8%. 3.082 2.433 2.129 1.512 1.055 849 Short-term borrowings decre
Slide 29: Regional Export Shares
Regional Export Shares 47,5% Europe 25,1% Middle East & North Africa 2.7% 9,6% Africa 47.5% 8,1% Export Registered Sales 3,7% 2.7% United Kingdom 8,1% 3,7% Middle East & Caucasus 25,1% 1,7% Asia Pacific - South America 1,6% Other 9,6% Export to Revenue Ratio 34% 50% 2023 Medium Term Presenting share
Slide 30: Sales
Sales OUR SALES TARGET FOR 2024 826 MILLION USD Sales Growth Rates Compared to the International Sales/Net Sales Previous Year : increased from 21% at the end of Net Sales …: %23 2022 to 34% in 2023. Domestic Sales …: %3 Domestic - Foreign Sales Foreign Sales …: %96 Foreign 34% 16.914 13.784 D
Slide 31: Sales by Product Groups
Sales by Product Groups Million TL 16.914 11.163 7.508 5.751 4.947 5.066 2.561 2.810 2.736 2.867 2.257 1.058 1.308 130 249 Dağıtım Distribution Güç Power HV/MV YG/OG Switching Anahtarlama SalesMal Ticari of Commercial Sat. Diğer TOTAL TOPLAM Goods and Other İhracat Export Yurt içi Domestic Toplam To
Slide 32: Net Financial Indebtedness
Net Financial Indebtedness Strong financial structure against market risks Strong capital and Equity, 1.500,0 1,4 Sustainable profitability, 1.000,0 1,3 1,2 1,2 1,0 500,0 1.039 1.083 Solid financial assets supported by 506 770 0,8 cash cycles, 0,0 0,6 2020 2021 2022 2022 2023 -500,0 0,4 0,4 0,
Slide 33: Financial Indebtedness
Financial Indebtedness Loans - Maturity • TL Loans decreased by 47% to 904 million TL and 2.500 2.118 FX Loans decreased by 63% to 7.5 million €. 2.000 Long-term investment loans are redeemed on date of maturity. 1.500 1.270 1.285 1.147 • Cost-effective financing opportunities are being 1.000 731 ev
Slide 34: Equity Growth
Equity Growth We are steadily maintaining strong equity growth. 12.239 • Our shareholders' equity, 6.7 bn TL in 2022, increased by 83% to 12.1 bn TL in 2023. % 83 • Powered by strong and sustainable profitability structure, shareholders' equity continued to grow in the current 6.685 period. • Paid C
Slide 35: Net Working Capital
Net Working Capital Million TL The positive trend observed in Net Working Capital continues. 13.034 * The strong upward trend in our current assets continues. 8.528 The proportional and absolute increase in short-term liabilities were 6.401 lower compared to the increase in current assets. 5.029 4.8
Slide 36: Financial And Liquidity Ratios
Financial And Liquidity Ratios Kaldıraç Oranı Kısa Vadeli Yükümlülükler/Toplam Varlıklar Uzun Vadeli Yükümlülükler/Toplam Varlıklar (Toplam Yükümlülükler/Toplam Varlıklar) 0,57 0,47 0,2 0,67 0,66 0,46 0,41 0,48 0,34 0,43 0,35 0,08 0,03 0,03 0,01 2020 2021 2022 2022 2023 2020 2021 2022 2022 2023 2020
Slide 37: Currency Risk Management
Currency Risk Management • Taking into account the developments in the market and * 3.039 economic indicators, the state of 2.668 and the cash flow in foreign currency are constantly analyzed to develop foreign exchange risk management policies. 1.979 1.619 1.514 • Products designed to hedge FX 1.10
Slide 38: Number Of Employees
Number Of Employees We continue to grow with our qualified employees. Employee Distribution • In 2022, the number of employees increased from 1,531 to 1,954 with an increase of 27% and 423 employees. White Collar; • Our ratio of female employees is 32% in white collars, 10% in blue collars and 14% i
Slide 39: Targets (2024-2025)
Targets (2024 -2025) Turnover Target : 1 bn. USD 2024 - 826 Mio. USD - % 40 2025 - 1.013 Mio. USD - % 23 Million USD 1.013 826 Export Target: 512 Mio. USD 575 Export Share 512 501 380 400 426 48% 51% 195 33% 2023 2024 2025 Yurt Dışı Satışlar Foreign Sales Yurt İçi Satışlar Domestic Sales Hasılat Rev
Slide 40: 31 December 2023 Balance Sheet and Income Statement
31 December 2023 Balance Sheet and Income Statement Inflation accounting-applied and independently audited financial data were taken as reference.
Slide 41: Assets
Assets* Million TL Past period Current period Audited Audited Difference Share ASTOR ENERJİ A.Ş. independently independently 31 Dec 2022 31 Dec 2023 Amount % % Assets Current Assets Cash and cash equivalents 236 1.682 1.447 614 9,0 Financial investments 613 1.400 787 128 7,5 Trade receivables - Comm
Slide 42: Liabilities
Liabilities Million TL Past Period Current Period Audited Audited Difference Share ASTOR ENERJ İ A.Ş. independently independently 31 Dec 2022 31 Dec 2023 Amount % % L iabilities Short term liabilities Short term borrowings 1.669 873 (796) (48) 4,7 Short term portion of long term borrowings 187 189 2
Slide 43: Statement of Income
Million TL Statement of ASTOR ENERJİ A.Ş. Past Period Current Period Difference Amount % Income* Revenue 1 Jan. – 31.Dec.2022 13.784 1 Jan. – 31.Dec.2023 16.914 31.Ara.23 - 31.Ara.22 3.130,9 22,7 Cost of sales (-) (9.598) (10.437) (838,8) 8,7 Gross Profit 4.185 6.477 2.292,1 54,8 General Administrat
Slide 44: Legal Liability
Legal Liability With the Capital Markets Board Newsletter dated 28.12.2023 and numbered 2023/81, it has been announced to the public that issuers and capital market institutions subject to the financial reporting regulations of the Capital Markets Board are to implement inflation accounting by apply
Slide 45: Contact Information of Investor Relations
100TH ANNIVERSARY OF THE REPUBLIC OF TÜRKİYE Contact Information of Investor Relations yatirimci.iliskileri@astoras.com.tr