Aksa Enerji Üretim : 9M22 Earnings Presentation 7 November 2022

9M 2022 Earnings Presentation

7 Nov 2022

FINANCIAL LEVERAGE AT ALL TIME LOW WITH 1.1x

Key Highlights - 9M22

TL million

Quarterly- 3Q22 vs 3Q21

Net Sales

EBITDA

Net Income

Net Financial Debt

Cumulative-9M22

Net Sales

EBITDA

Net Income

3Q223Q21

15,161 3,559

1,975644

1,454325

6,9664,545(1)

9M229M21

33,730 8,323

5,2951,743

3,913813

9M229M21

q/q

326%

207%

347%

53%

y/y

305%

204%

381%

y/y

KPIs-9M22	Gross Margin	13%	18%
	EBITDA Margin	16%	21%
	Net Fin. Debt / EBITDA	1.13x	1.74x (1)
	Net Fin. Debt / Equity	45%	43% (1)

-4.33 pp

-5.24 pp(2)

2.40 pp

(1) As of YE21

2

1. Margin decline due to negative impact of price cap mechanism introduced in Apr'22

FOREIGN OPERATIONS' CONTRIBUTION TO EBITDA AT 49%

Regional Breakdown

TL million		Domestic	Foreign
Quarterly- 3Q22	Net Sales	13,846	1,316

EBITDA

982

993

	Profit Before Tax	801	1,017
TL million		Domestic	Foreign
Cumulative-9M22	Net Sales	30,422	3,308

EBITDA

2,722

2,573

Profit Before Tax

2,634

2,375

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

Share of Foreign

9%

50%

56%

Share of Foreign

10%

49%

47%

3

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

Regional Breakdown

		Domestic	Foreign	Total
Quarterly- 3Q22	Sales Volume (GWh)	5,683	1,380	7,063

Sales Price (TL/MWh)

2,750

1,046

2,417

		Domestic	Foreign	Total
Cumulative- 9M22	Sales Volume (GWh)	15,667	3,329	18,996

Sales Price (TL/MWh)

2,063

1,071

1,889

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 (9M22)

Sales Price by Channel (TL/MWh)

		2.792
	3%		2.186			2.324
18%	467			2.023
GWh
3,329
GWh							1.828
2,891	48%	1.104					1.071
GWh
16%			450		486
	8,696			401
2,618	GWh
GWh
		Northern	BSM (Spot	Affiliated DisCo OTC&Bilateral	Foreign
15%		Cyprus	Market)
			9M22		9M21

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

Note: Company internal data. Foreign includes Africa and Uzbekistan in 9M22 (only Africa in 9M21). Excludes intercompany eliminations applied in CMB consolidated financials
and also excludes anciliary services (secondary frequency control mechanism)	5