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09.11.2001 00:00

REFERENCE: Jyluenergya OJSC (Kazakhstan) - financial ratios

/IRBIS, information of the KASE Listing commission, Nov 9, 01/ - The following information is published due to the admittance of common inscribed and preferred inscribed shares of Jyluenergya OJSC into official list of the Kazakhstan Stock Exchange (KASE) under category "B".

Jyluenergya OJSC submitted its financial statements for the years 1998- 2000 and I half of 2001 to the KASE, which were made based on Kazakhstani Accounting Standards (KAS) and conclusions of the auditor for the years 1998-2000 made by Audit-Eurasia CJSC (Aktobe) in compliance with Kazakhstani Accounting Standards.

Main financial ratios of Jyluenergya OJSC (th. KZT, unless otherwise specified)

--------------------------------------------------------------------
                              as of      as of      as of      as of
Ratio                      Jan 1.99   Jan 1.00   Jan 1.01  July 1.01
------------------------  ---------  ---------  ---------  ---------
Authorized capital          120,000    120,000    120,000    120,000
Book value of assets      1,874,723  1,627,862  1,242,338  1,615,082
Shareholders' equity         71,142   -161,108     13,922    141,931
Fixed assets (residual
value)                      467,729    376,955    373,034    261,740
Working capital            -462,981   -603,344   -427,489   -149,696
Accounts receivable       1,269,010  1,133,797    750,740  1,250,474
Accounts payable          1,803,581  1,788,970  1,116,241  1,055,098
Loans                             -          -    112,175    418,053
Sales                     1,335,304  1,409,511  1,481,025    858,737
Gross income                -94,703    117,062     53,305    113,979
Net income (loss)            21,114  (233,356)    177,794    158,445
Return on assets (ROA),%       0.01          -       0.14       0.10
Return on equity (ROE),%       0.30          -      12.77       1.12
Return on sales (ROS),%       -0.07       0.08       0.04       0.13
--------------------------------------------------------------------

Based on auditing report, financial statements give reliable and objective picture of the company's financial and economic activities at the end of 1998- 2000 in compliance with Kazakhstani Accounting Standards, and there are no significant discrepancy in the statements.

ASSETS

From 1998 through 2000 the assets of Jyluenergya OJSC decreased by KZT632m or 33.7%. During the first half of 2001 the assets grew from KZT1,242m to KZT1,615m, a KZT373m or 30.0% increase. Mainly the change in the assets during this period was a result of a change in accounts receivable of Jyluenergya OJSC which takes the most part of the assets. As of July 1, 2001 accounts receivable reached 77.4% of the assets, at KZT1,250m.

LIABILITIES

From 1998 through 2000 the liabilities of Jyluenergya OJSC decreased from KZT1,804m to KZT1,228m, a KZT575m or 31.9% decrease. In I half of 2001 liabilities increased to KZT1,473m, a KZT245m or 19.9% increase.

EQUITY

From 1998 through 2000 the equity of Jyluenergya OJSC decreased by KZT57m or 80.4%. By the results of each year equity is less than the authorized capital because the company was having negative undistributed income.

Equity of Jyluenergya OJSC (th. KZT)

--------------------------------------------------------------------------------
                                          as of      as of      as of      as of
Item                                   Jan 1.99   Jan 1.00   Jan 1.01  July 1.01
-------------------------------------  --------  ---------  ---------  ---------
Authorized capital                      120,000    120,000    120,000    120,000
Additional unpaid capital                22,576     29,449     34,734          -
Reserve capital                          12,210      6,443     18,000     12,000
Undistributed income (uncovered loss)  (83,644)  (317,000)  (158,812)      9,931
Shareholders' equity                     71,142   -161,108     13,922    141,931
--------------------------------------------------------------------------------

By the results of I half of 2001 equity of Jyluenergya OJSC grew from KZT14m to KZT142m as a result of net income received in 2000 and in I half of 2001.