Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — 9M 2019 Earnings Presentation
29 slides from Aksa Enerji Uretim A.s's earnings presentation, Nov 6, 2019
Slide 1: Transforming into a Global Energy Player - Earnings Presentation
TRANSFORMING INTO A GLOBAL ENERGY PLAYER... EARNINGS PRESENTATION 6 NOVEMBER 2019 P O W E R B E Y O N D B O R D E R S
Slide 2: Turkish Market
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Slide 3: 9M 2019 Key Figures
MARKET HIGHLIGHTS 9M 2019– Key Figures GENERATION BY FUEL TYPE Generation via natural gas Hydro Wind 33% 8% decreased by 13 ppts YoY mostly Others 4% due to the low spark spread. Fuel Oil 1% On the other hand, generation from hydro made up for this Natural gas decrease by increasing 11 ppts YoY 18%
Slide 4: Installed Capacity Changes by Fuel Type
MARKET HIGHLIGHTS Installed Capacity Changes by Fuel Type 9M2019 – 9M2018 CAPACITY CHANGES Fossil Renewable 1.209 When new and 1.400,00 decommissioned capacities 1.200,00 1.000,00 739 609 are netted off, there is an 800,00 338 increase of 739 MW in 600,00 216 400,00 lignite&coal, 609 MW in 200,00 wi
Slide 5: Generation & Consumption
MARKET HIGHLIGHTS Generation & Consumption In 9M2019, electricity generation and consumption decreased by 0,7% and 0,9% respectively. GENERATION (GWh) CONSUMPTION (GWh) 221.063 219.617 221.021 218.953 9M2018 9M2019 9M2018 9M2019 3
Slide 6: Natural Gas Prices vs Spot Energy Prices
MARKET HIGHLIGHTS Natural Gas Prices vs Spot Energy Prices BOTAŞ NATURAL GAS TARIFF (TRY) 500 1800 450 1755 1700 1700 There was a 3% decrease in natural gas 400 1550 1550 1550 1550 1550 1550 1550 1550 1650 1650 1600 prices in September, which did not quite 350 1300 reflect into spot energy prices. 3
Slide 7: Turkish Operations
TURKISH OPERATIONS OPERATIONS
Slide 8: Turkish Operations – Bolu CFPP/Antalya CCGT/Şanlıurfa CCGT
Turkish Operations – Bolu CFPP/Antalya CCGT/Şanlıurfa CCGT Peak hour generation • Local power plants’ production in 9M19 was 10.137 GWh, 4% lower YoY, since: at CCGTs along with o Bolu Göynük CFPP was in planned maintenance between April-June, one high margin coal unit at a time. fired generation o
Slide 9: Turkish Operations – Bolu Coal Fired PP Benefits from High Price Scheme
Turkish Operations – Bolu Coal Fired PP Benefits from High Price Scheme The YoY increase in spot energy prices improved the profitability of our local coal fired power plant, EÜAŞ PURCHASE TARIFF vs AVG SPOT PRICES (TRY) Bolu Goynuk, significantly. We sell about half of our production to the 350 317
Slide 10: Overseas Operations - Ghana/Madagascar/Mali/TRNC
Overseas Operations- Ghana/Madagascar/Mali/TRNC • Despite potential negative impact of the changing energy demand, seasonality and electricity generation by renewable power plants, the contribution of the overseas power plants to Aksa Energy’s profitability 90 MW increase in continues to be high, as
Slide 11: Financial & Operational Highlights 9M 2019
FINANCIAL & OPERATIONAL HIGHLIGHTS 9M 2019
Slide 12: Sales Breakdown (Turkey + Northern Cyprus)
FINANCIAL HIGHLIGHTS 9M 2019 Results Sales Breakdown (Turkey + Northern Cyprus) 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 9M 2018 9M 2019 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh Northern 529.692 614 530.048 741 177.510 814 174.622 755 174.854 701 175.484 777
Slide 13: Sales Breakdown
FINANCIAL HIGHLIGHTS 9M 2019 Results Sales Breakdown 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 9M 2018 9M 2019 MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh MWh TRY/MWh TURKISH MARKET 4.068.300 273 3.058.963 273 2.988.191 301 3.577.429 275 4.101.233 289 11.072.719 230 10.666.
Slide 14: 9M 2019 Results Snap Shot
FINANCIAL HIGHLIGHTS 9M 2019 Results Snap Shot QoQ 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 9M 2018 9M 2019 YoY Change Change Installed Capacity 2.221 MW 1.946 MW 1.946 MW 1.946 MW 1.946 MW -- 2.221 MW 1.946 MW 275 MW Sales Volume (GWh) 4.221 3.229 3.260 3.871 4.323 12% 11.914 11.453 -4% Net Sales (T
Slide 15: Rapid improvement in Net Financial Debt/EBITDA ratio
FINANCIAL HIGHLIGHTS 9M 2019 Results Rapid improvement in Net Financial Debt/EBITDA ratio EBITDA (TRY mn) NET FINANCIAL DEBT/EBITDA 450 +117% 10 402 400 7,8 351 350 8 7,3 350 306 6,6 300 277 5,6 6 250 233 217 4,4 4,4 4,1 200 3,6 161 4 3,3 2,8 2,6 150 100 2 50 - 0 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3
Slide 16: Net Financial Debt – Notable Decrease in USD Terms
FINANCIAL HIGHLIGHTS 9M 2019 Results Net Financial Debt – Notable Decrease in USD Terms Aksa Energy’s net financial debt NET FINANCIAL DEBT (USD mn) decreased from USD 860 mn in YE2015, when the decision to expand to Africa was taken, to USD 736 mn in YE2017 through 860 26% decrease asset sales. 780
Slide 17: Regional EBITDA Breakdown
FINANCIAL HIGHLIGHTS 9M 2019 Results Regional EBITDA Breakdown REVENUES (TRY mn) Although 73% of the revenues 1.019 are generated from Turkey and TRNC, African power plants generated 65% of the EBITDA in 2.781 9M2019 due to their high margin FX based sales. Turkey + Northern Cyprus Africa EBITDA (TR
Slide 18: EBITDA Breakdown by Currency & Fuel
FINANCIAL HIGHLIGHTS 9M 2019 Results EBITDA Breakdown by Currency & Fuel EBITDA BY FX RATE Hard currency portion of the EBITDA constitutes 72% of the total in 9M2019. 28% TRY BASED HARD CURRENCY 72% EBITDA BY FUEL TYPE 9% 19% Coal PPA Natural Gas 72% 14
Slide 19: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Financial Highlights 9M 2019 Consolidated Income Statement NET SALES & EBITDA (TRY MN) EBITDA Margin EBITDA Margin 1.428 1.487 3.800 3Q18: 21% 3.487 9M18: 22% 3Q19: 24% 9M19: 29% 1.103 306 350 756 Net Sales EBITDA Net Sales EBITDA 3Q2018 3Q2019 9M2018 9M2019 OPERATING INCOME & N
Slide 20: Net Financial Debt & Repayment Schedule
FINANCIAL HIGHLIGHTS Financial Highlights 9M 2019 Net Financial Debt & Repayment Schedule NET FINANCIAL DEBT (TRY mn) 4.000 90% 3.500 80% 3.000 85% 70% 2.500 76% 60% 62% 62% 67% 64% 62% 50% 2.000 61% 40% 1.500 30% 1.000 20% 500 1.781 2.501 2.744 2.777 3.692 3.802 3.780 3.618 10% - 0% 5,2 5,6 6,3 5,6
Slide 21: Guidance
2019 GUIDANCE
Slide 22: 2019 Guidance
FINANCIAL HIGHLIGHTS 2019 GUIDANCE 2019 EBITDA BREAKDOWN 2019E EBITDA GROWTH (mn TRY) +30% 1.339 236 15% 1.103 9M2019A 85% 1.033 AFRICA TURKEY & N. CYPRUS 2018A 2019E REVENUES: TRY 4.835 mn 2019 guidance assumptions EBITDA: TRY 1.339 mn No new investments are foreseen in 2019 USD/TRY: 6.23 CAPEX: TR
Slide 23: Appendix
APPENDIX
Slide 24: Consolidated Income Statement
FINANCIAL HIGHLIGHTS Consolidated Income Statement (TRY mn) 31.12.2017 31.12.2018 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 Net sales 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 1.157.543.009 1.486.920.923 Cost of sales (3.283.982.668) (3.
Slide 25: Consolidated Balance Sheet
FINANCIAL HIGHLIGHTS Consolidated Balance Sheet Assets (TL) 31.12.2017 31.12.2018 31.03.2019 30.06.2019 30.09.2019 Cash and cash equivalents 59.577.791 53.026.362 116.463.204 91.628.426 131.910.302 Trade receivables net 759.563.092 1.403.203.217 1.655.650.367 1.928.922.870 1.988.589.860 Due from rel
Slide 26: Consolidated Statement of Cash Flow
FINANCIAL HIGHLIGHTS Consolidated Statement of Cash Flow (TRY mn) 31.12.2017 31.12.2018 31.03.2019 30.06.2019 30.09.2019 Net income (loss) before tax 290.120.538 150.478.434 108.039.568 228.629.352 349.583.759 Depreciation and amortisation 225.000.265 394.018.340 112.652.450 229.365.177 357.477.704
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: 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 29: 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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