As of the end of the accounting period (31.12.2019), the consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) figure stood at TRY 227 million. Çan-2 Thermal Power Plant was not engaged in stable generation in the first quarter of 2019, as it was in the ramp-up stage. Thus, TRY 211.5 million of the EBITDA for the year 2019 (93% of total EBITDA figure for 2019) stems from the Group’s operations in the last 9 months.
On the other hand, as of 31.12.2019, a significant portion of the Group’s loss (TRY 186.4 million) associated with the shares of the parent company was due to foreign exchange losses (exchange difference). As the revenues of the group companies are mostly indexed to exchange rates, such losses do not have a real negative impact on cash flows.
The breakdown of EBITDA with reference to specific activities is provided below.
Breakdown of EBITDA (Consolidated) as of the end of the accounting period (31.12.2019) | TRY million |
Çan-2 Thermal Power Plant | 214.3 |
Urfa Gas Cycle Power Plant | 2.3 |
Köprübaşı Hydroelectric Power Plant | 8.5 |
Antimony Mining | 5.6 |
Coal Mining | 8.7 |
Electricity Retail | -9.0 |
Other | -3.4 |
Total | 227 |
The consolidated EBITDA figure achieved in 2019 grew by 234.8% compared to the same period of the previous year reaching TRY 227 million in total. (EBITDA for 2018: TRY 67.8 million)
Net Financial Debt/EBITDA comparison based on fiscal periods is provided in the following tables.
31.12.2018 | |
Net Financial Debt (TRY million) | 1,722 |
EBITDA (TRY million) | 67.8 |
Net Financial Debt / EBITDA (x) | 25.4 |
30.06.2019 | |
Net Financial Debt (TRY million) | 1,795 |
EBITDA (TRY million) | 148 |
Net Financial Debt / EBITDA (x) | 12.1 |
31.12.2019 | |
Net Financial Debt (TRY million) | 1,858 |
EBITDA (TRY million) | 227 |
Net Financial Debt / EBITDA (x) | 8.2 |
As of the end of the year (31.12.2018), the Group’s Net Financial Debt/EBITDA multiple was at 25.5x but it fell to 8.2x as of 31.12.2019. (Net Financial Debt/EBITDA calculations were based on the Net Debt figures for the relevant end-of-periods, and the annual consolidated EBITDA figures for the relevant periods.)
In contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail.
