Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (October 2021)
34 slides from Aksa Enerji Uretim A.s's investor presentation, October 2021
Slide 1: Investor Presentation
Investor Presentation Investor Presentation October 2021 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 50, BIST CORPORATE GOVERNANCE & BIST SUSTAINABILITY INDEX 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% Cemi
Slide 4: Sector Highlights
SECTOR HIGHLIGHTS
Slide 5: Power Generation by Fuel Type
TURKISH ENERGY SECTOR- 37% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES Power Generation by Fuel Type 34% 32% 31% 29% 18% 19% 8% 9% 4% 4% 3% 3% 2% 2% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 9M20 9M21 Source: TEİAŞ 5
Slide 6: Monthly Change in Power Consumption
TURKISH ENERGY SECTOR- ECONOMIC RECOVERY REFLECTED IN POWER CONSUMPTION SINCE MAR’21 Monthly Change in Power Consumption 27% 19% 12% 12% 12% 6% 0% 0% -2% January February March April May June July August September 2021 VS 2020 Source: TEİAŞ 6
Slide 7: Financial & Operational Highlights 1H2021
FINANCIAL & OPERATIONAL HIGHLIGHTS 1H2021
Slide 8: Key Highlights – 1H21
RECORD - HIGH INCOME POSITIVELY IMPACTED BY RECOVERY IN DOMESTIC OPERATIONS Key Highlights – 1H21 TL million 2Q21 2Q20 q/q Quarterly- 2Q21 vs 2Q20 Net Sales 2,620 1,620 62% EBITDA 616 337 83% Net Income 280 148 90% Net Financial Debt 2,886 2,632 (*) 10% 1H21 1H20 y/y Cumulative-1H21 Net Sales 4,764
Slide 9: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT 59% Regional Breakdown TL million Domestic Foreign Share of Foreign 16% Quarterly- 2Q21 Net Sales 2,190 430 EBITDA 263 353 57% Profit Before Tax 181 237 57% TL million Domestic Foreign Share of Foreign 17% Cumulative-1H21 Net Sales 3,972 792 EBITDA 450 6
Slide 10: Regional Breakdown
FX BASED PRICE TARIFFS IN AFRICA AND NORTHERN CYPRUS SUPPORTIVE OF OPERATIONS Regional Breakdown Domestic Foreign Total Quarterly- 2Q21 Sales Volume (GWh) 5,204 265 5,469 Sales Price (TL/MWh) 428 1,616 485 Domestic Foreign Total Cumulative- 1H21 Sales Volume (GWh) 10,513 467 10,980 Sales Price (TL/M
Slide 11: Sales Channel Breakdown
ACROSS THE BOARD RECOVERY IN SALES PRICES Sales Channel Breakdown Sales Volume by Channel (1H21) Sales Price by Channel (TL/MWh) Includes 294 GWh & 103 GWh export to Iraq and Georgia respectively 4% 3% 1,735 354 467 GWh 1,515 GWh 1,031 35% 3,795 GWh 748 57% 373 363 136 6,228 295 266 267 283 GWh GWh
Slide 12: Domestic Operations
DOMESTIC OPERATIONS
Slide 13: 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 13
Slide 14: Bolu PP Key Highlights
MEETING 1% OF TURKEY’S POWER DEMAND Bolu PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 1,059 GWh (1H21) CUR: 90% (1H21) Capacity Payment: 36 MM TL (1H21) EÜAŞ Lignite PPA Price: 416 TL/MWh (2Q21) Sales Composition: • Bolu PP sold 70% of its generation t
Slide 15: Antalya PP Key Highlights
SIGNIFICANT RECOVERY IN CAPACITY UTILIZATION DUE TO FAVORABLE OPERATING ENVIRONMENT Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation (Gross): 2,455 GWh (1H21) Capacity Payment: 46 MM TL (1H21) CUR: 73% (1H21) • Base load power plant with high efficiency rati
Slide 16: 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: 360 GWh CUR: 54% PPA Price: 1,031 TL/MWh (1H21) Contract Expiry: 2024 (+3 year extension option) • Northern Cyprus PP benefits from USD based guaranteed ca
Slide 17: Foreign Operations
FOREIGN OPERATIONS
Slide 18: Foreign Operations at a Glance
ACTIVE IN AFRICA SINCE 2017… Foreign Operations at a Glance AFRICA TOTAL 493 MW* * Does not include CTA-2 Mali 57 MW Ghana 370 MW Madagascar 66 MW CTA-2 19 24 MW
Slide 19: 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 20: Ghana Key Highlights
LONG TERM INVESTOR VISION IN PLACE… Ghana Key Highlights • Ghana PP benefits from USD based guaranteed capacity COMPLETED IN 9.5 MONTHS charge 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 21: 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 22: Mali Key Highlights
CAPACITY EXTENSION FROM 30 MW TO 50 MW Mali Key Highlights COMPLETED IN 6 MONTHS • Mali PP benefits from EUR based guaranteed capacity charge for 30 MW out of 40 MW installed capacity based on a 3 year Power Purchase Agreement (PPA) renewed with Énergie du Mali on Jan’21 • In Jan’21, contract with M
Slide 23: Uzbekistan Project - Key Highlights
740 MW POWER PLANTS IN UZBEKISTAN TO BE GRADUALLY OPERATIONAL Uzbekistan Project - Key Highlights • 25 year power purchase agreement (PPA) including guaranteed capacity payment in USD terms signed with the Ministry of Energy of Uzbekistan TO BE COMPLETED IN 12 MONTHS on May’20 regarding 240 MW natur
Slide 24: Congo Project - Key Highlights
100 MW GAS POWER PLANT’S OPERATING RIGHTS OBTAINED IN JAN’21 Congo Project - Key Highlights • On 21 January 2021, Aksa Enerji Üretim A.Ş.’s 100% subsidiary Aksa Energy Company Congo has signed a concession agreement with Republic of Congo about obtaining operating rights of a 50 MW natural gas power
Slide 25: Sustainability
SUSTAINABILITY
Slide 26: Sustainability at Aksa Energy
SUSTAINABILITY AT AKSA ENERGY SUSTAINABLE BUSINESS MODEL • Aksa Energy’s stock is trading at BIST Sustainability Index since 2015. • The Company acts with the Responsibility of a Sustainable Business Model for a safe future. • The Company' sustainability approach is based on three pillars - Environm
Slide 27: Sustainability at Aksa Energy
SUSTAINABILITY AT AKSA ENERGY WE ARE COMMITTED TO SUSTAINABLE DEVELOPMENT GOALS! • Aksa Energy prioritizes identifying and managing the significant environmental impacts of the industry, respecting human and employee rights, and contributing to social development in the regions where it operates. •
Slide 28: Appendix
APPENDIX
Slide 29: 2021 Guidance
ANNEX-1 2021 GUIDANCE FINANCIAL INDICATORS 2020 ACTUAL COMPOSITION 2021 GUIDANCE COMPOSITION 20% 27% 80% 73% Net Sales (MM TL) 7,231 Domestic Foreign 7,750 Domestic Foreign 27% 34% 66% 73% EBITDA (MM TL) 1,497 Domestic Foreign 1,764 Domestic Foreign 7% 6% 14% 93% CAPEX (MM TL) 255 Africa Uzbekistan
Slide 30: Consolidated Summary Income Statement
ANNEX-2 Consolidated Summary Income Statement 1H21 1H20 y/y MM TL Net sales 4,764 3,467 37% Cost of sales (3,859) (2,889) 34% Gross Profit 905 578 57% General & administrative costs (47) (59) -20% Marketing expenses (2) (1) 155% Other operating income 12 4 173% Other operating expenses (16) (17) -2%
Slide 31: Consolidated Summary Balance Sheet Statement
ANNEX-3 Consolidated Summary Balance Sheet Statement 1H21 2020 ytd MM TL Cash and cash equivalents 466 314 48% Trade receivables 3,127 2,706 16% Inventories 155 138 12% Total Current Assets 5,242 3,464 51% PP&E 6,430 5,655 14% Intangibles 164 116 42% Total Non-current Assets 6,768 6,039 12% Total As
Slide 32: Share Performance
ANNEX-4 Share Performance Aksa Enerji Share Price (TL, Since IPO) Highest share price since 15.00 14.00 IPO reached on 9 Sep 2021 (14.94 TL) 13.00 12.00 11.00 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 Aksa Enerji shares increased by 96% in 2020 and reached 7.44 TL (mcap: 4.6 bln TL). In 202
Slide 33: 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 34: 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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