Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Aksa Enerji — Investor Presentation (March 2014)
25 slides from Aksa Enerji Uretim A.s's investor presentation, March 2014
Slide 1: Aksa Enerji: The leading IPP in Turkey
Aksa Enerji The leading IPP in Turkey Investor Presentation March 2014
Slide 2: Disclaimer
Disclaimer Aksa Enerji Üretim A.Ş. ("Aksa Enerji") has prepared this presentation material (the “Document”) for the sole purposes of providing information which includes opinions and estimates and certain forward looking projections and statements relating to Aksa Enerji, the Turkish electricity mar
Slide 3: Key investment highlights
Key investment highlights 1 Part of a dedicated energy group 2 Second largest Independent Power Producer (IPP) in Turkey 3 Strong exposure to growing Turkish electricity market 4 Large portfolio with 16 operational assets totalling 2,066 MW 5 Diversified pipeline of 22 projects adding 2,102 MW to ou
Slide 4: We are part of a dedicated energy group
We are part of a dedicated energy group Entered energy business in 1960s with the production of generating sets Focused only on the energy sector since then Kazancı Group Gradually expanded into main segments of electricity & natural gas Excellent track record in building and integrating ene
Slide 5: We are the second largest IPP in Turkey with 2,066MW installed capacity
We are the second largest IPP in Turkey with 2,066MW installed capacity IPPs by Installed Capacity 2.430 2.066 1.605 1.585 1.490 (MW) 952 777 746 410 365 Enerjisa Aksa Enerji İÇDAŞ Limak Eren Enerji Cengiz Zorlu Enerji Akenerji Bis Enerji AES Entek Source: Information obtained from each IPP’s annual
Slide 6: We provide strong exposure to the growing Turkish electricity market
We provide strong exposure to the growing Turkish electricity market 1 Strong Electricity Demand Growth (1) 2 Increasing per Capita Consumption (2) 500 TWh High CAGR – High Demand: 8.4% MWh/pa 450 467 Demand Scenario 9 400 CAGR – Low Demand: 7.1% Low 425 8 350 Demand Scenario 7 300 245 6 250 CAGR: 5
Slide 7: We have 16 assets under operation across Turkey
We have 16 assets under operation across Turkey 1 2 3 AYVACIK AYRES ÇORUM-İNCESU SAMSUN 5 MW 15 MW 131 MW 4 VAN 16 115 MW BALIKESİR KAPIDAĞ 24 MW 15 BALIKESIR ŞAMLI 114 MW Total 2,066 MW 14 MANISA KARAKURT 11 MW 13 MANISA 115 MW ŞIRNAK 5 24 MW 12 ANTALYA 1,150 MW 6 MARDIN-1 33 MW 11 9 8 7 NORTHERN C
Slide 8: Each of our assets has key specifications to fortify our strategy
Each of our assets has key specifications to fortify our strategy A D Baseload Natural Gas Fired PP – Antalya Wind Farms One of the most efficient Located in a favorable wind CCGT plants in Turkey, with corridor to benefit from high a capacity of 1,150 MW with load factors Siemens and GE equipme
Slide 9: We have a diversified pipeline of 22 projects adding 2,102 MW to our portfolio
We have a diversified pipeline of 22 projects adding 2,102 MW to our portfolio Installed Pipeline Capacity 438 MW 2,102 MW 1,153 MW Hydro 15 projects 698 MW Wind 69 MW 3 projects Lignite 1 project 270 MW 474 MW Natural Gas 2 projects 1,041 MW 37 MW 2,052 MW Fuel-oil 1 project 24 MW (1) 2 6 7 8 23 2
Slide 10: We target to reach 3,730 MW by 2017 and create significant cost improvement
We target to reach 3,730 MW by 2017 and create significant cost improvement with our renewables and lignite fired PP pipeline Targeted Capacity Increases in Renewables & Lignite (MW) MW 10% 18% 27% MWh 900 4000 Further (+) 260 MW Hydro 800 3500 pipeline of 185 (+) 83 MW Wind 700 270 3000 (+) 438 MW
Slide 11: We are utilizing our own generation as well as sourcing capabilities to supply our customers
We are utilizing our own generation as well as sourcing capabilities to supply our customers Cost Structure vs. Sales Price (2013) Improving Lower Cost Output % of TL/MWh 168 367 Renewables 6% 15% 20% &Sourcing 320 Total Sales Volume (GWh) 9,784 286 9,109 280 Average Cost: 136 45 240 200 6,181 156 1
Slide 12: Our sales mix is getting more diversified and secure, increasing our capacity utilization
Our sales mix is getting more diversified and secure, increasing our capacity utilization Capacity Utilization 44% 56% 11 9TWh TWh Balancing Market 8 Northern Cyprus Sales Wholesale Bilateral to BSM 2.6 BSM 29% Retail Bilateral 6 4.2 TWh 4 Total 6.5 Contracted 71% 86% BSM 3.6 Contracted 2 Sales 14%
Slide 13: We are shifting bilateral mix towards more profitable commercial clients
At the same time, we are shifting bilateral mix towards more profitable commercial clients Evolution of Eligibility Limit Increasing Contracted Volume Supported by Affiliated Distribution Regions 19.6x # of Bilateral 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 245 610 1,275 24,9
Slide 14: We have increased efficiencies of our CCGT plants and cut our opex
We have successfully increased efficiencies of our CCGT plants and managed to cut our opex to improve our cost base 1 Low Unit Capex 3 Improving Fuel Efficiency US$m/MW US$/MWh 95 312 305 287 403 60% CCGT 0,4 90 89 54% 55% (1) Lignite 1,3 83 50% 76 Wind 1,4 77 74 70 71 44% Hydro 2,2 41% 65 40% 0,0 0
Slide 15: Tailored strategy to create sound and secure profitability
Tailored strategy to create sound and secure profitability Evolution of Capacity and Sales Mix Sales Mix Total Contracted (1) Total Contracted (1) 3,730 MW 14% 29% Lignite Shifting strategy Fortify baseload to become baseload strategy & build cost Hydro producer 71% effective pipeline Wind Total Spo
Slide 16: Financial Highlights
Financial Highlights
Slide 17: Financial highlights: Consolidated income statement
Financial highlights Consolidated income statement Net sales & EBITDA (TL mn) 1.841 1.786 457 2.00 0 22,9% 1.841 1.786 25, 0% EBITDA Margin 433 EBITDA Margin 1.80 0 2012: 17.6% 2012: 15.6% 1.60 0 20, 0% 2013: 17.5% 2013: 15.8% 20,7% 1.315 17,6% 1.40 0 17,5% 1.20 0 15, 0% 1.00 0 912 800 10, 0% 600 30
Slide 18: Financial highlights: Net financial debt and repayment schedule
Financial highlights Net financial debt and repayment schedule Net financial debt (TL mn) 1350 64% 61% 1306 62% 1300 1280 1270 60% 1250 58% 55% 55% 56% 1200 54% 1138 1150 52% 52% 50% 1100 48% 1050 46% 2010 2011 2012 2013 6.0 4.2 4.0 4.2 Net Financial Debt Leverage Ratio Net Financial Debt/EBITDA Rep
Slide 19: Consolidated income statement
Consolidated income statement * (TLm) 2010 2011 2012 2013 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Net sales 911,9 1315,4 1840,6 1786,0 526,9 340,8 540,1 432,8 391,5 400,3 536,7 457,4 Cost of sales -775,5 -1088,0 -1604,0 -1565,9 -431,5 -313,7 -470,7 -388,2 -341,0 -367,1 -448,5
Slide 20: Consolidated balance sheet
Consolidated balance sheet (TL mn) Assets 2010 2011 2012 2013 Cash and cash equivalents 78,3 110,5 40,9 22,3 Trade receivables net 113,0 261,5 245,9 142,3 Due from related parties and shareholders 607,9 360,0 593,9 0,0 Inventory 81,3 121,5 135,5 250,0 Derivative Financial Instruments – – – – Other c
Slide 21: Consolidated statement of cash flows
Consolidated statement of cash flows (TLmn) 2010 2011 2012 2013 Net income (loss) 69,4 -122,0 219,9 -133,3 Depreciation and amortisation 71,7 92,5 105,3 111,8 Other adjustments 13 236,8 -46,4 193,0 Change in w orking capital -67,1 -20,3 -189,4 7,5 Operating cash flow s 87 187,1 89,3 178,9 Purchased
Slide 22: Appendix
Appendix
Slide 23: Operating (Current)
Operating (Current) Installed capacity Power plant Licensed owner Fuel type MW (Current) Mardin 1 Aksa Energy Fuel-oil 30.00 Mardin 2 Rasa Elektrik Fuel-oil 35.10 Northern Cyprus Aksa Cyprus Fuel-oil 120.00 İdil İdil İki Energy Fuel-oil 24.00 Total fuel-oil fired power plants 209.10 Antalya NGCC Aks
Slide 24: Ongoing Investments and Revised Licence Portfolio
Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding Additional Capacity Planned acquisitions from Kazancı Holding Power Plant Investment License Owner Fuel Type (MW) Completion Year Siirt 24 MW operating fuel-oil PP Siirt Operational Kazancı Holding Fuel-O
Slide 25: Turkish power market
Turkish power market Installed Capacity by Fuel Annual Installed Capacity Increases GW CAGR GW 23.2 70 64.0 9.4% 18 57.1 16 60 52.9 49.5 14 11.5 44.8 25,0 12.9% 52% 50 41.8 39% 12 22,0 19,0 40 17,2 10 34% 15,4 6.8 14,2 8 30 4.7 4.3 6 3.4 11.7 2.9 20 39,0 7.4% 4 3.0 48% 33,9 35,0 1,8 29,3 32,3 1.0 3,