Page 91 - TURKRptSept19

and €64mn, Turcas said in a filing with the stock exchange. With the refinancing deal, the maturity of the loan was extended to June 2025 from December 2012. The repayment plan was also updated with the first principal payment scheduled for June 2021 and the outstanding USD-denominated loan balance converted to euro. The company noted that as a result of the refinancing agreement, it reduced its total principal debt repayments related to this particular investment by around €9.5mn for the period between 2019 and 2020 from €31mn and €21.5mn, thus further strengthening its cash flows.
Ak Enerji’s net loss declined to TRY116mn in Q2 from TRY449mn a year ago. Net financial expenses declined to TRY231mn in the quarter from TRY537mn a year ago while EBITDA rose 147% y/y to TRY168mn from TRY68mn. EBITDA margin rose to 39% in Q2 from 16% a year ago. Net sales declined 1% y/y to TRY430mn in the quarter while sales volume declined by 41% y/y to 1.21mn kWh and sales price rose by 13% y/y to TRY212 Mwh.
Aksa Enerji’s net profit rose to TRY57mn in Q2 from TRY4mn a year ago. Market expected a net profit of TRY44mn in the quarter. EBITDA rose by 66% y/y to TRY394mn in the quarter versus a market expectation of TRY291mn. Net financial expenses rose to TRY111mn in the quarter from TRY69mn a year ago. Sales volume excluding Africa increased by 11% y/y to 3.577 Gwh
in the quarter while Africa sales volume rose by 15% y/y to 293 Gwh. Average electricity price excluding Africa rose by 22% y/y to TRY275 Mwh in Q2 while domestic revenues including Northern Cyprus increased by 8% y/y to TRY879mn and African sales rose by 27% y/y to TRY261mn. EBITDA rose by 66% y/y to TRY394mn in the quarter while domestic EBITDA rose to TRY150mn from TRY63mn a year ago and African EBITDA rose by 48% y/y to TRY252mn. Gross margin rose to 26% in Q2 from 14% a year ago and EBITDA margin rose to 34% from 23%.
Turkish energy group Bereket Enerji is buying a 24% stake in Karhes Elektrik Uretim, which produces electricity from its two hydropower dams located in the northern province of Giresun, Turkish business daily Dunya reported. Bereket will pay $7.2mn for the 24% stake in Karhes. Karhes Elektrik Uretim is owned by Karesi Enerji, which operates a number of hydro, geothermal and wind power plants across the country. Bereket has already obtained the necessary regulatory approval for the acquisition of the stake, according to the newspaper.
Founded in 1995, Bereket Enerji earlier this year reached an agreement with nine credit banks to restructure its $4.6bn debt. Idris Kupeli, CEO of Bereket Enerj, said in July that the company plans an IPO in the first quarter of 2020.
Bereket Enerji has a total installed capacity of 2,051MW. It produces 10,284GWh electricity each year. The company has 22 hydro power, four wind power and one geothermal and one biogas power plants. Its annual electricity sales are around 20,700MW. It serves around 5mn customers. Bereket also has two electricity distribution companies.
Russia’s Sberbank is to provide a $400mn loan for the construction of the Akkuyu nuclear power station in Turkey, the lender said on August 21. The seven-year loan will go to a subsidiary of Rosatom, Russia’s state nuclear firm which is building the plant, Turkey’s first nuclear power station.
Designed to have a capacity of 4,800 megawatts (MW), Akkuyu has suffered a string of delays since Russia was awarded the contract to build it in 2010.
Solar power producer Naturel Enerji raises its paid-in capital to TRY33mn from TRY25mn at IPO. The company issued TRY8mn worth of new shares and the shareholders also sold TRY4mn worth of shares.
91 TURKEY Country Report September 2019 www.intellinews.com