Results of OJSC "Bayan-Sulu" (Kazakhstan) in 9 months of 1999

/KASE, Dec.22, 99, Galina Chudinova/ - According to KASE listing requirements OJSC "Bayan-Sulu" (Kostanai, official list of securities, category "B") provided Kazakhstan Stock Exchange (KASE) with its financial statements for 9 months of 1999: balance sheet and income statement. Following are the results of the emitter in nine months of 1999 (in thousand tenges): As of As of Indicator October 1 '98 October 1 '99 Change ------------------------------ --------------- ------------- ---------- Authorized capital (announced) 630,567 1,000,000 +58.6 Authorized capital (paid) 405,018 553,172 +36.6 Shareholders equity 442,589 507,405 +14.6 Total assets 595,134 761,421 +27.9 Net working capital 174,134 177,201 +1.8 Accounts receivable (net) 104,869 244,757 +133.4 Accounts payable 113,361 184,616 +62.9 Sales (services offered) 930,019 544,625 -41.4 Cost of goods sold (services offered) 749,727 478,703 -36.1 Net income (loss) of the period 18,383 (62,234) -438.5 ------------------------------ --------------- ------------- ---------- Shareholders' equity of the company grew KZT64.82 mln or 14.6% relative to similar period of last year due to an increase in paid authorized capital by KZT148.15 mln, which in turn was due to partial placement of the 4th issue of shares, (registered on April 27, 99 for KZT630,567 thousand) with the decrease in: - final figures of undistributed income - by KZT78.88 mln (because of a loss incurred during the reporting period); - additional unpaid capital (revaluing of fixed assets) - KZT4.45mln. Despite the growth in shareholders' equity, book value of a share is down KZT26.32 (16.1%) to corresponding period of last year caused by an increase in number of outstanding shares and currently at KZT137.59. Total assets of OJSC "Bayan-Sulu" is up KZT166.29 mln or 27.9% to last year's similar period. Long term assets of the company rose KZT61.75 mln or 23.0%, including: - residual value of fixed assets - by KZT44.96 mln; - long term investments - by KZT25.30 mln; - incomplete capital investments - by KZT1.54 mln; - expenses of future periods - by KZT0.03 mln. with decrease in: - long term accounts receivable - by KZT 8.85 mln; - residual value of intangible assets - by KZT 1.23 mln. Increase in current assets amounted to KZT104.54 mln or 32.0%, caused by a growth in accounts receivable by KZT148.71 mln, with decrease in: - inventory - by KZT40.62 mln; - cash - by KZT3.55 mln. The company has no long term liabilities. Current liabilities of OJSC "Bayan- Sulu" is up KZT101.47 mln or 66.5%, including: - short term accounts payable - by KZT71.25 mln; - short term bank loans - by KZT41.19 mln; with decrease in other liabilities - by KZT10.97 mln. During this reporting period OJSC "Bayan-Sulu" has suffered a loss of KZT62.23 mln against KZT18.38 mln profit received in nine months of 1998. The loss was due to a decrease in sales by KZT385.39 mln or 41.4% against similar period of last year. Cost of goods sold is down KZT271.02 mln or 36.1%, sales expenses is down KZT59.22 mln or 84.3%. Dynamics of sales and income of OJSC "Bayan-Sulu" are shown in the next table on quarterly non-accruing basis (in thousand tenges): Indicator I-99 II-99 Change,% III-99 Change,% ---------- ------- ------- -------- ------- -------- Sales 131,270 180,278 +37.3 233,077 +29.3 Net income -9,980 -50,081 -401.8 -2,173 +95.7 ---------- ------- ------- -------- ------- -------- Primary activity of OJSC "Bayan-Sulu" - production and sale of confectionery.