Aksa Enerji Uretim A.s. · BIST:AKSEN

Aksa Enerji Uretim A.s — Aksa Enerji — 9M 2015 Earnings Presentation

25 slides from Aksa Enerji Uretim A.s's earnings presentation, Nov 6, 2015

  1. Slide 1: Aksa Enerji - The leading IPP in Turkey

    Aksa Enerji The leading IPP in Turkey Investor Presentation 6 November 2015

  2. Slide 2: The Sector

    The Sector

  3. Slide 3: Market Highlights - Generation & Consumption

    Market Highlights- Generation & Consumption Generation (GWh) Consumption (GWh) 200.000 200.000 197.325 194.209 192.786 189.091 184.070 179.565 175.000 175.000 150.000 150.000 9M2013 9M2014 9M2015 9M2013 9M2014 9M2015  Electricity generation increased by 2.7% YoY in 9M15 while the consumption increa

  4. Slide 4: Market Highlights - Installed Capacity

    Market Highlights - Installed Capacity  Total installed capacity in Turkey has Hydro; 35% Wind; 6% increased by 2,636 MW Ytd to 72,156 MW in Others; 2% Fuel-oil; 1% 9M2015, representing an increase of 4%. 72,156 MW Natural gas; 35% Coal & Lignite; 21%  The majority of the new capacity came from hy

  5. Slide 5: Market Update - Generation by Type

    Market Update- Generation by Type  Source of electricity generation in 9M15 changed due to heavy rain and snow fall this year, with Generation by type 9M14 vs 9M15 hydros producing 28% of the total generation, as Wind Fuel-Oil opposed to 17% in 9M14. 4% 2% Lignite & Coal Hydro 27%  Capacity utilis

  6. Slide 6: Market Highlights - Prices

    Market Highlights - Prices  Prices – Weighted average prices were weak in 2015, compared to 2014, due to heavy rain and snow fall increasing production from hydroelectric power plants.  Although prices caught up with last year’s in the month of September, 3Q average prices were 12% lower YoY, whil

  7. Slide 7: Market Update - Changes in Market and Trade Volumes

    Market Update- Changes in Market and Trade Volumes  The OTC market is a new platform allowing electricity producers to buy and sell via bilateral agreements amongst them. This is has allowed the production companies a new «bilateral sales» concept in addition to bilateral sales to end users.  In 2

  8. Slide 8: Aksa Enerji - Business Update

    Aksa Enerji- Business Update  Bolu Göynük’s 1st phase (135 MW) became operational in July 2015. 2nd phase (135 MW) is expected to be operational by the year end.  Sebenoba WPP’s extention has been completed and a total of 17 MW installed capacity has become operational in 1H15, increasing the inst

  9. Slide 9: Ghana PPA - To provide fast track USD based cash generation

    Ghana PPA- To provide fast track USD based cash generation  5 year power purchase agreement (PPA) with Republic of Ghana for installation of a 370MW HFO plant, electricity generation and the guaranteed sale of this energy.  Approved by the parliament of Republic of Ghana  Can be extended before t

  10. Slide 10: 2015 Guidance - Financials

    2015 Guidance – Financials  Sales: 12.7 TWh (70% bilateral and 30% BSM sales)  Revenues: TRY 2.5 bn (adjusted)  Average Aksa Price: TRY175-180 (vs expected average market price of TRY140)  CAPEX: USD 170-180mn  EBITDA: TRY 420-430mn 9

  11. Slide 11: 9M 2015

    9M 2015

  12. Slide 12: 9M 2015 Results - Snap Shot

    9M 2015 Results - Snap Shot * Adjusted Adjusted Adjusted YoY Adjusted YoY Q1 2015 H1 2015 9M 2015 Q3 2013 Q3 2014 Q3 2015 Change 9M 2013 9M 2014 9M 2015 Change Installed Capacity (MW) 2.151 2.160 2.192 2.052 2.127 2.192 65 MW 2.052 2.127 2.192 65 MW Sales Volume (GWh) 3.013 5.768 9.925 2.570 2.835 4

  13. Slide 13: 9M 2015 Results - Adjusted

    9M 2015 Results - Adjusted * 1Q 2015 2Q 2015 3Q 2015 1H 2015 9M 2015 MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh Bilateral Agreements (end user) 204.998 171,52 37.305 169,83 195.541 167,36 242.302 171,26 437.843 169,52 Northern Cyprus 170.814 261,78 168.578 295,81 179.794 351,93 339.393 2

  14. Slide 14: Company Highlights - Cost Structure (TL)

    Company Highlights - Cost Structure (TL) Cost Structure vs. Sales Price (9M 2015) Improving Lower Cost Output % of * Renewables TL/MWh Avg. Cost 125 Avg. Sales Price 179.5 Local 19% 17% Sourcing 320 9,925 GWh 280 215 7,591 GWh 240 4.908 49% 184 1.000 200 29 - 368 65% 160 34 140 1.133 120 104 67 80 5

  15. Slide 15: Company Highlights - Sales mix and prices (TL)

    Company Highlights - Sales mix and prices (TL) Capacity 44% 77% (adj) Utilization TWh 9.9 TWh 10 Balancing Market 9 Northern Cyprus Sales Wholesale Bilateral 3.2 BSM 32% 8 to BSM 7 Retail Bilateral 6 4.2 TWh 5 4 Total Contracted 6.7 Contracted 68% 3 86% 3.63.6 Sales BSM 2 1 14% Contracted 0.60.6 0 2

  16. Slide 16: Financial highlights 9M 2015 Consolidated income statement

    Financial highlights 9M 2015 Consolidated income statement Net sales & EBITDA (TL mn) 751 EBITDA Margin 1608 EBITDA Margin 1.510 599 3Q14: 24.7% 9M14: 18.3% 3Q15: 16.1% 9M15: 21.7% 276 349 148 121 Net Sales EBITDA Net Sales EBITDA 3Q14 3Q 15 9M14 9M15 Operating income & Net income (TL mn) 115 246 83

  17. Slide 17: Financial highlights 9M 2015 Net financial debt and repayment schedule

    Financial highlights 9M 2015 Net financial debt and repayment schedule Net financial debt (TL mn) 3.000 75% 80% 61% 62% 70% 2.500 55% 55% 2.541 52% 60% 2.000 50% 1.500 1.781 40% 1.280 1.306 30% 1.000 1.270 1.138 20% 500 10% - 0% 2010 2011 2012 2013 2014 9M15 6.0 4.2 4.0 4.2 5.2 6.1 Net Financial Deb

  18. Slide 18: Financial Highlights 9M 2015

    Financial Highlights 9M 2015

  19. Slide 19: Consolidated income statement

    Consolidated income statement (TL mn) 2011 2012 2013 2014 1Q 2015 1H 2015 9M 2015 Net sales 1315,4 1840,6 1786,0 1957,4 353,4 856,4 1607,6 Cost of sales -1088,0 -1604,0 -1565,9 -1710,8 -295,4 -678,8 -1337,7 Gross profit 227,4 236,6 220,1 246,6 58,0 177,6 269,9 Gross profit margin 17% 13% 12% 13% 16%

  20. Slide 20: Consolidated balance sheet

    Consolidated balance sheet (TL mn) Assets 2012 2013 2014 1Q 2015 1H 2015 9M 2015 Cash and cash equivalents 40,6 22,3 34,2 79,1 31,4 84,8 Trade receivables net 245,9 142,3 88,7 23,8 52,1 80,1 Due from related parties and shareholders 593,9 0,0 4,4 0,0 8,3 0,0 Inventory 135,5 250,0 269,2 292,7 364,9 4

  21. Slide 21: Consolidated statement of cash flows

    Consolidated statement of cash flows (TLmn) 2010 2011 2012 2013 2014 1Q 2015 1H 2015 9M 2015 Net income (loss) before tax 84,7 -116,5 226,5 -156,1 26,6 -113,1 -72,0 -279,3 Depreciation and amortisation 71,7 92,5 105,3 111,8 121,5 32,5 65,5 100,7 Other adjustments 14,7 231,2 -53,1 193,9 82,0 117,7 19

  22. Slide 22: Appendix

    Appendix

  23. Slide 23: Licence Portfolio (Operational)

    Licence Portfolio (Operational) Power Plant License Owner Fuel Type Installed Capacity (MW) % Mardin-1 Aksa Energy Fuel-oil 32 Mardin-2 Rasa Elektrik Fuel-oil 33 Northern Cyprus Aksa Cyprus Fuel-oil 154 İdil (Şırnak) İdil İki Energy Fuel-oil 24 Total Fuel-Oil fired power plants 243 11% Antalya NGCC

  24. Slide 24: Ongoing Investments and Revised Licence Portfolio

    Ongoing Investments and Revised Licence Portfolio Planned Acquisitions from Kazancı Holding Additional Capacity Completion  Planned acquisition from Power Plant Investment License Owner Fuel Type (MW) Year Kazancı Holding:  Datça 12 MW WPP Datça Licenced Kazancı Holding Wind 12 2016 licence 12 Und

  25. Slide 25: Contact - Investor Relations

    Contact- Investor Relations Özlem McCann Head of IR Ozlem.McCann@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mah. Selvi Çıkmazı No:10 Kavacık Beykoz, Istanbul 24

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