Akenerji Elektrik Uretim A.S. · BIST:AKENR
Akenerji Elektrik Uretim A.S — Investor Presentation (2016)
26 slides from Akenerji Elektrik Uretim A.S's investor presentation, 2016
Slide 1: Akenerji Elektrik Üretim A.Ş. 2016
AKENERJİ ELEKTRİK ÜRETİM A.Ş. 2016 www.akenerji.com.tr
Slide 2: Akenerji
AKENERJI 2
Slide 3: Company Overview
COMPANY OVERVIEW Private Energy Company 1.211 MW active power capacity (Natural gas, Hydro and wind) 198 MW hydro at development stage 904 MW CCGT launched in 2014 Role in Market • Established in 1989, one of the largest and most experienced players in the market. • Single-handedly produces 1% o
Slide 4: Strong Shareholder Synergy
STRONG SHAREHOLDER SYNERGY AKKÖK GROUP CEZ GROUP One of the biggest industrial groups in Turkey CEZ is the largest Czech corporation, and the largest corporation among 10 new EU member states Active in several sectors with main focus on Chemicals,Energy,Real Estate,Port Operations,IT and Insuranc
Slide 5: Akenerji Highlights
AKENERJI HIGHLIGHTS Diversified and flexible portfolio mix Giant base load capacity increase through Egemer by 2014 Experienced trading staff Profitability Margins are effected positively because of renewables in the portfolio The total capacity of 307 MW renewable portfolio enables Akener
Slide 6: Operations and Investments
OPERATIONS and INVESTMENTS Kemah HPP project , which has 198 MW capacity is in the development phase. Operational Power Plants Capacity [MW] Capacity Diversification by Egemer CCGT 904 2015 24% Ayyıldız WPP 15 Bulam HPP 7 Uluabat HPP 100 1% Burç HPP 28 Feke I HPP 30 Feke II HPP 70 75% Himmetli HPP 2
Slide 7: Sales & Pricing Assumptions
SALES & PRICING ASSUMPTIONS Akenerji has 3 main types of customers: eligibles, wholesale customers, and DUY system. ELIGIBLE SALES DUY SALES Tariff for Eligible customers is set as a function of the In the DUY Market, since the price is set by the generation company government’s tariff. Akenerji a
Slide 8: Capacity & Sales Development
CAPACITY & SALES DEVELOPMENT With the completion of Egemer project, Akenerji’s power generation capacity has increased to 1.292 MW. In 2013 (an average year in terms of precipitation), average capacity utilisation rate calculated as 32 % for hydro, 35% for wind power plants. Egemer has started
Slide 9: Egemer Highlights
EGEMER HIGHLIGHTS Egemer is a 904 MW, natural gas Combined Cycle Power Plant The projects is the largest investment of Akenerji One of the most efficient projects in Turkey with a desirable coastal location, located in Erzin/Hatay, in the south of the country The project has been operational in
Slide 10: Trends & Expectations in Energy Market
TRENDS & EXPECTATIONS IN ENERGY MARKET 10
Slide 11: Demand for Energy is Driven by Emerging Markets
DEMAND FOR ENERGY IS DRIVEN BY EMERGING MARKETS According to IEA World energy Outlook Report-2011, world primary energy demand will increase by one-third b/w 2010 and 2035. 90% of the projected growth comes from non-OECD It is forecasted that the increased need in baseload economies; capacity
Slide 12: Demand Growth & Potential
DEMAND GROWTH & POTENTIAL Electricity consumption is mainly effected by GDP, population growth, urbanization, climate change and efficiency applications. GDP 2011 2012 2013 (1) Turkey 8.8% 2.2% 4.0% EU 1.6% -0.7% -0.4 % Source: IMF, OECD, WB Increasing electricity demand and growth rates tends to
Slide 13: Consumption Dynamics
CONSUMPTION DYNAMICS Electricity Consumption Trend 14% In the last 20 years, electricity consumption increased 12% remarkably with 6% CAGR. 10% TEIAS forecasts average annual consumption growth of 5,5 % 8% per year for 2010 to 2019. The consumption growth may be 6% shifted due to the global crises
Slide 14: Yearly & Monthly Growth Trends
YEARLY & MONTHLY GROWTH TRENDS Yearly Electricity Consumptions of Turkey (TWh) Monthly Electricity Demand in Turkey (TWh) 260 27 240 2015 2014 2013 26 220 25 200 24 23 180 22 160 21 140 20 120 19 100 18 2008 2010 2000 2001 2002 2003 2004 2005 2006 2007 2009 2011 2012 2013 2014 2015 17 Jan Feb Mar Ap
Slide 15: Generation Characteristics
GENERATION CHARACTERISTICS Turkey's Installed Capacity by Generation Companies (MW) 80.000 Fuel- BO-BOT-TOR and others Other; Oil; 70.000 6% Private Generation Co. 2% Fuel Sources 60.000 Public Generation Co. of electricity 50.000 generation Natural Hydro; Gas; 40.000 2015 26% 38% 30.000 20.000 Coal
Slide 16: Market Mechanism
MARKET MECHANISM TRY/MWh 220 The official electricity tariff (for residential 200 /commercial/industrial use) is set by the government every 3 months. Most of the consumption can be 180 contracted outside of the official markets based on the DUY ** prices different from the tariffs. 160 NG tarif
Slide 17: Market Liberalization Schedule
MARKET LIBERALIZATION SCHEDULE Turkish Energy Market deregulation is developed after the UK Model and has been proceeding as per below schedule. Privatization & Liberalization should be expected to start to help create a transparent & competitive market environment. Liberalization NG Market The priv
Slide 18: Current Privatization Overview
CURRENT PRIVATIZATION OVERVIEW The aim of the GenCo privatizations is to increase the efficiency in the market and provide cheap electricity to the end-user. GenCO DisCO 37% of Turkey’s capacity should be offered to the private sector. Privatization of 21 DisCos were completed. The Goverment i
Slide 19: Akenerji Financial Information
AKENERJI FINANCIAL INFORMATION 19
Slide 20: Financial Performance
FINANCIAL PERFORMANCE Net Sales (mio USD) Ebitda (mio USD) 110 671 90 514 76 447 405 12 2012 2013 * 2014 2015 2012 2013 2014 2015 Net Profit (mio USD) 45 2012 2013 2014 2015 (67) (131) (147) (*) As Kemalpasa plant has been shut down due to the market conditions, the provision for impairment is booke
Slide 21: Profitability Performance
PROFITABILITY PERFORMANCE EBITDA Margin (Yearly) EBITDA Margin (Quarterly) 22% 19% 42% 39% 17% 16% 15% 30% 11% 22% 9% 11% 9% 8% 2% 6% 6% 3% 4% 1Q2013 2Q2013 3Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 4Q2013 (4) 2013 2015 2008 2009 2010 2011 2012 2014 (4) -4% In the last three y
Slide 22: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET Size of Balance Sheet (mio USD) 2.000 1.833 1.800 1.584 1.600 1.500 1.399 1.400 1.169 1.200 1.000 800 600 400 200 0 2011 2012 2013 2014 2015 Debt Structure (mio USD) 2011 2012 2013 2014 2015 Cash 45 97 114 35 164 Short-term Financial Debt 249 128 97 213 65 Long-term Financ
Slide 23: Stock Performance
0% 100% 200% 400% 500% 700% 300% 600% Aug-06 Nov-06 Feb-07 May-07 Aug-07 DUY market introduction Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 - Partnership with CEZ May-09 Aug-09 - Egemer and SEDAŞ acquisition Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 ST
Slide 24: Stock Performance vs DUY Prices
STOCK PERFORMANCE vs DUY PRICES 700% - Partnership with CEZ - Egemer and SEDAŞ acquisition 600% Stock Performance DUY 500% DUY market introduction 400% 300% 200% 100% 0% 24
Slide 25: Abbreviations
ABBREVIATIONS MW : Megawatt TWh : Terawatt hours NG : Natural Gas GDP : Gross Domestic Product CAGR : Compound Annual Growth Rate DUY : Electricity Market Balancing and Settlement Regulation System DISCO : Distribution Companies TRT : Turkish Radio - Television Corporation HPP : Hydroelectric Power
Slide 26: Akenerji Investor Relations
AKENERJI INVESTOR RELATIONS Akenerji Elektrik Üretim A.Ş. Miralay Şefik Bey Sok. Nilüfer AYDOĞAN No:15 Akhan +90 212 249 82 82 (ext:21130) 34437 Gümüşsuyu +90 212 393 50 18 İstanbul [email protected] Turkey [email protected] This presentation contains information and analysis on financia
Akenerji Elektrik Üretim A.Ş. — Investor Presentation (2016) on 6ix