I. Park Elektrik Overview
II.
Ciner Group in Brief
III.
Operations
IV.
Reserves
V.
Planned Investments
VI.
Financial Structure
VII.
Evaluation of The Latest Financial Tables
VIII.
Corporate Governance Rating
Park Elektrik September 2012
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7
10
13
20
23
32
38
2

Park Elektrik September 2012 3

 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

Others
32%
Park Elektrik
Turgay Ciner
7%
September 2012
Park Holding
61%
5

 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 TL5.2 mn dividends to Park Elektrik &
Madencilik.
Park Elektrik September 2012 6

September 2012 7

Park Holding Ciner Yayın Holding
Energy & Mining
Group
Commerce,
Industry &
Services Group
Major Companies
Park Elektrik
Park Termik
Park Teknik
Eti Soda
Silopi Elektrik
Park Elektrik
Major Companies
Park Marine
Park Aviation
Lares Park Hotels
Park Insurance
Park Foreign Trade
Denmar Logistics
September 2012
Media
Group
Major Companies
& Brands
Haberturk Newspaper
Haberturk TV, Radio,
Haberturk Web Site
Bloomberg HT
News Channel, FHM,
Marie Claire, Newsweek
8

 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 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.
 As of year-end 2011, Park Holding has TL1.3 bn of consolidated sales and TL3.2 bn of total assets.
Park Elektrik September 2012 9

Park Elektrik September 2012 10

Park Elektrik
Natural Gas
Power Plant
Adana
HPP
Diyarbakır
Copper Mine
Siirt
Asphaltite
Mine
Sırnak
September 2012 11

 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.
 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

 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.
Resource Category Tonnes Cu (%)
Measured
Indicated
Total Measured & Indicated
Inferred
Project's Total Resources
Source: JORC Resource Estimate Report by Micromine
Park Elektrik September 2012
31,182,000
6,433,000
37,615,000
2,206,000
39,821,000
2.26
2.79
2.34
3.38
2.40
13


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 2011. 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 term. The company plans to complete this second phase capacity expansion by December 2012 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 90k production in 2012. For 2013, Park
Elektrik expects production volume to be in a band of 130k-150k levels, with the assumptions of 1,8% and 2% grades respectively.
Capacity Expansion & Production Targets 2011 A 2012 E * 2013 E **
Concentration Capacity (tons)
Concentrated Copper Production (wmt)
750,000
77,510
1,200,000
90,000
1,800,000
130,000-150,000
* 2012 production targets have been revised as 90k from 95k 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

Ore (wmt)
JAN.
FEB.
MAR.
APR.
MAY JUNE JULY AUG.
SEP.
OCT.
NOV.
DEC.
Actual Actual Actual Actual Actual Actual Target Target Target Target Target Target
TOTAL
Target
100,191 84,912 96,148 102,127 104,014 102,232 94,000 94,000 91,000 94,000 93,000 106,000 1,161,624
Ore (dmt)
Con. Copper (wmt)
95,181 80,666 91,340 97,020 98,813 97,206 89,300 89,300 86,450 89,300 88,350 100,700 1,103,626
7,888 6,879 7,877 7,874 7,778 8,553 7,436 6,500 7,400 7,436 7,000 7,500 90,121
Con. Copper (dmt) wmt: wet metric ton dmt: dry metric ton
7,257 6,328 7,247 7,244 7,156 7,869 6,841 5,980 6,808 6,841 6,440 6,900 82,911
 As of 1H12, Park Elektrik exceeded its first half production targets by producing
46,852 wmt of concentrated copper, 9% over its target of 43k.

The company revised its year-end production target from 95k to 90k 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

Park Elektrik September 2012 16

 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 TL65mn with an average stripping cost of TL5 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 TL11 mn.
Park Elektrik September 2012 17

 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 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”.
Park Elektrik September 2012 18

Park Elektrik September 2012 19

Park Elektrik September 2012 20

 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

 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

Park Elektrik September 2012 23

130,000
52,554
64,371 63,138
37,426
77,510
90,000
13,771
2006 2007 2008 2009 2010 * 2011
* Annual production declined due to production halt of four-month in 2010.
** To be on the conservative side, production estimation of 130k for 2013 has been used in the graph.
Park Elektrik September 2012
2012 E 2013 E **
24

60,931
59,163 55,054
47,417
32,239
9,271
1,210
2006 2007 2008 2009 2010 2011
* 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

476.899
204,856*
2009 2010
* Asphaltite operations started in mid 2009.
Park Elektrik September 2012
434.333
2011
26

copper asphaltite
19,709,514
8,211,605 19,314,397
2007 2008
* Revenues from other sales is 1,616,016.
Park Elektrik
2009
September 2012
2010 2011*
27

19.8
Park Elektrik
2007
100.8
74.8
37.2
19.4
2008 2009
September 2012
2010 2011
28

Maintanence,
4%
Machinery Rent
Costs, 3%
Others, 10%
Labor Costs,
31%
Depreciation,
17%
Park Elektrik
Fuel & Energy,
12%
Mach. Spare
Part Repl.
Costs, 24%
September 2012 29

(TL mn) 2007
Sales
Gross Profit
Gross Margin
EBITDA
80
47
59%
43
EBITDA Margin 52%
Net Earnings 20
Net Margin 25%
2008
111
73
66%
62
56%
75
68%
2009
79
32
41%
24
30%
19
25%
2010
84
44
52%
42
50%
37
44%
2011
173
107
62%
112
65%
101
58%
Park Elektrik September 2012 30

Shareholders' Equity Total Debt
41
33
30
60
8
88
14
100
66
130
2004 2005 2006
* Park Elektrik has no financial debt.
Park Elektrik
53
143
223
2007 2008
September 2012
302
2009
343
443
2010 2011
31

Park Elektrik September 2012 32

 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 1Q to 2Q 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 TL100 mn dividends out of 2011 earnings in May
2012.
Park Elektrik September 2012 33

Production
Concentrated Copper (wmt)
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.
1H11
37,021
852*
204,069
1H12
46,852
902*
122,594
%
27%
6%
-40%
Sales
Concentrated Copper (dmt)
1H11
29,681
1H12
38,488
%
30%
Cathode Copper (MT) 2,521** -
Asphaltite (ton) 204,069 122,594 -40%
** 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

Copper Sales
Gross Margin of Copper
Asphaltite Sales
Gross Margin of Asphaltite
Other Sales
Total Sales Revenues
Overall Gross Margin
1H11
68,387,080
71%
8,842,048
18%
390,576
77,619,904
64%
1H12
132,234,152
55%
9,515,643
14%
2,932,976
144,682,771
51%
%
93%
8%
-
-
625%
86%
-
Park Elektrik September 2012 35

Sales
COGS
Gross Profit
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
Tax
Net Profit
Net Margin
EBITDA
EBITDA Margin
Park Elektrik
1H11 1H12
77,619,704 144,682,771
-27,581,165 -70,931,733
50.038.539
64%
-4,286,574
-7,329,810
5,331,285
-1,537,688
42,215,752
54%
15,065,031
-3,224,718
54,056,065
-10,632,392
43,423,673
56%
49,918,858
64%
73,751,038
51%
-6,447,206
-7,810,182
10,448,793
-2,498,127
67,444,316
47%
19,587,033
-5,491,655
81,539,694
-14,880,193
66,659,501
46%
96,706,418
67%
September 2012
%
86%
157%
47%
-
50%
7%
96%
62%
60%
-
30%
70%
51%
40%
54%
-
94%
-
36

Current Assets
Fixed Assets
TOTAL ASSETS
Short Term Liabilities
Long Term Liabilities
Shareholders Equity
TOTAL LIABILITIES
Park Elektrik
1H11
310,062,557
112,209,004
422,271,561
29,745,368
6,541,679
385,984,514
422,271,561
September 2012
1H12
290,575,782
176,806,617
467,382,399
51,258,531
6,007,815
410,116,053
467,382,399
37

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
Board Of Directors
Stakeholders
Public Disclosure &
Transparency
September 2012
MAIN SECTIONS: Avg. 88,24
Shareholders
0 20 40 60
78.77
89.86
94.75
87.62
80 100
38

T H A N K Y O U.
CONTACTS
Yesim Bilginturan
IR Manager
Phone: +90 216 531 25 33 y.bilginturan@cinergroup.com.tr
www.parkelektrik.com.tr
Park Elektrik September 2012
Selim Erdogan
IR Manager
+90 216 531 25 35 s.erdogan@cinergroup.com.tr
www.cinergroup.com.tr
39