BGC Partners: KOZA ALTIN 4Q18 - below estimates
Koza Altin reported TL191.0mn net income in 4Q18 (3Q18: TL484.0mn, 4Q17: TL128.4mn), below estimates (BGC: TL305mn, consensus: TL265mn) but better than tax office financials… The net income figure is above the tax financials net income of TL1,039mn for the whole year vs. IFRS net income of TL1,174mn, which is positive (in 1Q18 tax office financials, the company had booked TL72mn expenses for tax fine (which was already booked in IFRS in the past), which is the main reason behind the difference). Koza Altin sold 74.3k oz gold in 4Q18 (table below), lower than our 91.8k estimate due mainly to lower than expected grade at Kaymaz and Cukuralan mines in 4Q18 (this was already announced by the company, so it is not a surprise). As formerly announced, the company produced 263k oz gold in 2018 vs. our 275k estimate, lower than the company’s initial guidance of 280-300k oz. The main reasons behind lower production performance were 10 days delay in Kaymaz waste storage construction, and lower than expected grade at Kaymaz and Cukuralan mines in 4Q18. As of 2018-end, the company has 5.9k oz gold in its inventories ready for sale (9M18: 8.7k oz).Koza Altin Isletmeleri AS. Koza Altin Isletmeleri AS is a Turkey-based company established to explore and operate gold mines in Turkey. The Company had a gold production of approximately 338,182 ounces in the 12 months of 2012. As at 31 December 2012, it had 53 operating licenses and 406 exploration licenses throughout Turkey in the Aegean and Marmara regions, the Black Sea region and Central and Eastern Anatolia. The Company owns four operating mines: an underground mine at Ovacik, a mine at Mastra & Cukuralan where it utilizes both underground and open pit mining methods, a mine in Cukuralan where it utilizes both underground and open pit mining methods and an open pit mine at Kaymaz.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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