Aksa Enerji Uretim : 2020 Guidance

AKSA ENERJİ ÜRETİM A.Ş.

Rüzgarlıbahçe Mahallesi, Özalp Çıkmazı, No:10, 34805

Kavacık - Beykoz / İstanbul

1. 0216 681 00 00

1. 0216 681 57 83 [e-mail]/enhttp://www.aksainvestorrelations.com

DATE : 29.01.2020

FROM : Aksa Enerji Üretim A.Ş. Investor Relations [phone] [e-mail]

SUBJECT : 2020 Guidance

In 2020, despite the negative impact of market conditions on the profit margins of our domestic power plants, the high profit margins of our overseas power plants are expected to continue to positively affect EBITDA and the net profit. License cancellation of Manisa NGCC power plant in 2019 and suspension of production at Sanliurfa NGCC power plant in January this year, are expected to enable higher production efficiency and better portfolio management.

Accordingly, Aksa Energy expects to generate TRY 5.259 billion in revenues and TRY 1.445 billion of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) at year-end 2020. Our African power plants are forecast to account for 72% of the projected EBITDA for 2020. In 2020, Bolu Goynuk Thermal Energy Power Plant and Ali Metin Kazancı Natural Gas Combined Cycle Power Plant remain eligible for the capacity mechanism and are expected to receive around TRY 130-138 million capacity payment in total. Domestically, spot market sales are expected to constitute nearly 63% of the total domestic sales, whereas bilateral agreements to account for around 29%, and the remaining 8% to involve primary and secondary frequency services.

Cash-based capital expenditures (CAPEX) are estimated to reach TRY 155 million in 2020. The CAPEX projection is made up of planned maintenance and rehabilitations of existing power plants, as well as investments to complete the engine conversion to dual fuel (HFO/natural gas) at Ghana HFO Power Plant. The 2020 budget does not include any overseas power plant construction CAPEX, as no new investment contracts have been signed yet. In the event of a new investment in 2020, the actual CAPEX might be higher than our current projections.

In formulating our guidance for 2020, EBITDA projections for overseas power plants are calculated based on a projected average exchange rate of 6.25 for USD and 6.64 for EUR. In the event of actual exchange rates differing from our assumptions, revenues generated by our overseas power plants and thus the total EBITDA figure will differ.

Respectfully announced to the public and our esteemed shareholders.

We declare that the above disclosures are in accordance with the principles set out in the Communiqué Serial: VIII, No: 54 of the Capital Markets Board and fully reflect the information we have received on this matter; the information is consistent with our books, records and documents; and that we have shown all the necessary efforts to obtain accurate and complete information on the subject matter and we are responsible for these statements.