Results of MANGISTAUMUNAIGAS (Kazakstan) in the first half of 1999

/KASE, Sep.24, 99, Galina Chudinova, Nadir Zhakupov/ - According to the listing requirements MANGISTAUMUNAIGAS (Aktau, official list of securities, category "B" provided Kazakhstan Stock Exchange (KASE) with financial reports for July 01, 99: income statement and statement of cash flou. Following are the results of the emitter for the first half of 1999. All figures are given in tenge as against to the corresponding period of 1998. First half First half Increase / of 1998, of 1999, decrease., Indicator '000 tenge '000 tenge % -------------------------- ---------- ---------- ---------- Authorized paid-up capital 10,894,602 10,894,602 0 Shareholders equity 10,493,495 18,949,104 +80.6 Total assets 32,093,626 37,237,680 +16.0 Net working capital -10,494,346 -3,679,580 +64.9 Accounts receivable 3,024,881 8,583,074 +183.7 Reserve for doubtful accounts 21,233,809 19,983,260 -5.9 Accounts payable 16,774,079 14,163,573 -15.6 Reserve for penalty 2,782,958 2,409,881 -13.4 Volume of sales (services offered) 7,011,823 12,415,592 +77.1 Total expense 6,014,872 4,690,999 -22.0 Cost of goods sold (services offered) 4,863,151 4,528,356 -6.9 Net income (loss) 3,071,949 7,924,431 +158.0 There were no changes in the company's authorized paid-up capital. Increase in the shareholders equity by 8,455.61 million (80.6%) was stipulated by increase the total sum of retained income by 9,428.92 млн at decreasing: reduction in addition unpaid capital by 907.57 million (revaluation of assets); reserve capital - by 65.74 million. As a result the book value per share increased by 776.13 tenge (80.6%) to 1,739.31 tenge per share. The bank's assets has increased by 5,144.05 million (16.0%). Long-term assets increased by 95.96 (0.4%), including: long-term investments - by 100.00 million; net fixed assets (with incompleted construction - by 29.37 million; at reduction: long-term accounts resivable (after reserve for doubtful accounts) - by 18.77 million; intangible assets - by 14.64 million. Current assets increased by 5,048.09 million (61.8%), including: net accounts resivable (after reserve for doubtful accounts) - by 5,558.19 million; cash - by 863.98 million; at decreasing: inventory - by 408.64 million: short-term investments - by 965.44 million. In total reserves were formed (for doubtful accounts and inventory depreciation) in volume of 19,983.26 million, which is by 1,250.55 million less than in the corresponding period of 1998. Total liabilities has decreased by 3,310.56 (15.3%). Long-term liabilities has decreased by 1,543.88 in result of decrease in long-term accounts payable - by 1,606.21 million at increase in long-term credits from banks - by 62.33. Current liabilities has decreased by 1,766.68 million, including: short-term accounts payable - by 389.30 million; decreased in short-term credits (including reserve for penalty) - by 1,377.38 million. In total reserves for penalty were formed (for all sorts of accounts payable) in volume of 2,409.88 million, which is by 373.08 million less than in the corresponding period of 1998. Volume of sales (services offered) has increased - by 5,403.77 million (77.1%) at decreasing in: cost of goods sold - by 334.80 million (6.9%); total expenses - by 1,323.87 million (22.0%). In result income of MANGISTAUMUNAIGAS has made 7,924.43 million, which is by 4,852.48 million (158.0%) more than in the corresponding period of 1998.