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A Snapshot of Recent Privatization Opportunities in Turkey

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A Snapshot of Recent Privatization Opportunities in Turkey A SNAPSHOT OF RECENT PRIVATIZATION OPPORTUNITIES IN TURKEY PRIME MINISTRY PRIVATIZATION ADMINISTRATION May, 2010 INDEX A SNAPSHOT OF RECENT PRIVATIZATION OPPORTUNITIES IN TURKEY 1. TURKISH ENERGY MARKET OVERVIEW 2. ELECTRICITY DISTRIBUTION COMPANY (TEDAġ) 3. ELECTRICITY GENERATION COMPANY (EÜAġ) 4. BAġKENT NATURAL GAS DISTRIBUTION COMPANY (BAġKENTGAZ) 5. PORT OF ĠSKENDERUN 6. SALIPAZARI CRUISEPORT 7. GAMES OF CHANCE 8. MOTORWAYS AND BRIDGES 9. SUGAR FACTORIES TURKISH ENERGY MARKET OVERVIEW 1-TURKISH ENERGY MARKET OVERVIEW TURKISH ENERGY MARKET OVERVIEW Turkey has one of the largest and fastest growing energy markets in the CEEMEA region. The Turkish energy market represents a strong and sizeable growth opportunity for strategic and financial players. Electricity demand growth is expected to outpace real GDP growth as a result of population growth, urbanisation, industrialisation and economic growth. Turkey, as the sixth largest electricity generating country in Europe, has a per capita power consumption level well below Western European markets. As well as enhancing competition and efficiency, the ongoing liberalisation process is also expected to bring the Turkish power market in line with EU market structures. Opportunities to create vertically-integrated operations in the sector are expected to increase. Share of private players in the market is increasing. Privatizations in the energy sector are ongoing with a rapid pace. ELECTRICITY SUPPLY CHAIN OVERVIEW Electricity Market Supply Chain Generation Transmission Distribution Retail . Share of private players in . Transmission is . 5 of 21 distribution . Privatisation of retail sales will Public and the market is increasing entirely under regions have been be done in parallel to Private . Scope of privatization state control privatized and tender privatisation of distribution Ownership includes 45 power for 9 regions are companies (Distribution Share plants (28 HEPPs and completed and companies have retail sale 17 TPPs) which are pending transfer licenses in their regions) controlled by the state . Announcements for . Currently, eligible customers remaining 7 regions can supply power from other are expected in 2010 sources other than TEDAŞ 2008 Market Shares (1) Generation Transmission TransferDistribution TEİAŞ Phase * (Public) 24% EÜAŞ 100% Private (Public) TEDAŞ Sector 49% (Public) 51% 55% Private Sector 49 100 21% (1) Market shares for generation, transmission and distribution segments are calculated based on gross generation, ownership of assets and consumption, respectively. (*) Includes distribution companies for which tender processes are completed and regions which are pending transfer to the private sector. Source: EÜAŞ, TEİAŞ, TEDAŞ. 2 TURKEY’S ELECTRICITY DEMAND Rapid Increase in Electricity Demand … … and a Significant Growth Potential Electricity Demand Electricity Consumption per Capita - 2007 % (1) (TWh) 3.6 (MWh) 198 Norway 25.0 194 190 Canada 16.9 175 USA 13.7 161 Japan 8.5 128 Germany 7.2 Spain 6.3 7.8% (1) U.K. 6.1 86 Italy 5.7 Greece 5.7 57 Hungary 4.0 36 25 Turkey 2.2 World Average 2.8 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 Source: TEDAŞ, EÜAŞ. (1) CAGR: Compound Annual Source: IEA. Growth Rate. 3 TURKEY’S ELECTRICITY SUPPLY Turkey – Capacity Breakdown by Fuel Type Turkey – Generation Breakdown by Fuel Type Natural Gas 32% Wind + Geothermal Natural Gas Wind + 50% 1% Liquid Fuels Geothermal 4% 1% Lignite 21% Lignite + Hard Coal 20% Hydro 34% Imported Coal Imported 4% Coal + Hard Other Liquid Fuels Coal 5% 4% Hydro Source: TEİAŞ. Source: TEİAŞ. 17% 8% EÜAġ – Capacity Breakdown by Fuel Type EÜAġ – Generation Breakdown by Fuel Type Hard Coal Hard Coal 1% 2% Lignite 31% Hydro Lignite 29% 38% Hydro 48% Liquid Fuels 3% Natural Gas 16% Liquid Fuels Natural Gas 4% 28% Source: EÜAŞ 2008 Annual Report. Source: EÜAŞ 2008 Annual Report. 4 Note: EÜAŞ figures include hydro power plants which are not within the scope of privatisation portfolio. ELECTRICITY DISTRIBUTION COMPANY- TEDAġ 2. ELECTRICITY DISTRIBUTION COMPANY -TEDAġ ELECTRICITY DISTRIBUTION COMPANY-TEDAġ Number of Regions 20 15 10 7 3 1 4 Assets 0 Already private Waiting Approval Total Stay order decision Tender proses Çoruh BaĢkent Boğaziçi Osmangazi Dicle Sakarya YeĢilırmak Aras Gediz Meram Van Gölü Trakya Fırat Çamlıbel Uludağ . TEDAS- The Holding Company for state owned regional distribution companies Privatization . Block sale of 100% of shares of the regional companies which have operational rights of the electricity method distribution network . Regulated tariffs with targets for distribution loss and operational costs . Future network investments to be earned back through tariffs . 3 regions privatized by the Privatization Administration was handed over in 2009 Timing . 7 regions are waiting for hand-over, 1 region is waiting for stay order decision. 4 regions in tender process with bidding deadline of 22.07.2010 . Remaining regions to be privatized within 2010 ELECTRICITY DISTRIBUTION COMPANIES IN THE TENDER PROCESS- BOĞAZĠÇĠ Net electricity sales Billion KWh ▪ 13.7*% of 18,9 sales in 18,0 18,4 Turkey 15,9 14,1 ▪ 4.0 million 13,2 13,2 12,2 customers 11,2 10,7 ▪ Region’s annual investment requirement amounts to TL 43.3m Population: 8.4 million (11.5% of Turkey) Area: 3,479 km2 (0.4% of Turkey) (2006 value) 2000 01 02 03 04 05 06 07 08 2009 Consumption by customer types, 2009 Loss&Theft ratios, 2009 100% = 18.4 billion kWh Percent Income statement Boğaziçi 9.7 TL million 2008 2009 Net sales 3220 3722 Lightening Other Irrigation Dicle 73.0 Cost of sales (2629) (2926) 0% Operating expenses (183) (228) Residential 2% Net operating profit / loss 408 568 Industrial 5% 33% Gediz 7.7 25% Net profit from other operations (36) 100 Ordinary income / loss 372 667 Trakya 6.4 Unexpected net income (395) (508) 2% Public Inst. Taxes - - TEDAŞ 17.7 Net profit / loss for the year (23) 159 32% Commercial * 2008 data - Ratio of regional sales to overall Turkish consumption Bidding Deadline 22.07.2010 ELECTRICITY DISTRIBUTION COMPANIES IN THE TENDER PROCESS- DĠCLE Net electricity sales Billion KWh ▪ 3.8*% of sales 5,2 in Turkey 4,7 ▪ 1.1 million 4,3 4,2 customers 3,7 3,4 ▪ Region’s 2,8 3,0 3,0 annual 2,5 investment requirement amounts to TL 26.4m (2006 value) Population: 5.1 million (7% of Turkey) Area: 60,630 km2 (7.7% of Turkey) 2000 01 02 03 04 05 06 07 08 2009 Consumption by customer types, 2009 Loss&Theft ratios, 2009 100% = 4.2 billion kWh Percent Income statement Boğaziçi 9.7 TL million 2008 2009 Net sales 743 746 Other Dicle 73.0 Cost of sales (1861) (2233) Residential Lightening 14% Operating expenses (148) (161) 3% 26% Net operating profit / loss (1265) (1648) Irrigation Gediz 7.7 9% Net profit from other operations 12 (39) Ordinary income / loss (1253) (1687) Trakya 6.4 10% Unexpected net income 513 701 Commercial 25% Taxes - - 13% TEDAŞ 17.7 Net profit / loss for the year (740) (986) Industrial Public Inst. * 2008 data - Ratio of regional sales to overall Turkish consumption Bidding Deadline 22.07.2010 ELECTRICITY DISTRIBUTION COMPANIES IN THE TENDER PROCESS- GEDĠZ Net electricity sales Billion KWh ▪ 10*% of sales 13,9 in Turkey 13,0 12,4 ▪ 2.4 million 11,6 customers 9,3 9,4 9,4 ▪ Region’s 8,6 8,5 8,9 annual investment requirement amounts to TL 43.5m (2006 value) Population: 5.2 million (7.2% of Turkey) Area: 25,244 km2 (3.2% of Turkey) 2000 01 02 03 04 05 06 07 08 2009 Consumption by customer types, 2009 Loss&Theft ratios, 2009 Income statement 100% = 12.4 billion kWh Percent Boğaziçi 9.7 TL million 2008 2009 Net sales 2085 2256 Lightening Other Irrigation 5% Dicle 73.0 Cost of sales (1793) (1885) 4% Residential Operating expenses (143) (151) 3% 30% Net operating profit / loss 149 221 Gediz 7.7 Net profit from other operations 67 60 Ordinary income / loss 216 281 Trakya 6.4 39% Unexpected net income (153) (329) Industrial 13% Taxes (3) - Net profit / loss for the year 60 (48) 5% Commercial TEDAŞ 17.7 Public Inst. * 2008 data - Ratio of regional sales to overall Turkish consumption Bidding Deadline 22.07.2010 ELECTRICITY DISTRIBUTION COMPANIES IN THE TENDER PROCESS- TRAKYA Net electricity sales Billion KWh ▪ 4*% of sales 5,8 in Turkey 5,5 5,0 ▪ 0.8 million customers ▪ Region’s 3,6 3,0 annual 2,8 2,8 2,8 2,5 2,6 investment requirement amounts to TL 21.5m (2006 value) Population: 1.5 million (2.1% of Turkey) Area: 18,740 km2 (2.4% of Turkey) 2000 01 02 03 04 05 06 07 08 2009 Consumption by customer types, 2009 Loss&Theft ratios, 2009 Income statement 100% = 5.8 billion kWh Percent Boğaziçi 9.7 TL million 2008 2009 Lightening Other Net sales 803 982 Irrigation Residential Cost of sales (728) (875) 2% Dicle 73.0 16% 1% Operating expenses (53) (57) 3% Commercial Net operating profit / loss 22 49 6% Gediz 7.7 Net profit from other operations 23 22 7% Public Inst. Ordinary income / loss 45 71 Trakya 6.4 Unexpected net income (53) (39) 66% Taxes - - TEDAŞ 17.7 Net profit / loss for the year (7) 32 Industrial * 2008 data - Ratio of regional sales to overall Turkish consumption Bidding Deadline 22.07.2010 UPCOMING ELECTRICITY DISTRIBUTION OPPORTUNITIES- AYEDAġ Net electricity sales Billion KWh ▪ 6.3*% of sales 8.7 8.6 in Turkey 8.2 ▪ 2.2 million 7.0 customers 6.3 5.8 ▪ 5.4 Region’s 5.2 annual investment requirement amounts to TL 22.7m (2006 value) Population: 4.6 million (6.4% of Turkey) 2 Area: 1,864 km (0.2% of Turkey) 2002 03 04 05 06 07 08 09 Consumption by customer types, 2009 Loss&Theft ratios, 2009 Income statement 100% = 8.6 billion kWh Percent AYEDAŞ 6.3 TL million 2009 Lightening Other Net sales 1721 Irrigation Cost of sales (1328) 0% Toroslar 8.3 Industrial 2% Operating expenses (127) 23% 3% Net operating profit / loss 266 Residential 41% Akdeniz 9.2 Net profit from other operations 46 Ordinary income / loss 312 6% Public Inst.
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