Results of BAIAN SULU (Kazakhstan) in the first half of 1999

/KASE, Oct.01, 99, Galina Chudinova, Galina Tzalyk/ - According to the listing requirements OJSC "BAIAN SULU" (Kostanai, official list of securities, category "B") provided Kazakhstan Stock Exchange (KASE) with financial reports for July 01, 99: balance and income statement and Record of extraordinary General shareholders' Meeting. 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 630,567 1,000,000 +158.6 Authorized announced capital 405,018 553,172 +36.6 Shareholders equity 451,799 509,579 +12.8 Total assets 609,586 715,087 +17.3 Net working capital 178,395 203,408 +14.0 Net accounts receivable 106,318 228,484 +114.9 Accounts payable 120,474 139,207 +15.5 Volume of sales (services offered) 686,475 311,548 -54.6 Cost of goods sold (services offered) 539,396 271,030 -49.8 Net income (loss) 27,601 -60,061 -317.6 -------------------------- ---------- ---------- ---------- Increase in the shareholders equity by 57.87 million tenges (12.8%) was stipulated by increase of the paid-up share of authorized capital by 148.15 million tenges as a result of partial placement of 4th issue (April 27, 98 on the sum of 630,567 tenges) at decreasing in: - total sum of retained income by 85.93 million; - reduction in addition unpaid capital by 4.4 million (revaluation of assets). In site of shareholders equity increase the book value per share decreased by 25.15 tenge (9.0%) to 138.18 tenge per share as a result of grow of share amount. The total assets has increased by 32.77 million (12.0%). Long-term assets increased by 95.96 (0.4%), including: - long-term investments - by 5.30 million; - net fixed assets - by 39.62 million; at reduction: - long-term accounts receivable - by 8.86 million; - incomplete investment - by 2.06 million; - intangible assets - by 1.23 million. Current assets increased by 72.73 million (21.6%), in result of increasing in net accounts receivable - by 131.02 million; at decreasing: - inventory - by 55.55 million; - cash - by 21.74 million. Company has not the long-term liabilities. Current liabilities has decreased by 47.42 million, including: - short-term accounts payable - by 18.73 million; - decreased in short-term credits - by 28.99 million. Volume of sales has decreased by 374.93 million (54.6%); cost of goods sold has decreased - by 268,37 million (49.8%); total expenses has decreased - by 45.36 million ( in result of decreasing in sale expenses by 48.72 million and increasing in common and administrative expenses by 3.24 million and interest payment - by 0.12 million). In result loss of BAIAN-SULU has made 60.06 million in contrast to 27.06 million income of the 1998 corresponding period. On the extraordinary General Meeting of the shareholders, which was held on September 08, 1999 appeal to KAZKOMMERTSBANK concerning the 1,950,000 dollars credit with (pledged security is the company's property) of was considered. After Boger E.A., company's President explanation, the shareholders voted for it.