Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — FY2023 Earnings Presentation
15 slides from Aksa Enerji Uretim A.s's earnings presentation, May 10, 2024
Slide 1: 2023 YE Earnings Presentation
2023 YE EARNINGS PRESENTATION 10 May 2024 1
Slide 2: Key Highlights – YE23
MARGIN RECOVERY DESPITE ONGOING INVESTMENTS Key Highlights – YE23 TL million YE23 YE22 y/y Cumulative- YE23 Net Sales 35,172 87,102 -60% EBITDA 7,901 12,655 -38% Net Income 5,497 5,582 -2% Net Financial Debt 12,645 12,135 4% YE23 YE22 y/y KPIs-YE23 Gross Margin 21% 12% +9 pp EBITDA Margin 22% 15% +7
Slide 3: Regional Breakdown
FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA REACHING 58% Regional Breakdown TL million Domestic Foreign Share of Foreign 22% Cumulative- YE23 Net Sales 27,283 7,890 58% EBITDA 3,290 4,610 84% Profit Before Tax 1,113 6,029 TL million Domestic Foreign Share of Foreign 10% Cumulative-YE22 Net Sales 78,5
Slide 4: Shares of Regions in EBITDA
FOREIGN OPERATIONS’ CONTRIBUTION INCREASING AT FULL PACE Shares of Regions in EBITDA Shares of Regions in EBITDA 70% 58% 60% 51% 49% 50% 42% 40% 30% 20% 10% 0% Domestic Foreign 2022 2023 • Contribution of domestic operations (including Turkey and Northern Cyprus) to EBITDA decreased to 42% from 51%
Slide 5: Price Evolution in Turkish Market
SPOT PRICES STABILISED AT AROUND 2,000 TL/MWh Price Evolution in Turkish Market Average Spot Electricity Prices & Capped Prices (TL/MWh) Price Cap Implementation 5.250 4.501 4.500 3.565 3.653 3.548 3.750 2.636 2.562 2.837 2.633 3.000 3.122 2.368 2.250 2.018 1.895 2.056 2.179 2.078 1.500 2.028 1.767
Slide 6: Antalya PP Key Highlights
ACTIVE PRESENCE IN ANCILIARY SERVICES Antalya PP Key Highlights Energy Source: Natural Gas Installed Capacity: 900 MW Generation (Gross): 3,719 GWh (YE23) Capacity Payment: 163 MM TL (YE23) CUR: 55% (YE23) Adjusted CUR (*): 67% (YE23) • Base load power plant with high efficiency ratio of 59% • 77% o
Slide 7: Bolu Göynük PP Key Highlights
CAPACITY UTILIZATION RATE AT A HIGH 83% Bolu Göynük PP Key Highlights Energy Source: Lignite Coal Installed Capacity: 270 MW Generation (Gross): 1,978 GWh (YE23) CUR: 83% (YE23) Capacity Payment: 60 MM TL (YE23) • 90% of electricity sold via bilateral agreements, 6% via day ahead market and 4% via a
Slide 8: Şanlıurfa PP Key Highlights
RELOCATED TO ENSURE EFFICIENCY Şanlıurfa PP Key Highlights Energy Source: Natural Gas Installed Capacity: 147 MW Generation (Gross): 282 GWh (YE23) CUR: 25% (YE23) • 57% of electricity sold in day ahead market, 42% via anciliary services (secondary frequency control mechanism) and remaining 1% intra
Slide 9: Northern Cyprus PP Key Highlights
USD BASED CAPACITY CHARGE SUPPORTIVE OF MARGINS Northern Cyprus PP Key Highlights Energy Source: Fuel Oil Installed Capacity: 170.5 MW Generation (Gross): 787 GWh (YE23) CUR: 59% (YE23) Contract Expiry: 2038 • Northern Cyprus PP benefits from USD based guaranteed capacity charge. • In July 2023, a 1
Slide 10: Uzbekistan Operations - Key Highlights
SIGNIFICANT CONTRIBUTION FROM UZBEKISTAN Uzbekistan Operations - 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 (CCGT) power plant in Tas
Slide 11: Africa Operations - Key Highlights
FUEL IS PASS THROUGH IN ALL OF OUR OVERSEAS OPERATIONS Africa Operations - Key Highlights • Ghana PP benefits from USD based guaranteed capacity charge for 332 MW out of 370 MW installed capacity. PPA extended for 15 years in Oct’22 • Ghana engine conversion to dual fuel project (heavy fuel oil/natu
Slide 12: Consolidated Summary Income Statement
ANNEX Consolidated Summary Income Statement YE23 YE22 y/y MM TL Net sales 35,172 87,102 -60% Cost of sales (27,957) (76,511) -63% Gross Profit 7,215 10,591 -32% General & administrative costs (786) (569) 38% Marketing expenses (23) (43) -46% Other operating income 475 745 -36% Other operating expens
Slide 13: Consolidated Summary Balance Sheet
ANNEX Consolidated Summary Balance Sheet YE23 YE22 ytd MM TL Cash and cash equivalents 795 1,544 -49% Trade receivables 13,530 15,188 -11% Inventories 896 321 179% Total Current Assets 17,091 18,807 -9% PP&E 35,017 35,283 -1% Intangibles 1,107 741 49% Total Non-current Assets 38,716 36,397 6% Total
Slide 14: Contact- Investor Relations
Contact- Investor Relations Pınar Saatcıoğlu Sena Atay Investor Relations and Investor Relations Sustainability Director Manager Email: investorrelations@aksaenerji.com.tr Phone: +90 216 681 1053 Address: Rüzgarlıbahçe Mh. Özalp Çıkmazı No:10 Kavacık / Beykoz, Istanbul
Slide 15: 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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