Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (March 2022)
34 slides from Aksa Enerji Uretim A.s's investor presentation, March 2022
Slide 1: Investor Presentation
Investor Presentation Investor Presentation March 2022 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- 38% OF ELECTRICITY GENERATED FROM RENEWABLE SOURCES Power Generation by Fuel Type 37% 36% 29% 25% 18% 16% 10% 11% 3% 3% 3% 3% 2% 3% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 2M21 2M22 Source: TEİAŞ 5
Slide 6: Monthly Change in Power Consumption
TURKISH ENERGY SECTOR- 6% ANNUAL GROWTH IN POWER CONSUMPTION Monthly Change in Power Consumption 6% 6% January February 2022 VS 2021 Source: TEİAŞ 6
Slide 7: Financial & Operational Highlights YE2021
FINANCIAL & OPERATIONAL HIGHLIGHTS YE2021
Slide 8: Key Highlights – YE21
1.7 BLN TL ANNUAL NET INCOME DRIVEN BY STELLAR OPERATIONAL & FINANCIAL PERFORMANCE Key Highlights – YE21 TL million 4Q21 4Q20 q/q Quarterly- 4Q21 vs 4Q20 Net Sales 5,565 1,963 184% EBITDA 867 408 112% Net Income 866 115 656% Net Financial Debt 4,545 2,632 73% YE21 YE20 y/y Cumulative-YE21 Net Sales
Slide 9: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT 54% Regional Breakdown TL million Domestic Foreign Share of Foreign 10% Quarterly- 4Q21 Net Sales 4,982 583 EBITDA 455 412 48% Profit Before Tax 961 347 27% TL million Domestic Foreign Share of Foreign 13% Cumulative-YE21 Net Sales 12,114 1,773 EBITDA 1,
Slide 10: Regional Breakdown
FX BASED PRICE TARIFFS IN AFRICA AND NORTHERN CYPRUS SUPPORTIVE OF OPERATIONS Regional Breakdown Domestic Foreign Total Quarterly- 4Q21 Sales Volume (GWh) 6,243 343 6,586 Sales Price (TL/MWh) 848 1,840 899 Domestic Foreign Total Cumulative- YE21 Sales Volume (GWh) 20,812 1,040 21,852 Sales Price (TL
Slide 11: Sales Channel Breakdown
ACROSS THE BOARD RECOVERY IN SALES PRICES Sales Channel Breakdown Sales Volume by Channel (YE21) Sales Price by Channel (TL/MWh) Includes 640 GWh & 103 1,832 GWh export to Iraq and Georgia respectively 5% 3% 1,643 712 1,040 GWh 1,268 GWh 29% 6,826 759 GWh 584 638 56% 438 313 276 303 1,172 13,160 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 WITH 90% CAPACITY UTILIZATION Bolu PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 2,120 GWh (YE21) CUR: 90% (YE21) Capacity Payment: 65 MM TL (YE21) EÜAŞ Lignite PPA Price: 471 TL/MWh (4Q21) • Bolu PP sold 66% of its g
Slide 15: Antalya PP Key Highlights
BASE LOAD POWER PLANT WITH ACTIVE PRESENCE IN ANCILIARY SERVICES AS WELL Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation (Gross): 4,899 GWh (YE21) Capacity Payment: 82 MM TL (YE21) CUR: 68% (YE21) Adjusted CUR (*): 83% (YE21) • Base load power plant with hi
Slide 16: Şanlıurfa PP Key Highlights
OPERATIONS AT URFA GAS POWER PLANT RESUMED AS OF AUG’21 Şanlıurfa PP Key Highlights Energy Source: Natural Gas Installed Capacity: 147 MW Generation (Gross): 164 GWh (YE21) CUR: 35% (YE21) • Şanlıurfa Power Plant resumed its operations from Aug’21 onwards driven by favorable market conditions • 99%
Slide 17: 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: 724 GWh (YE21) CUR: 54% (YE21) PPA Price: 1,268 TL/MWh (YE21) Contract Expiry: 2024 (+3 year extension option) • Northern Cyprus PP benefits from USD based
Slide 18: Foreign Operations
FOREIGN OPERATIONS
Slide 19: Foreign Operations at a Glance
ACTIVE IN AFRICA SINCE 2017… Foreign Operations at a Glance AFRICA TOTAL 496 MW* * Does not include CTA-2 Mali 60 MW Ghana 370 MW Madagascar 66 MW CTA-2 19 24 MW
Slide 20: 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 21: 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 22: 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 23: 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 24: Uzbekistan Project - Key Highlights
740 MW POWER PLANTS IN UZBEKISTAN TO BE FULLY OPERATIONAL BY 1Q22 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 on May’20 regarding 240 MW natural gas combined cycle (CC
Slide 25: 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 26: Sustainability
SUSTAINABILITY
Slide 27: 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 28: 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 29: Appendix
APPENDIX
Slide 30: Consolidated Summary Income Statement
ANNEX-1 Consolidated Summary Income Statement 2021 2020 y/y MM TL Net sales 13,887 7,231 92% Cost of sales (11,809) (6,033) 96% Gross Profit 2,079 1,198 74% General & administrative costs (165) (117) 40% Marketing expenses (8) (10) -11% Other operating income 226 14 1507% Other operating expenses (7
Slide 31: Consolidated Summary Balance Sheet
ANNEX-2 Consolidated Summary Balance Sheet 2021 2020 ytd MM TL Cash and cash equivalents 525 314 67% Trade receivables 5,328 2,706 97% Inventories 225 138 63% Total Current Assets 7,129 3,464 106% PP&E 13,038 5,655 131% Intangibles 222 116 92% Total Non-current Assets 13,520 6,039 124% Total Assets
Slide 32: Share Performance
ANNEX-3 Share Performance Aksa Enerji Share Price (Since IPO, TL) 14.00 13.00 Highest share price 12.00 since IPO achieved as of 22 Feb'22 (13.13 TL) 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 160% in 2021 and reached 9.99 TL in Dec31. Aksa Enerji shares
Slide 33: Contact- Investor Relations
Contact- Investor Relations Pınar SAATCIOĞLU Head of Investor Relations 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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