Results of "Aliuminii Kazakhstana" in the first half of 1999

/KASE, Aug. 12, 99, Galina Tsaluk/ - According to the listing requirements "Aliuminii Kazakhstana" provided Kazakhstan Stock Exchange (KASE) with financial reports for July 01, 99: balance sheet, income statement, and statement of cash flows. Following are the results of the emitter for the first half of 1999 ('000 tenge): First half of First half of Increase / Indicator 1998 1999 decrease., % ---------------------------- ------------- ------------- ------------ Authorized capital (announced) 5,827,175 5,834,811 +0.1 Authorized capital (paid) 5,827,175 4,655,519 -20.1 Owners' equity 7,383,865 7,317,872 -0.9 Total assets 11,902,833 14,210,737 +19.4 Net working capital 1,626,994 2,183,470 +34.2 Debt liability (net) 2,239,707 2,878,584 +28.5 Credit liability 2,791,284 2,159,921 -22.6 Sales 6,669,388 7,881,101 +18.2 Cost of goods sold (services offered) 5,221,583 5,821,388 +11.5 Net profit (loss) 552,794 1,649,163 +198.3 ---------------------------- ------------- ------------- ------------ Although the company's announced authorized capital increased by 7.64 mln tenge (by the government's inclusion of the property to increase its share in authorized capital of the company), its paid part has decreased by 1,171.66 mln tenge or 20.1% compared to the same period of last year due to an withdrawal from the circulation part of the stocks which belonged to "Trans-World Group" (Supreme Court's decision of Jan. 27, 99). Decrease in company's owners' equity by 65.99 mln tenge or 0.9% compared to the same period of last year was caused not only by reduction of paid part of the authorized capital, but also by reduction in additional unpaid capital (revaluation of assets) by 57.56 mln tenge and by reduction in retained earnings by 67.61 mln tenge which was partially exceeded by an increase in the sum of ending profit by 1,230.84 mln. Balance sheet value of one stock has made 157.19 tenge, and it is higher than that for the comparable period of last year by 25.96 tenge. Growth of stock's balance sheet value when owners' equity is shrinking is due to the withdrawal of 11,792,920 stocks out of the circulation. Sales have increased relative to the first half of 1998 by 1,211.71 mln tenge or 18.17% while cost of goods sold has also increased by 599.81 mln tenge or 11.5%. Expenses have been reduced by 147.71 mln or 19.0% relative to the same period of last year while profits from company's non-primary activity have increased by 626.02 mln tenge or 4 times. As a result, net profit has risen by 1,096.37 mln tenge or almost 3 times. The sum of company's long term assets has increased by 1,185.33 mln tenge or 20.6% compared to the first half of 1998; it includes an increase in: fixed assets by 325.43 mln, capital construction in progress by 125.75 mln, long term investments by 725.94 mln, and intangible assets by 8.21 mln. Whereas increase in current assets has made 1,122.57 mln tenge or 18.3%; it includes an increase in: inventories by 186.91 mln tenge, sum of debt liabilities by 638.88 mln, money by 299.30 mln, with decrease in expenses of future periods by 2.52 mln tenge. As a result, total sum of company's assets has increased by 2,307.90 mln tenge or 19.4% compared to the first half of 1998. Total sum of company's liabilities has increased by 2,373.90 mln tenge or 52.5% compared to the first half of 1998 due to an increase of long term liabilities (financial investments received) by 1,807.80 mln tenge and current liabilities by 566.10 mln tenge; it includes an increase in profits of future periods by 2,816.81 mln tenge which has been compensated by a decrease in sums of short term credits by 1,619.35 mln tenge and total sums of credit liabilities by 631.36 mln.