Strong growth continued in the first nine months of 2021

Strong growth continued in the first nine months of 2021

Turkey's leading electricity distribution and retail company Enerjisa Enerji, had strong financial performance in the first nine months of the year.

Enerjisa Enerji’s grid investment increased by 60 percent yoy to TL 2 billion 78 million in 9M2021. Consolidated Operational Earnings grew by 23 percent yoy to TL 5 billion 154 million in 9M2021.

Enerjisa Enerji, a stock listed company with its two major shareholders Sabancı Holding and E.ON SE and a free float of 20%, disclosed its financial statements as of 30.09.2021. According to the results, the company has increased its consolidated Operational Earnings to TL 5 billion 154 million in 9M21, with 23% yoy growth, compared to the same period of last year.

“Whilst grid investments are our top priority to provide uninterrupted energy, fight against climate change is among our primary responsibilities”

Enerjisa Enerji CEO Murat Pınar said: “Grid investments are our top priority to provide uninterrupted energy. In that respect, in the first nine months of 2021, we increased our grid investments by 60% to yoy to TL 2 billion 78 million.

Meanwhile, we attach importance to the fight against climate change. We are glad about the recent ratification of the Paris Agreement by the Turkish Parliament and announcement of the Green Deal Action plan by the Ministry of Commerce. These action plans have great importance in the fight against climate change and as Enerjisa Enerji, we consider owning this issue as one of our main responsibilities. In this respect, we closely follow the global energy mega trends and the dynamics in Turkey and act with the awareness of the importance of e-mobility which sits at the centre of these trends for reducing carbon emissions. With our electrical charging station company Eşarj, we reached 150,000 charging sessions and we have the goal to increase this number exponentially thanks to the partnerships we build.”

“Underlying Net Income increased to 1,597 million TL in 9M2021 with a growth rate of 13%.”

Enerjisa Enerji CFO Michael Moser said: “In the first nine months, our performance continued to improve on a year by year basis, thanks to our sound risk management processes, robust balance sheet and accelerated investments. We had a solid earnings growth and a strong increase in cash flow in the first nine months of the year. Underlying Net Income grew by 13% yoy compared to the same quarter of last year and reached TL 1 billion 597 million in the first nine months of 2021. Our balance sheet is very healthy with no unhedged FX exposure. Our financial net debt to last twelve month operational earnings ratio is down from 1.9x in September 2020 to 1.5x in September 2021.

We prioritize providing sustainable and innovative solutions to our customers under Customer Solutions business line and we target to leapfrog especially focusing on e-mobility, and Solar Power solutions. Our customer solutions business accounted for 7% of retail gross profit, again in 9M2021, compared to 2% for the same period last year.

Reflecting nine months performance and expectations for the fourth quarter, we have adjusted the 2021 guidance. The revised 2021 guidance is as follows:

  • 18%-20% growth in Operational Earnings. (previous guidance: 15%-20% growth).
  • Around TL 2.0 billion Underlying Net Income (no change in guidance).
  • Year-end RAB of at least TL 11.2 billion (no change in guidance).
  • Between TL 1.5 billion and 1.8 billion Free Cash Flow After Interest and Tax (previous guidance: at least TL 1.8 billion).

In October, we issued a TL 800 million bond with a maturity of two years and indexed to the Turkish Lira Reference Index. This is the third largest TL denominated bond issuance of the real sector and the largest bond issuance of the electric energy sector in Turkey. We are happy to see the high appetite for our corporate bond in the market.”

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