Teksan Jeneratör | Enerji Gazetesi

‘Galata Wind’ Announced its Second Quarter 2021 Financial Results


Galata Wind Enerji’s consolidated revenues increased by 26.2% in the first six months of 2021, reaching TL 180,069 thousand (2020: TL 142,684 thousand). The biggest factor in the increase in revenues is the increase in electricity sales prices, with the production of 308,485 MWh this year increasing by 11% compared to the same period of the previous year (2020: 276,872 MWh).

13.6% gross profit increase

Galata Wind’s consolidated gross profit increased by 13.6% year-on-year to TL 115.525 thousand (2020/06: TL 101,670 thousand); Consolidated Profit Before Interest, Depreciation and Taxes (EBITDA) increased by 16.8% to TL 130.625 thousand (2020/06: TL 111.807 thousand).

The main reason why the gross profit rate remained below the revenue increase rate is the depreciation expense calculated in the first half of 2021 for Taşpınar WPP, which was partially activated in the last quarter of 2020 (Depreciation expense included in the cost of sales 30.06.2021: 30,735 thousand TL – 30.06.2020: 16.954 thousand TL, increase: 13,781 TL).

The company’s net profit for the first six months of 2021; Despite the increase in net profit from operations, the decrease in foreign exchange income from commercial activities from TL 24.871 thousand to TL 2.134 thousand and the increase in financing expenses by TL 26,271 thousand, a significant part of which is due to the interest and foreign exchange expenses of the loans used for the Taşpınar WPP investment. remained below and amounted to 14,158 thousand TL (2020/06: 51,796 thousand TL profit).

Has strong cash flow

Galata Wind generated 136,467 thousand TL (2020/06: 138,412 TL) cash from its operating activities in the first half of 2021. Cash generated from operating activities shows that the Company has strong cash generation potential. In addition, as of June 30, 2021, the company’s balance sheet has retained earnings of TL 262,187 thousand. Considering our previous year’s profits and stable cash flow in our balance sheet, it is among our targets to make regular profit distribution every year within the scope of our dividend policy.

518% increase in carbon emission reduction certificate sales

The sales revenues for carbon emission reduction certificate rights, which are reported in the company’s revenue, increased by 518% compared to the same period of the previous year, from 1,012 thousand TL to 6,252 thousand TL. The company will continue to obtain these rights in 2021, which it has won due to its production in the power plants it owns.

Production increase at Taşpınar WPP

Taşpınar WPP, which started to operate partially at the end of 2020 and all of its turbines were commissioned in March 2021, and sells the electricity it produces at a price of 94 USD/MWh including domestic contribution within the scope of YEKDEM, produced 15,598 MWh hours in the first quarter of 2021 and 27,266 MWh hours in the second quarter. It will contribute more positively to the revenue increase of Taşpınar WPP, which will operate fully operationally and technically in the remainder of the year.

Hybrid power plant from Galata Wind

The Taşpınar WPP Hybrid Solar Power Plant (GES) investment, which is planned to be made by our company with an installed power of 42.58 MW, has been positive within 1 year from the aforementioned Board Decision of the EIA process, with the decision of the Energy Market Regulatory Authority dated 05.08.2021 and numbered 10345-3. The result was found suitable depending on the prerequisite.

In the Taşpınar Hybrid SPP project, necessary EIA, Zoning, Expropriation etc. until the end of 2021. It is aimed to start the investment after the permits are obtained and to complete the construction in the first quarter of 2022 and to commission the SPP. Since the electricity produced from the SPP will be sold within the scope of the YEKDEM mechanism to which Taşpınar WPP is subject (94 MW/USD until the end of 2025; 73 MW/USD for 5 years between 2026 and 2030) it is anticipated to have a positive effect on the company’s revenues in the short term.

Mersin WPP will contribute 10% to production

Operating under Galata Wind and having an installed capacity of 62.7 MWm/51 MWe in Mut district of Mersin, the installed capacity of Mersin WPP has become 62.7 MWm/56.85 MWe after the license amendment made with the permission of the Energy Market Regulatory Authority. It is aimed that this power increase will contribute approximately 10% to the production of Mersin WPP. Especially since the windy period will be entered in this region, the income to be obtained from the increase in production in the coming periods will be reflected positively on the financial statements.

The increase in revenue and gross profit from operations, which should be considered as key performance indicators of the company, shows that the first half of 2021 was positive. The income effect of the Taşpınar WPP, which started operating at full capacity at the end of March, and the 10% capacity increase in Mersin WPP as of the end of May 2021, will be more reflected in the financial statements in the rest of the year. While a total of 120,737 MWh was produced in the second quarter of 2021 (in 3 months) from our Şah WPP, Mersin WPP and Taşpınar WPP power plants, approximately 103,798 MWh was produced in the same power plants in the 1.5 months between 01 July and 15 August. Due to the windy period starting from the summer months, there is no need for wind power plants.

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