Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş. March 2012 Erste Securities Istanbul Turkey in Focus Conference

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1 Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş. March 2012 Erste Securities Istanbul Turkey in Focus Conference

2 Contents 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 31 VIII. Corporate Governance Rating 38 2

3 I. Ciner Group in Brief 3

4 Ciner Group, Introduction 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. 4

5 Ciner Group, Main Line of Businesses Ciner Group Energy & Mining Group Major Companies Park Elektrik Park Termik Park Teknik Eti Soda Silopi Elektrik Media Group Major Companies & Brands Ciner Yayın Holding Haberturk Newspaper Haberturk TV, Radio, Haberturk Web Site Bloomberg HT, FHM, Marie Claire, Newsweek Commerce, Industry & Services Group Major Companies Park Marine Park Aviation Lares Park Hotels Park Insurance Park Foreign Trade Denmar Logistics 5

6 II. Park Elektrik Overview 6

7 The Company Established in Initially offered to public in Park Elektrik is the sole listed company within Ciner Group. Changed its commercial title in Commenced copper mining operations in late Merged with ISE-listed Group company, Ceytas, in May 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. 7

8 Ownership Structure Others 32% Park Holding 61% Turgay Ciner 7% 8

9 Participations, 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. 9

10 III. Operations 10

11 Park Elektrik s Existing & Planned Facilities Copper Mine Siirt Natural Gas Power Plant Adana HPP Diyarbakır Asphaltite Mine Sırnak 11

12 I) 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 TL9.4 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 39.8 mn tons of ore, 31.2 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 99.9% copper content. Park Elektrik exports all of its concentrated copper and cathode copper production. 12

13 Micromine 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 2.4% for the whole zone. Current tenor in the zone is lower at % levels. Resource Category Tonnes Cu (%) Measured 31,182, Indicated 6,433, Total Measured & Indicated 37,615, Inferred 2,206, Project's Total Resources 39,821, Source: JORC Resource Estimate Report by Micromine 13

14 Capacity Expansion In parallel with growing reserves in the Madenkoy copper zone, the company increased its concentration facility s capacity from 750k to 1.2 mn tons as of October Total capex for this investment was Euro 3.5mn. Furthermore, Park Elektrik plans to increase its concentration capacity to 1.8 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 3.5-4mn. 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. Capacity Expansion & Production Targets Concentration Capacity (tons) 1,200,000 1,800,000 Concentrated Copper Production Estimations (wmt) 95, ,000 14

15 2012 Production Targets Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Ore (wmt) 91,000 87,000 91,000 91,000 94,000 91,000 94,000 94,000 91,000 94,000 91,000 91,000 1,100,000 Ore (dmt) 86,450 82,650 86,450 86,450 89,300 86,450 89,300 89,300 86,450 89,300 86,450 86,450 1,045,000 Con. Copper (wmt) 7,811 7,467 7,811 7,811 8,068 7,811 8,068 8,068 7,811 8,068 7,811 7,811 94,416 Con. Copper (dmt) 7,186 6,870 7,186 7,186 7,423 7,186 7,423 7,423 7,186 7,423 7,186 7,186 86,864 wmt= wet metric ton, dmt= dry metric ton 15

16 Zone Plan 16

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 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 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 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. 17

18 Open-Pit Mining in Silopi 18

19 IV. Planned Investments 19

20 Diyarbakır HPP Installed capacity will be 50.5 MW. Production license is valid for 49 years. Estimated investment amount is US$ 60 mn according to initial feasibility studies. 20

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. 21

22 V. Financial Structure 22

23 Annual Concentrate (dmt) & Cathode (ton) Sales 60,931 59,163 55,054 47,417 32,239 9,271 1, * In 2010, there was a production halt of four months. ** Cathode copper sales realized for the first time in 3Q11. *** wmt concentrated copper were used to produce 2829 mt copper cathode. 23

24 Annual Asphaltite Sales (ton) ,856* * Asphaltite operations started in mid

25 Total Sales Revenues* (TL) copper asphaltite * *Revenues from other sales is TL 25

26 Net Earnings (TL mn)

27 Breakdown of COGS, as of YE11 Maintanence 5% Raw Materials 3% Machinery Rent Costs 7% Labor Costs 27% Depreciation 10% Fuel & Energy 17% Machinery Spare Part Repl. Costs 20% 27

28 Annual Margin Comparison (TL mn) Sales Gross Profit Gross Margin 59% 66% 41% 52% 62% EBITDA EBITDA Margin 52% 56% 30% 50% 65% Net Earnings Net Margin 25% 68% 25% 44% 58% 28

29 Sources of Financing (TL mn) Shareholders' Equity Total Debt * Park Elektrik has no financial debt. 29

30 VI. Evaluation of 2011 Financial Results 30

31 Evaluation of 2011 Financial Results In 2011, Park Elektrik s product composition changed by including cathode copper into its product range for the first time. The copper cathode production reached 2829 Mt by the end of the year. In 2011, company s concentrated copper production in wmt increased by 107% as compared to the previous year. Concentrated copper sales were realized as 71% increase in dmt, y-o-y, as some amount of concentrated copper was utilized for cathode copper production of 2829 mt in mt of the cathode copper has been sold by the end of Revenues from total sales more than doubled under the effect of the capacity expansion, previous year s mine strike and soared copper prices. The company also had TL15mn of other operational income due to its realized contract in London Metal Exchange. 31

32 Production & Sales Amount Production % Concentrated Copper (wmt) 37,426 77, % Cathode Copper (MT) - 2,829 nm Asphaltite (ton) 476, ,333-9% Sales % Concentrated Copper (dmt) 32,239 55,054 71% Cathode Copper (MT) - 1,210 nm Asphaltite (ton) 476, ,333-9% 32

33 Sales Breakdown (TL) & Gross Margin by Products % Copper Sales 64,191, ,135, Gross Margin of Copper 59% 68% - Asphaltite Sales 19,314,397 19,709,514 2 Gross Margin of Asphaltite 29% 20% - Other Sales 288,210 1,676, Total Sales Revenues 83,794, ,521, Overall Gross Margin 52% 62% - 33

34 Income Statement (TL) % S a le s 8 3,7 9 4, ,5 2 1, % C O G S -4 0,1 7 6, ,6 1 5, % G ro s s P ro fit 4 3,6 1 7, ,9 0 5, % G ro s s M a rg in 5 2 % 6 2 % - M a rketin g S e llin g & D ist. E xp. -5,4 3 8, ,9 9 0, % G e n e ra l A d m. E xp e n ses -1 2,6 5 3, ,3 4 4, % O th e r O p e ra tin g In com e 3,8 5 8, ,0 4 2, % O th e r O p e ra tin g E xp e n s e s -6,6 3 5, ,3 2 5, % O p e ra tin g In c o m e 2 2,7 4 9, ,2 8 8, % O p e ra tin g M a rg in 2 7 % 5 4 % - N e t F in a n cia l In c o m e /E xp 2 2,8 7 8, ,9 4 6, % P ro fit B e fo re Tax 4 5,6 2 7, ,2 3 5, % Tax -8,4 5 9, ,3 3 9, % N e t P ro fit 3 7,1 6 8, ,8 9 5, % N e t M a rg in 4 4 % 5 8 % - E B IT D A 4 1,5 1 8, ,2 7 0, % E B IT D A M a rg in 5 0 % 6 5 % - 34

35 Margins (%) Gross Profit Margin Operational Profit Margin EBITDA Margin Net Profit Margin

36 Summary Balance Sheets (TL) Current Assets 273,410, ,678,924 Fixed Assets 96,996, ,424,631 TOTAL ASSETS 370,407, ,103,555 Short Term Liabilities 23,590,464 34,255,807 Long Term Liabilities 4,255,816 6,391,196 Shareholders Equity 342,560, ,456,552 TOTAL LIABILITIES 370,407, ,103,555 36

37 Corporate Governance Rating Park Elektrik was rated with 8.67 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. 37

38 T H A N K Y O U. CONTACTS Yesim Bilginturan Selim Erdogan IR Manager IR Manager Phone:

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