Results of OJSC "SHNOS" (Kazakhstan) in 9 months of 1999

/KASE, Dec.14, 99, Galina Tsalyuk/ - According to listing requirements OJSC "SHNOS" (Shymkent, official list of securities, category "A") provided Kazakhstan Stock Exchange (KASE) with financial reports: balance sheet and income statement for nine months of 1999. Following are the results of the emitter in nine months of 1999 (in thousand tenges): Indicator As of October As of October Change 1 '98 1 '99 -------------------------------- ------------- ------------- ------ Authorized capital (announced) 83,097 100,000 +20.3 Authorized capital (paid) 83,097 83,096 0 Shareholders equity 10,829,791 9,180,923 -15.2 Total assets 14,141,260 18,297,058 +29.4 Net working capital 3,665,923 1,597,657 -56.4 Accounts receivable (net) 3,892,680 3,878,763 -0.4 Reserves for bad debts 550,307 860,387 +56.3 Accounts payable 1,912,286 9,116,135 +376.7 Sales (services offered) 16,425,979 21,231,060 +29.3 Cost of goods sold 12,098,328 13,424,208 +11.0 Net income (loss) of the period 1,890,793 3,313,696 +75.3 -------------------------------- ------------- ------------- ------ Despite the growth in announced authorized capital of OJSC "SHNOS" by 16.90 mln tenge or 20.3%, its paid portion remained almost unchanged (1.0 thousand tenge decrease) due to repurchase of its own shares by the company in the third quarter of this year. Decrease in shareholders' equity by 1,648.87 mln tenge or 15.2% was caused by: - withdrawal of the capital amounting to 5,494.69 mln (repurchase of shares at the price determined by the Board of directors and exceeding the par value); - decrease in additional unpaid capital (revaluing of fixed assets) - by 35.98 mln; with an increase in undistributed income by 3,881.80 mln. Book value of the second issue share (taking into consideration a file split made upon issue of shares) equaled 110.49 tenge. comparable figure for nine months of last year (for the first issue) was 13,032.73 tenge. The assets of OJSC "SHNOS" has increased by 4,155.80 mln tenge or 29.4%. Current assets grew 3,734.77 mln tenge or 53.5%, including: - cash and equivalents - by 3,536.79 mln; - inventory - by 1,143.25 mln (less 72.00 mln provisions for obsolete inventory); with a decrease in: - accounts receivable - by 561.21 mln (including bad debt reserves 310.08 mln more than last year); - expenses of future periods - by 1.98 mln; Long term assets of the company rose 421.03 mln tenge or 5.9% due to an increase in residual value of fixed assets (including incomplete capital construction) by 423.65 mln tenge, while residual value of intangible assets went down by 2.63 mln. The company has no long term liabilities. Short term liabilities, represented by short term accounts payable, has increased by 5,804.67 mln tenge or almost three times. Sales rose 4,805.08 mln tenge or 29.3%, other income - by 808.96 mln or 12 times. Meanwhile, cost of goods sold grew 1,325.88 mln tenge or 11.0%, expenses of the period - by 1,825.45 mln tenge (2.1 times), tax payments - by 1,039.81 mln tenge (2.2 times). Net income of OJSC "SHNOS" during the reporting period amounted to 3,313.70 mln tenge, 1,422.90 mln tenge or 75.3% more than last year's similar period. Following are sales volume and income change dynamics of the company on quarter and non-accruing bases (in thousand tenge): Indicator I-99 II-99 Change,% III-99 Change,% ----------- --------- --------- -------- ---------- -------- Sales 2,722,688 5,723,727 +110.2 12,784,645 +123.4 Net income -463,840 1,414,925 +405.0 2,362,611 +67.0 ----------- --------- --------- -------- ---------- --------