Results of UKTMK in the first half of 1999

/KASE, Sep.09, 99, Galina Chudinova, Nadir Zhakupov/ - According to the listing requirements UKTMK (Ust'-Kamengorsk, official list of KASE, "A" cathegory) provided Kazakhstan Stock Exchange 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 (all figures are given in tenge): First half First half Increase / of 1998, 1999, of decrease., Indicator '000 tenge '000 tenge % ------------------------- ---------- ---------- ---------- Authorized capital (announced) 21,582 21,582 0 Authorized capital (paid) 5,135,079 5,152,096 +0.3 Total assets 6,703,851 7,213,134 +7.6 Net working capital 1,619,623 1,186,735 -26.7 Accounts resivable (net) 1,190,851 446,840 -62.5 Accounts payable 1,096,571 823,385 -24.9 Sales 3,859,704 2,540,650 -34.2 Cost of goods sold (services offered) 2,904,606 1,835,375 -36.8 Net profit (loss) 594,268 -174,808 -129.4 ------------------------- ---------- ---------- ---------- There were no changes in the company's annonced authorised capital. Increase in the authorised paid capital by 17.02 million (0.3%) in comparison with the corresponding period of the last year was stipulated by: - increase in additional paid capital by 196.76 million, - receiving of 700,97 million of investments, - reduction in retained income by 772.79 million, - reduction in addition unpaid capital by 107.92 million (revaluation of assets). As a result of increase of the authorised paid capital while unchanged amount of the shares the share's balance sheet value has grown by 15.77 (0.3%). In comparison with the corresponding period of the last year increase of the long-term assets of УКТМК has made 449,90 million (12.8%), including: - fixed assets - 447,85 million, - intangible assets - 2,06 million. The sum of current assets also has grown by 59.38 million (1.9%). It was stipulated by: - increase in volume of inventory stocks by 665.14 million, - increase in cash by 138.25 million, - reduction of the accounts receivable by 744.01 million. In result the total assets of the company in comparison with the similar period of the last year has increased by 509.28 million (7.6%). The long-term liabilities of УКТМК in comparison with the corresponding period of 1998 have decreased by 30.56 million (14.5%) as a result of partial redemption of the long-term bank credits. At the same time there was increase of the current liabilities by 522.82 million (38.5%) due to growth of the attracted short-term credits by 755.10 million and decrease of the accounts payable by 233.17 million. In a result the gain of the total sum of company's liabilities has made 492.31 million (31.4%) relative to the similar period of 1998. Volume of the products sold in relative to that of the corresponding period of 1998 has decreased by 1,319.05 million (34.2%), cost - by 36.9%. As a result of excess of expenses above incomes the company for the first half of 1999 have met with losses of 174.81 million against of 594.27 million profit of the first half of 1998.