Aksa Enerji Üretim : 31.12.2022 CMB Report

YE 2022 Earnings Presentation

1 March 2023

FINANCIAL LEVERAGE AT ALL TIME LOW WITH 1.12x

Key Highlights - 12M22

TL million

Quarterly- 4Q22 vs 4Q21

Net Sales

EBITDA

Net Income

Net Financial Debt

Cumulative-12M22

Net Sales

EBITDA

Net Income

4Q22

4Q21

q/q

11,908 5.565 114%

1,264	867	46%
649	866	-24%
7,365	4,545	62%
12M22	12M21	y/y
45,638	13,887	229%
6,559	2,609	151%
4,562	1,680	172%
12M22	12M21	y/y

KPIs-12M22	Gross Margin	12%	15%	-0,3 pp
	EBITDA Margin	14%	19%	-0,4 pp
	Net Fin. Debt / EBITDA	1.12x	1.74x
	Net Fin. Debt / Equity	38%	43%	-0,4 pp

2

FOREIGN OPERATIONS' CONTRIBUTION TO EBITDA AT 47%

Regional Breakdown

TL million		Domestic	Foreign
Quarterly- 4Q22	Net Sales	10,785	1,123

EBITDA

671

593

	Profit Before Tax	688	285
TL million		Domestic	Foreign
Cumulative-12M22	Net Sales	41,207	4,431

EBITDA

3,393

3,166

Profit Before Tax

3,322

2,659

Note: Foreign operations include Africa and Uzbekistan operations. Northern Cyprus operations are included in domestic operations

Share of Foreign

9%

47%

29%

Share of Foreign

10%

49%

44%

3

HIGHER SPOT PRICES IN TURKEY ACCOMPANIED BY FX BASED TARIFFS IN FOREIGN OPERATIONS

Regional Breakdown

		Domestic	Foreign	Total
Quarterly- 4Q22	Sales Volume (GWh)	3,326	1,591	4,826

Sales Price (TL/MWh)

3,374

728

4,102

		Domestic	Foreign	Total
Cumulative- 12M22	Sales Volume (GWh)	17,872	4,920	22,792

Sales Price (TL/MWh)

2,346

960

3,306

Note: Company internal data. Excludes intercompany eliminations applied in CMB consolidated financials, includes anciliary services (secondary frequency control mechanism)

Foreign operations include Africa and Uzbekistan operations. Northern Cyprus is included in domestic operations

4

STRONG RECOVERY IN DOMESTIC SALES PRICES

Sales Channel Breakdown

Net Sales Volume by Channel (12M22)

Sales Price by Channel (TL/MWh)

	3%	2,908
18%	467		2,450	2,231
3,329	GWh			2,099
GWh
						1,832
2,891	48%	1,268
					960
GWh
16%			584	638
	8,696		438
2,618	GWh
GWh
		Northern	BSM (Spot	Affiliated DisCo OTC&Bilateral	Foreign
15%		Cyprus	Market)
			12M22	12M21

Northern Cyprus	BSM (Spot Market)
Affiliated DisCo	OTC&Bilateral
Foreign

Note: Company internal data. Foreign includes Africa and Uzbekistan in 12M22 (only Africa in 12M21). Excludes intercompany eliminations applied in CMB consolidated
financials and also excludes anciliary services (secondary frequency control mechanism)	5