Financial Review
Our Company's consolidated Earnings Before Interest, Taxes and Depreciation and Amortisation (EBITDA) grew by 67.6% year-on-year for the first quarter of 2021, reaching to 72.7 million TRY. Meanwhile, the consolidated revenue grew by 42% to 277 million TRY compared to the same period last year.
In the meantime, the parent company net loss realized of 190.7 million TRY for the first quarter of 2021. The aforementioned loss for the period is mainly a result of the increase in financial expenses due to the increase in the exchange rates during the respective operating period.
The revenues of the Group are predominantly indexed to exchange rates and most of the foreign exchange losses incurred during the relevant period are unrealized losses with no impact on cash flow. At the same time, the proceeds from the public offering of Çan2 Termik A.Ş., a subsidiary of the Group, following the respective accounting period went towards paying off some of the foreign currency loans. This reduced the Group's consolidated foreign currency debt by 15% compared to 31 March 2021.
Operational Review
Work on the relocation project for the natural gas combined cycle power plant in Uzbekistan, which is set to increase to an installed capacity of 174 MW upon completion, is on progress in line with the schedule. The power plant is planning to be activated in November 2021. Under the investment project, the electricity generated from the power plant will enjoy a purchase guarantee in the currency of USD for a period of 25 years.
The Çan-2 thermal power plant increased its gross electricity generation by 34% to 527 GWh year-on-year in the period from January to March 2021. Within the same period, the average capacity utilization reached 75%. (Capacity Utilization Rate 55.1% for the Q1 2020).
