| Sıra | DOSYA ADI | Format | Bağlantı |
|---|---|---|---|
| 01. | Stripping Stripping Termik Production | pptx | Sunumu İndir |
Transkript
Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş.November 2015
2ContentsI. Company & Operations 3II. Ownership Structure & Participation 18III. Ciner Group 21IV. Financial Structure 24V. Evaluation of The Latest Financial Tables 32VI. Corporate Governance Rating 37Park Elektrik November 2015 Madencilik
Park Elektrik 3I. Company & Operations November 2015 Madencilik
Park Elektrik 4Introduction Park Elektrik is the sole copper mining company on the ISE. The company operates Madenköy copper mine in Siirt, in the southeast of Turkey, since late 2006. Total resources of Madenköy copper mine was determined as 41.5 mn tons of ore with an average grade of 2,02% according to a JORC based report conducted by Micromine Consulting Services in February 2014. So far, Park Elektrik extracted approximately 9 mn tons of ore out of total resources of 41.5 mn tons in the zone. The company has a concentration facility and it produces and sells concentrated copper, which is the final product of the company. Park Elektrik sells all of its concentrated copper, that includes copper content of around 20%, to an international commodity broker, namely Traxys. As of YE2014, total number of employees is 479. 387 employees of total work force are blue collar employees working in the copper mine. November 2015 Madencilik
5Location of Copper MineCopper MineSiirt November 2015Park Elektrik Madencilik
6Madenköy 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 TL9.4 mn. Copper mine operations started in late 2006 in Madenköy copper zone. So far, approximately 9 mn tons of ore have been extracted in the copper zone, while the remaining resources is 32.5 mn tons of ore. According to initial reports, proven reserves in the zone was determined as 13 mn tons of ore when Park Elektrik commenced its operations in 2006. However, according to latest reserve report issued by Micromine Consulting Services in February 2014, total resources in the zone was determined as 41.5 mn tons of ore, 36.3 mn tons of which was measured. Park Elektrik exports all of its concentrated copper production to an international commodity broker namely Traxys, while the end customer is China. November 2015Park Elektrik Madencilik
Park Elektrik Madencilik November 2015 7 According to a JORC (Joint Ore Resources Code) compliant reserve report issued by Micromine Consulting Services in February 2014, total resources of the project was determined as 41.5 million tonnes of ore. According to the same report, average grade in Madenköy copper mine is 2.02% for the whole zone and average grade of the measured resources is 1.95%. Micromine Reserve Report Based On JORCMicromine October 2011 Resource ReportMicromine February 2014 Resource ReportTonnes Grade (%) Tonnes Grade (%)Measured 31.182.000 2,26 36.264.000 1,95Indicated 6.439.000 2,79 5.002.000 2,45Inferred 2.206.000 3,38 225.000 3,52Total Resources 39.821.000 2,40 41.500.000 2,02
Park Elektrik 8Production Volumes & Targets November 2015 Madencilik2011 2012* 2013** 2014 2015EStripping (m3) - 3,500,292 10,151,224 14,291,281 9,000,000Ore Production (tons, wet) 1,024,871 1,138,232 1,540,031 1,723,653 1,652,000Ore Used In Con. Center (tons, dry) 949,731 1,081,320 1,463,029 1,637,470 1,569,400Grade of Ore (%) 1,73 1,77 1,47 1,18 1,35Recovery Rate 87% 86% 82% 87% 87%Con. Copper Production (wmt) 77,510 89,253 96,038 91,185 98,225Con. Copper (dmt) (~92% of wmt) 71,309 82,113 88,354 83,890 90,367Copper (mt) (~20% of dmt con. copper) 14,262 16,423 17,670 16,778 18,073* Pre-stripping started in 2012. ** Production through open-pit started in mid of 2013.
Park Elektrik 9Long Term Planning in Open Pit Having being operated by underground mining since the beginning of operations in the Madenköy copper zone, Park Elektrik shifted its copper mining operations from underground to open-pit mining by the mid of 2013. Pre-stripping in the zone started in 2012 and it continued until mid of 2013. Based on projections, the company plans to continue open pit mining between 2013-2031. Throughout open pit mining for 18 years, the company plans to produce 26.4 mn tons of ore with 246 mn m3 stripping with an average strip ratio of 9.3 by the end of 2031. 2014 was the first full year of open pit mining therefore Park Elektrik had to work with very low grade with a high volume of stripping. November 2015 MadencilikPeriod Estimated Total Stripping(m3)Estimated Total Ore Production(ton) Estimated Strip RatioEstimated Total Con. CopperProduction (wmt)2013-2031 246,000,000 26,400,000 9,31 2,107,702
10November 2015Park Elektrik MadencilikOpen Pit Site View
Current View From MinePark Elektrik Madencilik November 2015 11
Views From The PitPark Elektrik Madencilik November 2015 12
13 November 2015Park Elektrik MadencilikMain Ore BodyTopographyOpen Pit Topographic View – I
14 November 2015Park Elektrik MadencilikOpen Pit Topographic View - IIMain Ore Body
15 November 2015Park Elektrik MadencilikOpen Pit Site Cross Section
Power Plant Projects Withdrew natural gas power plant applications for Edirne and Ceyhan regions due to the complexities of the investment stages and uncertainities. Obtained environmental impact assessment report for Hydroelectricity power plant (HPP) of 50MW in Diyarbakır/Tarihler. Transmission aggreement with TEIAS was achieved. Tender offer for construction of the facility will be made soon. Park Elektrik Madencilik November 2015 16
17II. Ownership Structure & ParticipationPark Elektrik November 2015 Madencilik
Park Elektrik 18Ownership Structure November 2015 MadencilikOthers32%Turgay Ciner7%Park Holding61%
Park Elektrik 19Participation, 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 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 through its own lignite mines. In 2015, Park Elektrik gained approximately TL7mn dividend income from Park Termik which will be reflected in 4Q results. November 2015 Madencilik
20III. Ciner GroupPark Elektrik November 2015 Madencilik
Park Elektrik 21Ciner Group, Main Line of Businesses Energy & Mining Group Ciner GroupMediaGroupCommerce, Industry & Services GroupMajor Companies & BrandsHaberturk NewspaperHaberturk TV, Radio,Haberturk Web SiteBloomberg HT, Aks TV (Show TV) Major CompaniesCiner Marine,Ciner Aviation,Lares Park Hotels,Park Insurance,Denmar Logistics,Park Holding Ciner Yayın HoldingMajor CompaniesPark Elektrik, Park Termik, Silopi Elektrik, Park Teknik, Park Toptan, Eti Soda, Rio Tur Soda, Park Cam November 2015 Madencilik
22Ciner Group 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 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. November 2015Park Elektrik Madencilik
23IV. Financial Structure November 2015Park Elektrik Madencilik
24Annual Concentrated Copper Production (wmt) * Annual production declined due to production halt of four-month in 2010. November 2015Park Elektrik Madencilik2006 2007 2008 2009 2010 * 2011 2012 2013 201413,77152,55464,371 63,13837,42677,51089,25396,03891,185
25Annual Con. Copper (dmt) & Cathode (ton) Sales* In 2010, there was a production halt of four months. ** 6,613 dmt of concentrated copper were used to produce 1,210 mt copper cathode. This pushes 2011 total sales up to 61,667 dmt. *** 14,296 dmt of concentrated copper were used to produce 2,521 mt copper cathode, that is increasing 2012 total sales volume up to 87,663 dmt. November 2015Park Elektrik Madencilik2006 2007 2008 2009 2010 2011 2012 2013 20149,27147,41760,931 59,16332,23955,05473,36793,04985,0381,210 2,521
26Total Sales Revenues (TL) November 2015Park Elektrik Madencilik2007 2008 2009 2010 2011 2012 2013 201480,040,645110,713,83369,857,08164,191,660151,135,664229,264,821226,524,686209,927,6898,211,605 19,314,397 19,709,514 30,816,836 33,704,018 11,587,475 asphaltite copper
Park Elektrik 27Net Earnings (TL mn) November 2015 Madencilik2007 2008 2009 2010 2011 2012 2013 201419.874.819.437.2100.9107.369.320.5
28Breakdown of Cost of Production, as of YE14, (copper only) November 2015Park Elektrik MadencilikDepreciation65%Labour12%Energy4%Fuel4%Materials2%Others12%
29Annual Margin Comparison(TL mn) 2008 2009 2010 2011 2012 2013 2014Sales 111 79 84 173 265 261 223Gross Profit 73 32 44 107 134 72 24Gross Margin 66% 41% 52% 62% 51% 28% 11%EBITDA 62 24 42 112 165 147 121EBITDA Margin 56% 30% 50% 65% 62% 57% 54%Net Earnings 75 19 37 101 107 70 20Net Margin 68% 25% 44% 58% 40% 27% 9% November 2015Park Elektrik Madencilik
30Sources of Financing (TL mn)* Park Elektrik has no financial debt. November 2015Park Elektrik Madencilik2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201488 100 130143223302 343443 450520 4998 1466 5360303341 536455Total Debt Shareholders' Equity
31V. Evaluation of 3Q15 Financial Results November 2015Park Elektrik Madencilik
32Evaluation of 3Q15 Financial Results In 3Q15, copper concentrate production was realized as 73.458 wmt indicating a 9% increase as compared to 3Q14. Copper concentrate sales during the same period remained almost the same level as it was last year same term and realized as 62.461 dmt. The relatively sharp decline in the sales revenues by 22% was due to the lack of asphaltite sales and decreased copper prices. The company had withdrawn from asphaltite business by selling its facility to Silopi Elektrik A.Ş. in 2014. Financial ratios have all recovered due to the increasing grade levels as well as decreased depreciation costs in the production costs thanks to substantially lower stripping volume. November 2015Park Elektrik MadencilikProduction 3Q14 3Q15 %Concentrated Copper (wmt) 67.223 73.458 9%Sales 3Q14 3Q15 %Concentrated Copper (dmt) 62.558 62.461 -
33Income Statement (TL) November 2015Park Elektrik Madencilik9M14 9M15 %Sales 169.426.777 132.681.618 -22%COGS 149.231.805 104.380.582 -30%Gross Profit 20.194.972 28.301.036 40%Gross Margin 12% 21%Marketing, Distribution Exp 11.324.172 10.954.776 -3%General Adm. Expenses 21.076.615 12.995.370 -38%Other Operating Income 18.048.580 25.371.553 41%Other Operating Expenses 22.406.446 3.985.143 -82%Operating Income -16.563.681 25.737.300 -255%Operating Margin -10% 19%Income From Investments 23.526.319 2.006.343 -91%Expense From Investments 304.079 16.032 -95%Income Before Financial Exp. 6.658.559 27.727.611 316%Financial Income 207.265 10.080 -95%Financial Expenses 576.538 618.961 7%Profit Before Tax 6.289.286 27.118.730 331%Tax Income / Expense 12.382.167 -4.141.869 -133%Net Profit 18.671.453 22.976.861 23%Net Margin 11% 17%
34Summary Balance Sheets (TL)YE14 1H15Current Assets 297,365,121 309,450,827Fixed Assets 255,897,086 267,536,710TOTAL ASSETS 553,262,207 576,987,537Short Term Liabilities 38,151,674 130,794,969Long Term Liabilities 16,434,153 16,004,014Shareholders Equity 498,676,380 430,188,554TOTAL LIABILITIES 553,262,207 576,987,537 November 2015Park Elektrik Madencilik
35VI. Corporate Governance RatingNovember 2015Park Elektrik Madencilik
36Corporate Governance RatingPark Elektrik’s corporate governance rating increased to 8.98 according to a recent report conducted by SAHA Corporate Rating Agency in June 2013. 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. November 2015Park Elektrik MadencilikBoard of DirectorsStakeholdersPublic Disclosure & TransparencyShareholders82 84 86 88 90 92 94 96 9887.0687.9396.6587.86MAIN SECTORS AVERAGE: 89.80
37T H A N K Y O U. CONTACTSYesim Bilginturan Selim ErdoganIR Manager IR ManagerPhone: +90 216 531 25 33 +90 216 531 25 35y.bilginturan@cinergroup.com.trs.erdogan@cinergroup.com.tr www.parkelektrik.com.tr www.cinergroup.com.tr November 2015Park Elektrik Madencilik
Stripping Stripping Termik Production
Yıl : 2020
Anahtar Kelimeler
Daha fazla görüntüle