Hakkında. Organize Sanayi Bölgesi 12.cad. No:23 Melikgazi, 38070 Kayseri, Türkiye 38030 Melikgazi, Kayseri Province. Temelleri 1974 tarihine uzanan ELTES Elektrik, daha kurumsal bir yapı oluşturmak amacı ile 1992 yılında Anonim Şirket statüsüne geçmiş ve “ELTES Elekt . KişiselVerilerin Korunması Kanununa İstinaden Tem Teknik Elektrik Malzemeleri San. Ve Tic. A.Ş nin uyması gereken yükümlülükler aşağıdaki metinde ayrıntılı olarak belirtilmiştir. Nisan 2016 tarihinde yürürlüğe giren 6698 sayılı Kişisel Verilerin Korunması Kanunu, kişisel verilerin işlenmesi konusunda ilgililerin Konya Ilgın Elektrik Üretim San. ve Tic. A.Ş.'nin ortalama 2069 kcal/kg alt ısıl değere sahip toplam 138 milyon ton işletilebilir linyit cevheri sahası ruhsatı ile 500 MW kurulu güce sahip olacak akışkan yataklı kazan teknolojisi ile kurulacak olan Konya Ilgın termik santrali elektrik üretim/satış lisansı bulunuyor. CROUZETSICK-IFM-ABB. Mühendisler Elektrik San. ve Tic. Ltd. Şti. Adres: Bankalar Okçumusa Cad. Şair Eşref Paşa Sk, No: 18. Karaköy 34420 İstanbul / TURKEY. Tel: 0 212 256 57 50 (6 hat) Gsm: 0533 206 24 70. Fax: 0 212 237 67 26 Email: info@muhendisler.com.tr. 158 136 Nexans Türkiye Endüstri ve Tic. A.Ş. 159 162 Park Termik Elektrik San. ve Tic. A.Ş. 160 165 Hayat Temizlik ve Sağlık Ürünleri San. ve Tic. A.Ş. 161 132 Starwood Orman Ürünleri Sanayi A.Ş. 162 226 Kerim Çelik Mamulleri İmalat ve Ticaret A.Ş. 163 158. Novartis Sağlık Gıda ve Tarım Ürünleri San. ve Tic. A.Ş. 83e4. Park Elektrik Üretim Madencilik Sanayi ve Ticaret A. Ş. September 2012 BGC Partners Conference London Contents I. III. IV. V. VIII. Park Elektrik Overview Ciner Group in Brief Operations Reserves Planned Investments Financial Structure Evaluation of The Latest Financial Tables Corporate Governance Rating Park Elektrik September 2012 3 7 10 13 20 23 32 38 2 I. Park Elektrik Overview September 2012 3 The Company § § § Park Elektrik was established as a textile company in 1994. Initially offered to public in 1997, Park Elektrik is the sole listed company within Ciner Group. Changed its commercial title and main line of activity in 2000. Took over operational rights of copper mine in Siirt in 2004. Commenced copper mining operations in late 2006. Merged with ISE-listed Group company, Ceytas, in May 2009 and added asphaltite mining into its operation line following Ceytas merger. Park Elektrik September 2012 4 Ownership Structure Park Elektrik September 2012 5 Participation, Park Termik § § Park Elektrik has 10% stake in Park Termik Elektrik San. ve Tic. A. S. , a Ciner Group company which is involved in thermal power generation in Çayırhan, Ankara. Park Termik operates Cayirhan Thermal Power Plant which has a total production capacity of 620 MW, in four units. The plant is an integrated power generator which procures coal through its own lignite mines. In June 2012, Park Termik paid TL 5. 2 mn dividends to Park Elektrik & Madencilik. Park Elektrik September 2012 6 II. Park Elektrik Ciner Group in Brief September 2012 7 Ciner Group, Main Line of Businesses Ciner Group Park Holding Ciner Yayın Holding Energy & Mining Group Commerce, Industry & Services Group Media Group Major Companies Park Elektrik Park Termik Park Teknik Eti Soda Silopi Elektrik Major Companies Park Marine Park Aviation Lares Park Hotels Park Insurance Park Foreign Trade Denmar Logistics Major Companies & Brands Haberturk Newspaper Haberturk TV, Radio, Haberturk Web Site Bloomberg HT News Channel, FHM, Marie Claire, Newsweek Park Elektrik September 2012 8 Ciner Group, Introduction § Park Holding, the main shareholder of Park Elektrik with 61% share, is solely owned by Mr. Turgay Ciner. § Ranking among the largest Groups of Turkey, Ciner Group’s history goes back to 1978 when it was founded. The Group has a diversified business portfolio including companies in construction, insurance, logistics, media and broadcasting sectors. However, the Group’s main line of businesses are mining and energy in which it has a wide expertise. § Ciner Group is a pioneering actor in energy and mining sector given its new and initial steps since early 1990 s. In line with accelerated privatization efforts in 1990 s, the Group successfully involved in mining and energy sectors which are the underlying sectors of the Group’s fast growth in recent years. § As of year-end 2011, Park Holding has TL 1. 3 bn of consolidated sales and TL 3. 2 bn of total assets. Park Elektrik September 2012 9 III. Park Elektrik Operations September 2012 10 Park Elektrik’s Existing & Planned Facilities Copper Mine Siirt Natural Gas Power Plant Adana Park Elektrik September 2012 HPP Diyarbakır Asphaltite Mine Sırnak 11 I Madenköy Copper Zone § Park Elektrik acquired operation license of Madenkoy copper mine in 2004 from Eti Holding, a state-owned entity engaged in mining businesses, for TL 9. 4 mn. § Mine operations started in late 2006 in the copper zone. So far, around 4 mn tons of ore was extracted in the copper zone. § According to initial reports, proven reserves in the zone was determined as 13 mn tons of ore. However, according to the recent report issued by Micromine Consulting Services, total reserves in the zone was determined as 39. 8 mn tons of ore, 31. 2 mn tons of which was classified as measured. § The company has a concentration facility and it produces and sells concentrated copper that includes copper content of around 19 -20% levels. § Park Elektrik exports all of its concentrated copper production to international commodity brokers. Park Elektrik September 2012 12 Micromine Reserve Report Based On JORC § § According to a JORC Joint Ore Resources Code compliant reserve report issued by Micromine Consulting Services in October 2011, based on the drilling and sampling works by Eti Holding 1981, Preussag AG Metall 1988 and Park Elektrik, the total reserves of Madenköy project was determined as 39, 821, 000 tons of ore, 31, 182, 000 tons of which was measured. According to the same report, average grade in Madenkoy copper mine is 2. 4% for the whole zone. Current grade in the zone is lower, at 1. 8 -1. 9% levels in average. Source JORC Resource Estimate Report by Micromine Park Elektrik September 2012 13 Capacity Expansion § § § In parallel with growing reserves in the Madenkoy copper zone, the company increased its concentration facility’s capacity from 750 k to 1. 2 mn tons as of October 2011. Total capex for this investment was Euro 3. 5 mn. Furthermore, Park Elektrik plans to increase its concentration capacity to 1. 8 mn tons in the short term. The company plans to complete this second phase capacity expansion by December 2012 with a planned investment amount of Euro 3. 5 -4 mn. In line with increasing capacity, Park Elektrik revised its production targets for the coming two years. The company expects 90 k production in 2012. For 2013, Park Elektrik expects production volume to be in a band of 130 k-150 k levels, with the assumptions of 1, 8% and 2% grades respectively. * 2012 production targets have been revised as 90 k from 95 k due to an unexpected delay in delivery of new production line equipment in the capacity expansion process. ** Production targets for 2013 have been revised within the context of budget revision and new grade assumptions. Park Elektrik September 2012 14 2012 Production Targets & Realizations by 1 H 12 § § As of 1 H 12, Park Elektrik exceeded its first half production targets by producing 46, 852 wmt of concentrated copper, 9% over its target of 43 k. The company revised its year-end production target from 95 k to 90 k due to an unexpected delay in delivery of new production line equipment. There might also be a few daily production shortages in the second half of the year in line with ongoing capacity expansion process in the current concentration center. Park Elektrik September 2012 15 Current Underground Zone Plan Park Elektrik September 2012 16 Shift To Open Pit Mining in 2013 § § Park Elektrik plans to shift its copper mining operations from underground to open-pit mining by the mid of 2013. Based on projections, production through open pit mining will continue until the end of 2025 for thirteen years in two different phases. Regarding this shift, the company started stripping in the copper zone by assigning two subcontractors. The initial stripping of 13 mn m 3, which will take one year from mid of 2012 to mid of 2013, will cost TL 65 mn with an average stripping cost of TL 5 per m 3. The company plans to excavate 198 mn m 3 soil to produce 19. 75 mn tons of ore in thirteen years period of open pit mining, including initial stripping of 13 mn m 3. The compulsory purchase process which has started in line with Park Elektrik’s shift to open pit mining has completed recently with a total expense of TL 11 mn. Park Elektrik September 2012 17 II Silopi Asphaltite Zone § Asphaltite is a petroleum-origin hydrocarbon with a thermal value of 5, 500 -5, 800 kcal/kg. § Park Elektrik has the operational rights of Silopi asphaltite mine until 2033. Estimated asphaltite reserve in Silopi is around 35 mn tons based on Turkish Coal Enterprise TKI reports. § Operations in the asphaltite zone started in June 2009. The company provides asphaltite to Silopi Elektrik Üretim A. Ş. , a group company which is involved in electricity production in Silopi with fluidized bed technology and has a starting capacity of 135 MW. § Annual production amount in Silopi is around 450, 000 tons and is subject to increase from 2014 onwards in line with capacity expansion of Silopi EUAS from 135 MW to 405 MW. With the expansion, annual asphaltite production of Park Elektrik is also estimated to be tripled. § Based on recently renewed contract by two companies, sale price of asphaltite is determined as “Costs + 15%”. § Asphaltite mine will be open-pit for the first years of operation. Later on, underground mining will be done by the method of “Cut and Fill Block Caving”. Park Elektrik September 2012 18 Open-Pit Mining in Silopi Park Elektrik September 2012 19 IV. Park Elektrik Planned Investments September 2012 20 Diyarbakır HPP § Installed capacity will be 50. 5 MW. § Production license is valid for 49 years. § According to recent feasibility studies, estimated investment amount is US$ 100 mn. Park Elektrik September 2012 21 Ceyhan Natural Gas Power Plant § Park Elektrik applied to Energy Market Regulatory Authority for a license to establish a NGPP in Ceyhan, Adana. § Installed capacity will be 423 MW. § Production license will be valid for 49 years. § Estimated investment amount is Euro 250 mn. Park Elektrik September 2012 22 V. Park Elektrik Financial Structure September 2012 23 Annual Concentrated Copper Production wmt * Annual production declined due to production halt of four-month in 2010. ** To be on the conservative side, production estimation of 130 k for 2013 has been used in the graph. Park Elektrik September 2012 24 Annual Con. Copper dmt & Cathode ton Sales * In 2010, there was a production halt of four months. ** 6, 613 wmt of concentrated copper were used to produce 1, 210 mt copper cathode. This pushes 2011 total sales up to 61, 667 dmt. Park Elektrik September 2012 25 Annual Asphaltite Sales ton * Asphaltite operations started in mid 2009. Park Elektrik September 2012 26 Total Sales Revenues TL * Revenues from other sales is 1, 616, 016. Park Elektrik September 2012 27 Net Earnings TL mn Park Elektrik September 2012 28 Breakdown of COGS, as of YE 11 Park Elektrik September 2012 29 Annual Margin Comparison TL mn 2007 2008 2009 2010 2011 Sales Gross Profit Gross Margin EBITDA Margin Net Earnings Net Margin 80 47 59% 43 52% 20 25% 111 73 66% 62 56% 75 68% 79 32 41% 24 30% 19 25% 84 44 52% 42 50% 37 44% 173 107 62% 112 65% 101 58% Park Elektrik September 2012 30 Sources of Financing TL mn * Park Elektrik has no financial debt. Park Elektrik September 2012 31 VI. Evaluation of 1 H 12 Financial Results Park Elektrik September 2012 32 Evaluation of 1 H 2012 Financial Results § § In the first half of 2012, total copper concentrate production was realized as 46, 852 wmt, indicating 27% increase. Total sales for copper products was realized as 38, 488 dmt for concentrate copper and 2, 521 mt for cathode copper. Total revenues increased by 86% due to the capacity expansion in the concentration center. Although profit margins of the company did not realize as high as the previous year due to the depreciation costs of an open pit copper site in which the operations ended, they showed significant improvement from 1 Q to 2 Q despite the fact that falling copper prices through the years 2011 -2012. The production and sales of asphaltite decreased as 40% due to the operational halt caused by a technical failure in the Silopi Elektrik A. Ş. Park Elektrik distributed TL 100 mn dividends out of 2011 earnings in May 2012. Park Elektrik September 2012 33 Production & Sales Amount Production Concentrated Copper wmt 1 H 11 1 H 12 % 37, 021 46, 852 27% 852* 902* 6% 204, 069 122, 594 -40% 1 H 11 1 H 12 % 29, 681 38, 488 30% - 2, 521** - 204, 069 122, 594 -40% Cathode Copper MT Asphaltite ton * 852 mt cathode equals to 5, 015 wmt con. copper. 902 mt cathode equals to 5, 540 wmt of con. copper. Sales Concentrated Copper dmt Cathode Copper MT Asphaltite ton ** 2, 521 mt cathode equals to 14, 032 dmt of con. copper which push up total sales to 52, 520 dmt, with a 77% y-o-y growth. Park Elektrik September 2012 34 Sales Breakdown TL & Gross Margin by Products Copper Sales Gross Margin of Copper Asphaltite Sales Gross Margin of Asphaltite Other Sales Total Sales Revenues Overall Gross Margin Park Elektrik 1 H 11 1 H 12 % 68, 387, 080 132, 234, 152 93% 71% 55% - 8, 842, 048 9, 515, 643 8% 14% - 390, 576 2, 932, 976 625% 77, 619, 904 144, 682, 771 86% 64% 51% - September 2012 35 Income Statement TL Sales COGS Gross Profit 1 H 11 1 H 12 % 77, 619, 704 -27, 581, 165 50. 038. 539 144, 682, 771 -70, 931, 733 73, 751, 038 86% 157% 47% 64% 51% - -4, 286, 574 -7, 329, 810 5, 331, 285 -1, 537, 688 42, 215, 752 -6, 447, 206 -7, 810, 182 10, 448, 793 -2, 498, 127 67, 444, 316 50% 7% 96% 62% 60% 54% 47% - 15, 065, 031 -3, 224, 718 54, 056, 065 -10, 632, 392 43, 423, 673 19, 587, 033 -5, 491, 655 81, 539, 694 -14, 880, 193 66, 659, 501 30% 70% 51% 40% 54% 56% 46% - 49, 918, 858 96, 706, 418 94% 67% - Gross Margin Marketing Selling & Dist. Exp. General Adm. Expenses Other Operating Income Other Operating Expenses Operating Income Operating Margin Financial Income Financial Expenses Profit Before Tax Net Profit Net Margin EBITDA Margin Park Elektrik September 2012 36 Summary Balance Sheets TL 1 H 11 1 H 12 Current Assets 310, 062, 557 290, 575, 782 Fixed Assets 112, 209, 004 176, 806, 617 TOTAL ASSETS 422, 271, 561 467, 382, 399 Short Term Liabilities 29, 745, 368 51, 258, 531 Long Term Liabilities 6, 541, 679 6, 007, 815 Shareholders Equity 385, 984, 514 410, 116, 053 TOTAL LIABILITIES 422, 271, 561 467, 382, 399 Park Elektrik September 2012 37 Corporate Governance Rating Park Elektrik was rated with 8. 82 as a result of the Corporate Governance study done by SAHA Kurumsal Rating Agency. According to report done by SAHA, the rating means that the company performs “very good” in terms of Capital Markets Board’s corporate governance principles. It has, to varying degrees, identified and actively managed all significant corporate governance risks through comprehensive internal controls and management systems. The company’s performance is considered to represent best practice, and it had no deficiencies in any of the areas rated. Park Elektrik September 2012 38 T H A N K Y O U. CONTACTS Yesim Bilginturan Selim Erdogan IR Manager Phone +90 216 531 25 33 +90 216 531 25 35 y. bilgint[email protected] com. tr s. [email protected] com. tr www. parkelektrik. com. tr www. cinergroup. com. tr Park Elektrik September 2012 39 Park Elektrik Üretim Madencilik Sanayi ve Ticaret finansal yatırım faaliyetleriyle ilgili bildirim yapıldı. Kamuyu Aydınlatma Platformu'na KAP yapılan açıklamada, şunlar kaydedildi ''Şirketimizin yüzde 10 oranında pay sahibi olduğu finansal yatırımı Park Termik Elektrik Sanayi ve Ticaret Ankara Çayırhan'da faaliyet gösteren toplam 620 MW kapasiteli Çayırhan Termik Santralini işletme imtiyaz süresi 30 Haziran 2020 tarihi itibariyle sona ermiş olup, santral tesisi ve ilgili diğer taşınır ve taşınmaz mallar ile santralin yakıt ihtiyacını karşılayan maden sahaları ve yardımcı tesisleri kullanılabilir ve çalışır vaziyette 30 Haziran saat itibariyle Elektrik Üretim devredilmiştir. Şirketimiz 2009 yılında Park Termik'in yüzde 10 hissesini devralması akabinde 2010, 2011, 2012, 2013, 2014 ve 2015 yıllarında olmak üzere Park Termik'ten toplam TL tutarında temettü geliri elde etmiştir. Park Termik hisselerinin değeri şirketimiz finansal tablolarında 31 Aralık 2017 tarihine kadar kayıtlı değeri olan TL bedel ile raporlanmış ve 1 Ocak 2018 tarihinde başlayan hesap döneminden itibaren muhasebe standardı değişikliği nedeniyle gerçeğe uygun değeriyle raporlanmaya başlanmıştır. Şirketimizin 1 Ocak 2018 tarihinden sonra kamuya açıklanan finansal tablolarında kullanılan gerçeğe uygun değer tespit çalışmalarında imtiyaz süresinin sonunda 30 Haziran 2020 termik santralin devredileceği varsayımı altında değer tespit çalışmaları gerçekleştirilmiştir. En son 31 Aralık 2019 tarihi itibariyle kalan 6 aylık işletme hakkı sürecinde yaratılması tahmin edilen nakit akımlarına dayalı olarak gerçekleştirilen değerleme çalışması neticesinde Park Termik'in şirketimize ait olan hisselerinin değeri TL olarak tespit edilmiş olup, devir sonrasındaki gerçekleşmeler doğrultusunda söz konusu gerçeğe uygun değer tespiti Şirketimizce gözden geçirilecek ve kamuya açıklanacak 30 Haziran 2020 tarihli finansal tablolarımızda devir sonrası durumu yansıtacak gerçeğe uygun değer raporlanacaktır.'' Hibya Haber Ajansı Bu haber 157 defa okunmuştur. Park Elektrik Üretim Madencilik Sanayi ve Ticaret A. Ş. Investors Presentation September 2017 Contents I. III. IV. V. VI. Company Ciner Group Participations Financial Figures Evaluation of The Latest Financial Tables Corporate Governance Rating June 2017 Park Elektrik 3 6 9 14 20 24 2 I. June 2017 Company Park Elektrik 3 Introduction § Park Elektrik has been the sole copper mining company of Borsa Istanbul until recently. The company sold its copper mine and related assets in Siirt to Cengiz Inşaat for USD 195 million + VAT in March 2017 in the aftermath of a landslide occurred in the mine in November 2016. Park Elektrik was operating Madenköy copper mine for eleven years since late 2006. § Following sale of copper mine, Park Elektrik invested in energy sector by purchasing 100% shares of its sister company Konya Ilgın Elektrik Üretim San. ve Tic. A. Ş. for USD 150 million from Park Holding A. Ş. , its parent company. § Konya Ilgın has a strategic project and a license to establish a 500 MWe thermal power plant in Konya in central Anatolia. The company also has the operational rights of coal reserves in the same zone until 2043. There is 138 million tons of mineable lignite reserves in the zone with an average calorific value of 2069 kcal/kg. § According to initial plans, estimated time for the initiation of the project is 2018 and estimated duration is 43 months. September 2017 Park Elektrik 4 Ownership Structure Park Elektrik Üretim Madencilik San. ve Tic. A. Ş. Ownership Structure Others 32% Share % Amount TL Park Holding A. Ş. 61, 25 91. 168. 622 Turgay Ciner 6, 76 10. 065. 983 Others 31, 99 47. 632. 638 Total 100, 00 148. 867. 243 September 2017 Park Elektrik Turgay Ciner [VALUE]% Park Holding [VALUE]% 5 II. Ciner Group September 2017 Park Elektrik 6 Ciner Group Structure Ciner Group Park Holding Energy & Mining Group Major Companies Park Elektrik, Park Termik, Silopi Elektrik, Konya Ilgın Elektrik, Park Toptan, Park Teknik, Eti Soda, Kazan Soda, Park Cam September 2017 Ciner Yayın Holding Commerce, Industry & Services Group Media Group Major Companies & Brands Haberturk Newspaper Haberturk TV, Radio, Haberturk Web Site Bloomberg HT, Aks TV Show TV Major Companies Ciner Navigation, Ciner Aviation, Denmar Logistics, Lares Park Hotels, Park Insurance, Park Elektrik 7 Ciner Group’s History §Park Holding, the main shareholder of Park Elektrik with 61% share, is solely owned by Mr. Turgay Ciner. §Ranking among the largest Groups of Turkey, Ciner Group’s history goes back to 1978 when it was founded. The Group has a diversified business portfolio. However, the Group’s main line of businesses are mining and energy in which it has a wide expertise. §Ciner Group is a pioneering actor in energy and mining sector given its new and initial steps since early 1990 s. In line with accelerated privatization efforts in 1990 s, the Group successfully involved in mining – mainly in coal mining- and energy sectors which are the underlying sectors of the Group’s fast growth. §In recent years, Group entered a new area of mining through trona mining and soda ash production in Turkey and US. Soda ash is an essential raw material used mainly in glass, chemicals and detergents industries. The Group’s total soda ash production capacity amounted to 6. 9 mn tons/year including its production units in Beypazarı & Kazan-Turkey and Wyoming-USA. As one of the largest and lowest cost producers of natural soda ash worldwide, Ciner Group also invested in glass production in 2013 with a 1000 ton/day capacity in two lines in Bozöyük, Central Anatolia, Turkey. September 2017 Park Elektrik 8 III. Participations of Park Elektrik September 2017 Park Elektrik 9 Konya Ilgın Elektrik Üretim San. ve Tic. A. Ş. 100% Subsidiary • Konya Ilgın was established to extract lignite from its coal mine to produce and sell electricity. • Ilgın lignite field has an mineable 138 million tons of lignite ore with an average heat value of 2069 kcal/kg, and the ore to be extracted from the field will be used for the plant with thermal power of 500 MWe, with a supercritical circulating fluidized bed technology. • Konya Ilgın lignite field was initially discovered by drilling done by the MTA in the 1980 s. With the drilling and reserve works performed by North American Coal Company that holds the operating rights of the field in subsequent years, the amount of lignite reserves in the field was found out. • In 2011, Konya Ilgın took over operational rights of the field until 2043, which may be extended upon request. Since 2011, Konya Ilgın have made drillings to confirm existing mining data and have worked towards creating a safe and sustainable mine plan by examining the area's geology and reserves. In this context, confiscation process related to the land are continuing. • Konya Ilgın have conducted technical studies with domestic and foreign consultant firms including Vattenfall Gmb. H, Fugro. Sial, Istanbul Technical University especially for reserve calculations and mine planning. September 2017 Park Elektrik 10 Investment Facts of Ilgın Thermal Power Plant Project • Investment in Konya Ilgın is estimated to start in 2018 and will take 43 months to be completed. • Estimated total investment amount for Konya Ilgın thermal power plant is around USD 650 million, where EPC contract amount is USD 597 million • The EPC contract amount is planned to be externally financed by 85%. • Estimated tax reduction for the investment is around USD 170 million due to heavy tax incentives granted for domestic coal using thermal power plants. • So far, only preparation works have been done such as dewatering in the construction site, acquiring of construction and environmental licenses from local governmental agencies. September 2017 Park Elektrik 11 Projected Electricity Production of Konya Ilgın PP • According to feasibility studies projected gross and net electricity production amount of the power plant will be as given in the table below. Projected Annual Electricity Production Working Hour Hour/year 7, 600 Capacity MWe 500 Gross Electricity Production k. Wh/year 3, 800, 000 Primer k. Wh 19, 000 Primer Loss 0. 5% Gross Electricity Production k. Wh/year 3, 781, 000 Internal Consumption k. Wh/Year 434, 815, 000 Internal Con. Rate 11. 5% Net Electricity Production k. Wh/Year September 2017 3, 346, 185, 000 Park Elektrik 12 Park Termik Elektrik San. ve Tic. A. Ş. 10% minority share § Park Elektrik has 10% stake in Park Termik Elektrik San. ve Tic. A. S. , a Ciner Group company which is involved in thermal power generation in Çayırhan, Ankara. § Park Termik has operating rights of Çayırhan Thermal Power Plant which has a total production capacity of 620 MW, in four units. § The plant is an integrated power generator which procures coal of its own lignite mines. § In 2015, Park Elektrik gained approximately TL 7 mn dividend income from Park Termik. There was no dividend income from Park Termik in 2016. September 2017 Park Elektrik 13 IV. September 2017 Financial Figures Park Elektrik 14 Sales Revenues copper asphaltite 30, 816, 836 33, 704, 018 11, 587, 475 September 2017 2013 2014 Park Elektrik 2015 135, 409, 470 2012 164, 371, 258 209, 927, 689 2011 226, 524, 686 2010 229, 264, 821 2009 151, 135, 664 19, 314, 397 64, 191, 660 2008 8, 211, 605 69, 857, 081 2007 110, 713, 833 80, 040, 645 19, 709, 514 2016 15 Net Earnings 100. 9 107. 3 74. 8 69. 3 37. 2 19. 8 2007 20. 5 19. 4 2008 2009 2010 2011 2012 2013 2014 29. 2 2015 2016 -20. 5 September 2017 Park Elektrik 16 Dividend Distribution -20, 000 2011 -40, 000 Dividend Rate Dividend Yield September 2017 2011 99% 24% 2012 0% 0% 2013 2013 91% 15% Park Elektrik 2014 447% 22% 2015 189% 13% - 55, 222, 124 2016 -20, 502, 367 20, 000 0 29, 234, 883 40, 000 Distributed Dividend 91, 464, 687 20, 459, 924 60, 000 Net Earnings 63, 744, 336 69, 735, 813 80, 000 0 100, 000 107, 013, 605 100, 000 120, 000 100, 895, 711 2016 0% 0% 17 Sources of Financing Shareholders' Equity Total Debt 64 41 30 8 88 14 100 53 130 143 223 302 93 62 437 445 33 60 66 53 55 343 450 520 499 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 September 2017 Park Elektrik 18 Annual Margin Comparison TL mn 2010 2011 2012 2013 2014 2015 2016 Sales 84 173 265 261 223 165 135 Gross Profit 44 107 134 72 24 31 1 52% 62% 51% 28% 11% 19% 1% 42 112 165 147 121 104 55 50% 65% 62% 57% 54% 63% 41% 37 101 107 70 20 29 -21 44% 58% 40% 27% 9% 18% - Gross Margin EBITDA Margin Net Earnings Net Margin September 2017 Park Elektrik 19 V. September 2017 Evaluation of the Latest Financial Results Park Elektrik 20 Evaluation of 1 H 17 Financial Results § In 1 H 17, Park Elektrik announced consolidated financial statements for the first time in its history following its purchase of 100% shares of Konya Ilgın Elektrik Üretim A. Ş. § In this consolidated 1 H results, Park Elektrik’s copper related financial results were classified under the name of Discontinued Operations» as it sold all of its copper assets and halted its copper operations as of March 17, 2017. As seen in deep note 21, the company had TL 495 mn of net profits from discontinued operations due to sale of copper assets to Cengiz Holding. Thanks to one-time gain from sale of its coppers assets, the Company recorded TL 473 million net profits in 1 H 17. § As of 1 H 17 Park Elektrik has TL 162 million equivalent cash in TL deposit as a result of the difference between sale of copper assets and purchase of Konya Ilgın shares. § On the other hand, purchase of Konya Ilgın shares was treated as a business combination under common control» and the difference between the purchase price and the net equity at the date of acquisition is classified under equity under the name of Effects of Consolidations involving Enterprises or Enterprises Subject to Joint Control» . September 2017 Park Elektrik 21 Summary Income Statement 1 H 16* 1 H 17 % -6. 564. 498 -6. 652. 461 1% 279. 784 645. 731 131% -6. 284. 714 -6. 006. 730 -4% 1. 203. 512 3. 681. 600 206% -226. 871 -19. 296. 408 8405% -5. 308. 073 -21. 621. 538 307% -36. 376 -3. 689 -90% Net Profit/Loss From Ongoing Operations -5. 344. 449 -21. 625. 227 305% Net Profit/Loss From Discontinued Operations -1. 975. 560 495. 021. 732 -25157% Net Profit/Loss -7. 320. 009 473. 396. 505 -6567% Operating Income From Investments Income Before Financial Exp. Financial Income Financial Expenses Profit Before Tax Deferred Tax Income / Expense *Restated due to consolidation and discontinued operations aspect. Deep note 2. 1 September 2017 Park Elektrik 22 Summary Balance Sheet YE 2016 1 H 2017 Current Assets 134, 474, 729 201, 317, 354 Fixed Assets 430, 365, 633 279, 212, 771 TOTAL ASSETS 564, 840, 362 480, 530, 125 Short Term Liabilities 35, 785, 791 21, 745, 181 Long Term Liabilities 27, 306, 767 26, 083, 896 Shareholders Equity 501, 747, 804 432, 701, 048 TOTAL LIABILITIES 564, 840, 362 480, 530, 125 September 2017 Park Elektrik 23 VI. Corporate Governance Rating September 2017 Park Elektrik 24 Corporate Governance Rating Park Elektrik’s corporate governance rating is determined as 9. 08 according to a recent report conducted by SAHA Corporate Rating Agency in June 2017. Based on the report, the rating means that the company performs “very good” in terms of Capital Markets Board’s corporate governance principles. It has, to varying degrees, identified and actively managed all significant corporate governance risks through comprehensive internal controls and management systems. The company’s performance is considered to represent best practice, and it had no deficiencies in any of the areas rated. September 2017 Main Sections, Average 90. 79 Board of Directors Stakeholders 89. 51% 87. 81% Public Disclosure & Transparency Shareholders Park Elektrik 97. 25% 87. 90% 25 T H A N K Y O U. CONTACT Yesim Bilginturan IR Manager Phone +90 216 531 25 33 y. [email protected] com. tr www. parkelektrik. com. tr www. cinergroup. com. tr September 2017 Park Elektrik 26 PARK ELEKTRİK ÜRETİM MADENCİLİK SANAYİ VE TİCARET Özel Durum Açıklaması Genel İlgili Şirketler [] İlgili Fonlar [] Türkçe Özel Durum Açıklaması Genel Yapılan Açıklama Güncelleme mi? Hayır No Yapılan Açıklama Düzeltme mi? Hayır No Konuya İlişkin Daha Önce Yapılan Açıklamanın Tarihi – Yapılan Açıklama Ertelenmiş Bir Açıklama mı? Hayır No Bildirim İçeriği Açıklamalar Ülkemizde de etkili olan Kovid-19 salgınının ortaya çıkmasında termik santrallerin yarattığı çevre kirliliğinin de etkili olduğu gerekçesiyle, ülkemizde işletmede olan 30 kömürlü termik santralin tamamının üretim lisanslarının iptal edilerek kapatılması ile henüz işletmeye alınmamış 7 termik santralin üretim lisanları ile projelerinin iptali istemiyle bazı sivil toplum kuruluşlarının Türkiye Cumhuriyeti Cumhurbaşkanlığı aleyhine dava açtığı, henüz işletmeye alınmamış 7 termik santral arasında Şirketimizin bağlı ortaklığı Konya Ilgın Elektrik Üretim San. ve Tic. “Konya Ilgın” bünyesinde yürütülen termik santral projesinin de olduğu ve dava kapsamında Konya Ilgın’ın sahibi olduğu EÜ/4292/02479 lisans numaralı ve 43 yıl süreli elektrik üretim lisansının da iptalinin talep edilmesi nedeniyle bağlı ortaklığımız Konya Ilgın’ın davaya istemesi halinde müdahil olabileceği hususundaki Ankara 11. İdare Mahkemesi’nin 14 Eylül 2021 tarihli ara kararı bugün bağlı ortaklığımız Konya Ilgın’a elektronik ortamda tebliğ edilmiştir. Konya Ilgın Termik Santral Projesinde, Dolaşımlı Akışkan Yataklı Kazan CFB teknolojisi kullanılacaktır. CFB Teknolojisi uzun yıllardır dünyada yaygın olarak kullanılan ve özellikle kükürt dioksit emisyonlarını önlemesi açısından “temiz kömür teknolojileri” sınıfına giren, aynı zamanda düşük yanma odası sıcaklığı ile NOx emisyonu sorununu ortadan kaldıran bir teknolojidir. Bu çerçevede, Konya Ilgın Termik Santral Projesi ülkemizde geçerli tüm çevresel yükümlülüklere uyum sağlayacak şekilde planlanmaktadır. Konu ile ilgili tüm yasal haklarımızı korumak amacıyla bağlı ortaklığımızca davaya, davalı Türkiye Cumhuriyeti Cumhurbaşkanlığı yanında müdahil olarak katılınacaktır. Sürece ilişkin içsel bilgi niteliği taşıyan herhangi bir gelişme olması durumunda sermaye piyasası mevzuatı uyarınca gerekli açıklamalar yapılacaktır. BIST Kaynak Bloomberg HT Download Skip this Video Loading SlideShow in 5 Seconds.. Park Elektrik Üretim Madencilik Sanayi ve Ticaret PowerPoint Presentation Download PresentationPark Elektrik Üretim Madencilik Sanayi ve Ticaret - - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - - Presentation Transcript Park Elektrik Üretim Madencilik Sanayi ve Ticaret February 2012Contents I. Ciner Group in Brief 3 II. Park Elektrik Overview 6 III. Operations 10 IV. Micromine Reserve Report 13 V. Planned Investments 19 VI. Financial Structure 22 VII. Evaluation of The Latest Financial Tables 32 VIII. Corporate Governance Rating 39 IX. Market Data 40 Park Elektrik February 2011I. Ciner Group in Brief Park Elektrik February 2011 Park Holding, the main shareholder of Park Elektrik, is controlled by Ciner Group, which is solely owned by Mr. Turgay Ciner. Ciner Group’s history goes back to 1978 when it was founded. Ranking among the largest Groups of Turkey, Ciner Group diversified its operations from the energy and mining sectors to tourism, media and broadcasting sectors. Ciner Group is a pioneering actor in energy and mining sector given its new and initial steps since early 1990s. In line with accelerated privatization efforts in 1990s, the Group successfully involved in mining and energy sectors which are the underlying sectors of the Group’s fast growth in recent years. Ciner Group, Introduction February 2011Ciner Group, Main Line of Businesses Ciner Group Energy & Mining Group Media Group Commerce, Industry & Services Group Major Companies Park Elektrik Park Termik Park Teknik Eti Soda Silopi Elektrik Park Enerji Ekipmanları Major Companies & Brands Ciner Yayın Holding Haberturk Newspaper Haberturk TV, Radio, Haberturk Web Site Bloomberg HT, FHM, Marie Claire, Newsweek Major Companies Park Marine Park Aviation Lares Park Hotels Park Insurance Park Foreign Trade Denmar Logistics February 2011II. Park Elektrik Overview February 2011The Company • Established in 1994. • Initially offered to public in 1997. Park Elektrik is the sole listed company within Ciner Group. • Changed its commercial title in 2000. • Commenced copper mining operations in late 2006. • Merged with ISE-listed Group company, Ceytas, in May 2009. • Added asphaltite mining into its operation line following Ceytas merger. • Currently operating a copper and an asphaltite mine and plans to establish an HPP Hydroelectricity Power Plant in the medium term, and a NGPP Natural Gas Power Plant in the long term. February 2011Ownership Structure February 2011Participations, Park Termik • Park Elektrik has 10% stake in Park Termik Elektrik San. ve Tic. a Ciner Group company which is involved in thermal power generation in Çayırhan, Ankara. • Park Termik operates Cayirhan Thermal Power Plant which has a total production capacity of 620 MW, in four units. • The plant is an integrated power generator which procures coal through its own lignite mines. February 2011III. Operations February 2011Asphaltite Mine Natural Gas Power Plant Copper Mine HPP Sırnak Adana Siirt Diyarbakır Park Elektrik’s Existing & Planned Facilities February 2011I Madenköy Copper Zone • Park Elektrik acquired operation license of Madenkoy copper mine from Eti Holding, a state-owned entity engaged in mining businesses, in 2004 for mn. • Mine operations started in late 2006 in the copper zone. So far, around 3 mn tons of ore was extracted in the copper zone. • According to initial reports, proven reserves in the zone was determined at 13 mn tons of ore. However, based on a recent report conducted by Micromine Consulting Services, total reserves in the zone was determined at mn tons of ore, mn tons of which was measured. • The company has a concentration facility and it produces and sells concentrated copper that includes a varying rate of copper. Currently, copper content in the concentrate varies between 19-20% levels. • Although the Company does not posses a smelting facility, it recently initiated a trial production through a domestic subcontractor to produce A grade cathode copper that includes copper content. • Park Elektrik exports all of its concentrated copper and cathode copper production. February 2011Micromine Reserve Report Based On JORC • According to a JORC compliant recent reserve estimation made by Micromine Consulting Services, based on the drilling and sampling works by Eti Holding 1981, Preussag AG Metall 1988 and Park Elektrik, the total reserves of Madenköy project was determined 39,821,000 tons of ore, 31,182,000 tons of which was set to be measured. • Based on the same report, average tenor rate in Madenkoy copper mine is determined as for the whole zone. Current tenor in the zone is lower at levels. Source JORC Resource Estimate Report by Micromine Park Elektrik February 2011 13Capacity Expansion • In parallel with growing reserves in the Madenkoy copper zone, the company increased its concentration facility’s capacity from 750k to mn tons as of October 2011. Total capex for this investment was Euro • Furthermore, Park Elektrik plans to increase its concentration capacity to mn tons in the short-mid term. The company plans to complete this second phase capacity expansion in 2013 with a planned investment amount of Euro • In line with increasing capacity, Park Elektrik revised its production targets for the coming two years. The company expects 95k and 150k wmt of production for 2012 and 2013, respectively. Park Elektrik February 2011 142012 Production Targets Park Elektrik February 2011 15 Zone Plan February 2011II Silopi Asphaltite Zone • Asphaltite is a petroleum-origin hydrocarbon with a thermal value of 5,500-5,800 kcal/kg. • Park Elektrik has the operational rights of Silopi asphaltite mine until 2033. Estimated asphaltite reserve in Silopi is around 35 mn tons based on Turkish Coal Enterprise TKI reports. • Operations in the asphaltite zone started in June 2009. The company provides asphaltite to Silopi Elektrik Üretim a group company which is involved in electricity production in Silopi with fluidized bed technology and has a starting capacity of 135 MW. • Annual production amount in Silopi is around 450,000 currently and is subject to increase from 2014 onwards in line with capacity expansion of Silopi EUAS. With the expansion, annual asphaltite production will be tripled. • Park Elektrik has a profit margin of 15% on its asphaltite sales based on recently renewed contract by two companies. The contract will be valid as long as Silopi Elektrik runs the operations. • The mine will be open-pit for the first years of operation. Later on, underground mining will be done by the method of “Cut and Fill Block Caving”. February 2011Open-Pit Mining in Silopi February 2011IV. Planned Investments February 2011Diyarbakır HPP • Installed capacity will be MW. • Production license is valid for 49 years. • Estimated investment amount is US$ 60 mn according to initial feasibility studies. February 2011Ceyhan Natural Gas Power Plant • Park Elektrik applied to Energy Market Regulatory Authority for a license to establish a NGPP in Ceyhan, Adana. • Installed capacity will be 423 MW. • Production license will be valid for 49 years. • Estimated investment amount is Euro 250 mn. February 2011V. Financial Structure February 2011Concentrate dmt & Cathode Sales ton February 2011Annual Concentrate dmt & Cathodeton Sales * In 2010, there was a production halt of four months. ** Cathode copper sales realized for the first time in 3Q11. February 2011Annual Asphaltite Sales ton * Asphaltite operations started in mid 2009. Park Elektrik February 2011 25Total Sales Revenues* TL * Ignores other sales & discounts. February 2011Breakdown of COGS, as of 9M11 February 2011Unit Cash Costs For Con. Copper TL/wmt February 2011Net Earnings TL mn February 2011Annual Margin Comparison February 2011Sources of Financing TL mn * Park Elektrik has no financial debt. February 2011VI. Evaluation of 9M11 Financial Results February 2011Evaluation of 9M11 Financial Results • In 1H11, Park Elektrik’s product composition changed by including cathode copper into its product range for the first time. Although still in trial period, the copper cathode production reached 1846 Mt by the end of 3Q11. By 3Q11, the company’s concentrated copper production in wmt increased by 184% as compared to the strike shaken previous year. Concentrated copper sales were realized with 153% increase in dmt, y-o-y, as some amount of concentrated copper was utilized for cathode copper production of 1846 mt by the third quarter. 1210 mt of the cathode copper has been sold by the end of 3Q11. • Revenues from total sales more than tripled under the effect of the previous year’s mine strike and soared copper prices, while revenues from the asphaltite sales were kept almost same as the previous year. • The company also had TL15mn of other operational income due to its realized contract in London Metal Exchange. February 2011Production & Sales Amount February 2011Sales Breakdown TL & Gross Margin by Products February 2011Income Statement TL February 2011Margins February 2011Summary Balance Sheets TL February 2011Corporate Governance Rating • Park Elektrik was rated with a result of the Corporate Governance study done by SAHA Kurumsal Rating Agency. According to report done by SAHA, the rating means that the company performs “very good”in terms of Capital Markets Board’s corporate governance principles. It has, to varying degrees, identified and actively managed all significant corporate governance risks through comprehensive internal controls and management systems. The company’s performance is considered to represent best practice, and it had no deficiencies in any of the areas rated. February 2011T H A N K Y O U. CONTACTS Yesim Bilginturan Selim Erdogan IR Manager IR Manager Phone +90 216 531 25 33 +90 216 531 25 35 February 2011

park termik elektrik san ve tic a ş