Results of "Aidabulskii spirtzavod" (Kazakhstan) in the second quarter of 1999

/KASE, Aug.13, 99/ - According to the listing requirements "Aidabulskii spirtzavod" (Kokshetau region, Zeredinskii district, Aidabul community, official securities list, category "B") provided Kazakhstan Stock Exchange (KASE) with financial reports for 01.07.99: 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 First half Increase / Indicator of 1998 of 1999 decrease, % ------------------------- ---------- ---------- ----------- Authorized capital (paid) 49,110 83,375 +69.8 Owners' equity 198,612 224,526 +13.1 Total assets 290,993 348,515 +19.8 Net working capital 10,229 63,650 +522.3 Debt liability 34,177 56,503 +65.3 Credit liability 92,381 44,777 -51.5 Sales 412,849 234,556 -43.2 Cost of goods sold (services offered) 350,878 172,686 -50.8 Expenses 10,153 34,226 +237.1 Net profit (loss) 36,990 9,180 -75.2 ------------------------- ---------- ---------- ----------- On April 26, 1999 the second issuance of "Aidabulskii spirtzavod" shares was registered for an amount equal to the sum of "Firma Aktsept" investments - 34,265,000 tenge (34,265 stocks), and as a result its authorized capital has increased by 69.7% compared to the second quarter of 1998. Increase in owners' equity by 25.91 mln tenge or 13.1% relative to the comparable period of last year is due to an increase in company's authorized capital and in its retained earnings by 1.77 mln with undistributed profit decrease of 10.13 mln. Balance sheet value of one stock has made 2,692.97 tenge, which is lower compared to the second quarter of last year by 1,351 tenge or 33.4%. Decrease of stocks' value is caused by a significant increase in number of circulating stocks. Total sum of company's assets rose by 57.52 mln tenge or 19.8% relative to the second quarter of 1998. Increase in long term assets has made 51.70 mln tenge or 24.5%; it includes increases: in salvage value of long term assets by 23.99 mln tenge and in unfinished capital construction by 27.71 mln. Current assets rose by 5.82 mln or 5.7%; from this an increase in debt liabilities of 22.33 mln tenge was partially covered by a decrease in inventory of 10.50 mln and in cash assets - 6.01 mln. Liabilities of "Aidabulskii spirtzavod" has increased by 31.61 mln tenge or 34.2% compared to the second quarter of last year and it is due to the repayment of long term credits for an amount of 79.21 mln tenge in the second quarter of this year, while current liabilities were reduced by 47.60 mln tenge due to the redemption of short term credits for the same amount. Sales reduction was equal to 178.29 mln tenge or 43.2% compared to the same period of last year, and cost of goods sold has decreased by 178.19 mln or 50.8%. Whereas expenses have increased by 24.07 mln or more than 3 times. Taking into account the loss of 18.46 mln tenge incurred from non- primary activity profit made in the second quarter of this year was equal to 9.18 mln which is lower than that of the same period of last year by 27.81 mln or 75.2%.