KOZAL 2016 FINANCIALS
KOZAL - NEUTRAL: TL395m NI in 2016 (56% y/y) while posting TL608m in tax financials. The deviation of the IFRS financial from tax financials mostly resulted from a provision of TL167mn for tax penalties. In its balance sheet, KOZAL reported TL1,541mn net cash as of 2016-end, 53% higher compared to end-2015 level. Despite higher net cash position, KOZAL’s net long FX position declined from TL743mn level at end-2015 to TL45mn at end-2016 due to conversion of USD deposits into TL. EBITDA reached TL666mn in 2016, increasing by 49% in TL terms and 34% in US$ terms. On a quarterly basis, net profit and EBITDA came in at TL189mn (vs. TL3.4mn net profit in 4Q15) and TL178mn (+14% YoY) in 4Q16, respectively.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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