🏀 Park Termik Elektrik San Ve Tic A Ş

Elektrik Otomotiv ve Otomasyon sektörüne yönelik hizmet veren kuruluşumuz 1978 yılından bu yana faaliyet göstermektedir. Elopar Elektrik ve Otomotiv Par. San. Tic. A.Ş. Menu 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. LucasElektrik San. ve Tic. A.Ş. 1. Organize Sanayi Bölgesi 3 Nolu Yol No:3 54580 Arifiye - Sakarya -TURKEY E KATALOG Şirketimizinbağlı ortaklığı Konya Ilgın Elektrik Üretim San. ve Tic. A.Ş.'nin yürüttüğü Konya Ilgın termik santral projesine ilişkin kömür ruhsat sahası içinde yer alan 3 adet höyüğün 1. derece arkeolojik sit alanından 3. derece arkeolojik sit alanı olarak tesciline ilişkin, Kültür ve Turizm Bakanlığı Kültür PARKTERMIK ELEKTRIK SANAYI VE TICARET A S is an electrical/electronic manufacturing company based out of O.A.L. ICI ISLETME MUDURLUGU, ANKARA YOLU UZERI 3. KM, Ankara, Ankara Province, Turkey MİKROMANMADEN SANAYİ VE TİCARET A.Ş. Mining. MİYAY ELEKTRONİK MAKİNA OTOMASYON VE PROSES İNŞ SAN TİC LTD ŞTİ. Mining. NİDAŞ MADENCİLİK SANAYİ VE TİCARET A.Ş. Mining. PARK TERMIK ELEKTRIK SANAYI VE TICARET A.Ş. Mining. REMAS REDÜKTÖR VE MAKİNA SANAYİ A.Ş. Açıklamalar. Daha önce kamuya duyurulduğu üzere, bağlı ortaklığımız Konya Ilgın Elektrik Üretim San. ve Tic. A.Ş. (Konya Ilgın) 1 Nisan 2022 tarihinde 50.000 ton (%10 oranında artırıp azaltabilecek) kömürün 30 Haziran 2022 tarihine kadar Eti Alüminyum A.Ş.'ye satışına ilişkin olarak sözleşme imzalamıştı. KAP ***PRKME*** PARK ELEKTRİK ÜRETİM MADENCİLİK SANAYİ VE TİCARET A.Ş.( Haber ve Söylentilere İlişkin Açıklama: BORSA. Temelleri1982 yılında Kadri Dumlu tarafından İzmir Çankaya'da Kollektif Şirket olarak atılan Gemler Elektrik, elektrik ve aydınlatma sektöründe sūrekli ve baş döndüren bir hızla gelişim ve değişimini sürdürmektedir. Yurt geneline satış, yönetim, pazarlama ve finansman işleri halen İzmir Yenişehirdeki ana binamızdan ZG0D4. Çayırhan Termik Santralı'nin 3. ve 4. ünitelerinin kömür ihtiyacını karşılayan kömür sahalarının işletilmesi işi 30 Aralık 2010 tarihinden itibaren Park Termik Elektrik Sanayi ve Ticaret Termik Santralı 3. ve 4. Ünitelerin Kömür İhtiyacını Karşılayan Kömür Sahalarının İşletilmesi İşinin, Park Termik Elektrik Sanayi ve Ticaret ile Enerji ve Tabii Kaynaklar Bakanlığı Arasında İmzalanmış Olan İmtiyaz Sözleşmesi Kapsamına Alınması Hakkında Karar Resmi Gazete'de yayımlandı. Buna göre Çayırhan Termik Santralı'nin 3. ve 4. ünitelerinin kömür ihtiyacını karşılayan kömür sahalarının işletilmesi işi, 30 Aralık 2010 tarihinden itibaren, Park Termik Elektrik Sanayi ve Ticaret ile Enerji ve Tabii Kaynaklar Bakanlığı arasında 31 Mart 1998 tarihli Kararname çerçevesinde imzalanmış olan İmtiyaz Sözleşmesi kapsamına alındı.ANKAHGS/ÖMR Haberler 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 Slide 1Park Elektrik retim Madencilik Sanayi ve Ticaret A.. March 2013 Slide 2 2 Contents I. Park Elektrik Overview3 Group in Brief 7 10 Shift To Open Pit Mining17 Planned Investments23 Structure27 of The Latest Financial Tables36 Governance Rating42 Park Elektrik March 2013 Park Elektrik Madencilik Slide 3 Park Elektrik3 Elektrik Overview 3 March 2013 Park Elektrik Madencilik Slide 4 Park Elektrik4 The Company Initially offered to public in 1997, Park Elektrik is the sole copper mining company on the ISE. The company currently operates two mines namely; a copper mine in Siirt and an asphaltite a kind of hydrocarbon mine in Srnak. Making up 90% of total sales revenues, concentrated copper is the main product of the company. Park Elektriks end product is concentrated copper which involves around 20% copper content. Park Elektrik sells all of its concentrated copper production to international commodity brokers. Park Elektrik took over operational rights of copper mine in 2004 and commenced copper mining operations in late 2006. In mid 2009, following its merger with ISE-listed Group company Ceytas, Park Elektrik added asphaltite mining into its operation line. Asphaltite is sold to a sister company with a long term cost plus contract. Employees working in copper and asphaltite mines are 486 and 93, respectively. With remaining administrative staff, companys total work force is 627. 4 March 2013 Park Elektrik Madencilik Slide 5 Park Elektrik5 Ownership Structure 5 March 2013 Park Elektrik Madencilik Slide 6 Park Elektrik6 Participation, 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 ayrhan, Ankara. Park Termik operates ayrhan 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 mn dividends to Park Elektrik & Madencilik. 6 March 2013 Park Elektrik Madencilik Slide 7 7 Group in Brief Park Elektrik March 2013 Park Elektrik Madencilik Slide 8 Park Elektrik8 Ciner Group, Main Line of Businesses Energy & Mining Group Ciner Group Media Group Commerce, Industry & Services Group Major Companies & Brands Haberturk Newspaper Haberturk TV, Radio, Haberturk Web Site Bloomberg HT Major Companies Ciner Marine, Ciner Aviation, Lares Park Hotels, Park Insurance, Denmar Logistics, UCZ Retail Chain Park Holding Ciner Yayn Holding Major Companies Park Elektrik, Park Termik, Silopi Elektrik, Park Teknik, Park Toptan, Eti Soda, Kazan Soda, Park Cam, TMC 8 March 2013 Park Elektrik Madencilik Slide 9 9 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 Groups history goes back to 1978 when it was founded. The Group has a diversified business portfolio. However, the Groups 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 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 Groups fast growth in recent years. As of year-end 2011, Park Holding has bn of consolidated sales and bn of total assets. Total number of employees within the Group is 5,700. March 2013 Park Elektrik Madencilik Slide 10 10 March 2013 Park Elektrik Madencilik Slide 11 11 Park Elektriks Existing & Planned Facilities Asphaltite Mine Srnak Natural Gas Power Plant Adana Copper Mine Siirt HPP Diyarbakr Natural Gas Power Plant Edirne March 2013 Park Elektrik Madencilik Slide 12 12 I Madenky 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 mn. Mine operations started in late 2006 in the copper zone. So far, around mn tons of ore was extracted in the copper zone mainly through underground mining. According to initial reports, proven reserves in the zone was determined as 13 mn tons of ore. However, according to latest reserve report issued by Micromine Consulting Services, total reserves in the zone was determined as 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 copper content of around 20% level. Park Elektrik exports all of its concentrated copper production to international commodity brokers, while the end customer is China. March 2013 Park Elektrik Madencilik Slide 13 Park Elektrik13 Micromine Reserve Report Based On JORC According to a JORC Joint Ore Resources Code compliant reserve report issued by Micromine Consulting Services in November 2011, based on the drilling and sampling works by Eti Holding 1981, Preussag AG Metall 1988 and Park Elektrik, the total reserves of Madenky 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 for the whole zone. Current grade in the zone is lower, at levels in average. Source JORC Resource Estimate Report by Micromine 13 March 2013 Park Elektrik Madencilik Slide 14 Park Elektrik14 Capacity Expansion & Condemnation In parallel with growing reserves in the Madenkoy copper zone, the company increased its concentration facilitys capacity from 750k to mn tons of ore processing as of October 2011. Total capex for this investment was Euro Furthermore, Park Elektrik has completed its second phase of capacity expansion project to mn tons of ore processing by December 2012 with an investment amount of Euro Condemnation process around open pit mine will continue in 2013 in line with the mines technological needs. 14 March 2013 Park Elektrik Madencilik Concentration Facility201120122013 Ore Processing Capacity ton750,0001,200,0001,800,000 * Capacity increase to 1,2 mn tons was realized in October 2011. Slide 15 Park Elektrik15 2012 Monthly Production Figures Park Elektrik Madencilik almost reached its 2012 production target of 90,000 wmt of concentrated copper with 89,253 wmt of realized production. This implies 15% growth in yearly basis. Difference between wet metric ton wmt and dry metric ton dmt is 8% humidity. 15 March 2013 Park Elektrik Madencilik Utilized Ore wmt Produced Ore dmt Conentrated Copper wmt Concentrated Copper dmt wmt wet metric ton dmt dry metric ton Slide 16 Park Elektrik16 Production Volumes & Targets 16 March 2013 Park Elektrik Madencilik 201120122013E Ore tons, wet973,6281,213,0131,500,000 Growth-25%24% Concentrated Copper wmt77,51089,253105,000 Growth-15%18% Slide 17 Park Elektrik17 Shift To Open Pit Mining & Stripping Expenses Adopting underground mining since the beginning of operations in the Madenky copper zone, Park Elektrik plans to shift its copper mining operations from underground to open-pit mining by the mid of 2013, while until mid of the year underground mining will continue. Based on projections, the company plans to continue open pit mining between 2013-2025 for thirteen years in two phases. Regarding this shift, the company started stripping in Madenky copper zone by subcontractors. The planned stripping cost for 2013 is TL 82mn. 17 March 2013 Park Elektrik Madencilik Slide 18 Park Elektrik18 2013 Estimated Expenses In Copper Zone 18 March 2013 Park Elektrik Madencilik ExpensesTL mn ORE PRODUCTION88 - Stripping82 - Others6 FACILITY30 OTHER26 TOTAL144 Slide 19 19 March 2013 Park Elektrik Madencilik Main Ore Body Topography Open Pit Topographic View I Slide 20 20 March 2013 Park Elektrik Madencilik Open Pit Topographic View - II Main Ore Body Slide 21 21 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 retim A.., a group company which is involved in electricity production in Silopi with fluidized bed technology and has a starting capacity of 135MW. 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 135MW to 405MW. 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. March 2013 Park Elektrik Madencilik Slide 22 22 Open-Pit Mining in Silopi March 2013 Park Elektrik Madencilik Slide 23 23 Investments March 2013 Park Elektrik Madencilik Slide 24 24 Diyarbakr HPP March 2013 Park Elektrik Madencilik Installed capacity will be MW. Production license is valid for 49 years. According to recent feasibility studies, estimated i 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

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