Results of MANGISTAUMUNAIGAS (Kazakstan) in the first 9 month of 1999

/KASE, Feb.02, 00, Galina Chudinova, Galina Tsaluk/ - According to the listing requirements MANGISTAUMUNAIGAS (Aktau, official list of securities, category "B" provided Kazakhstan Stock Exchange (KASE) with financial reports for October 01, 99: income statement and statement of cash flow. 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 9 month of First 9 month of Increase / Indicator 1998, '000 1999, '000 decrease, % ----------------------------- ---------------- ---------------- ----------- Authorized paid-up capital 10,894,602 10,894,602 0 Shareholders equity 7,948,701 31,417,413 +295.3 Total assets 30,717,648 45,956,257 +49.6 Net working capital -12,075,430 9,738,626 +180.6 Accounts receivable 3,079,399 19,149,328 +521.9 Reserve for doubtful accounts 17,388,386 9,521,867 -82.6 Accounts payable 14,794,572 10,725,422 -27.5 Reserve for penalty 4,990,994 1,467,679 -70.6 Volume of sales (services offered) 12,704,821 29,361,558 +131.1 Total expense 10,162,275 7,457,775 -26.6 Cost of goods sold (services offered) 8,811,829 7,015,492 -20.4 Net income (loss) 647,045 19,831,303 +2,964.9 ----------------------------- ---------------- ---------------- ----------- There were no changes in the company's authorized paid-up capital. Increase in the shareholders equity by 23,468.71 million (4 times) was stipulated by increase in the total sum of retained income by 24,936.08 million at decreasing: - in addition unpaid capital by 1,572.62 million (revaluation of assets); - reserve capital - by 65.74 million. As a result the book value per share increased by 2.154.16 tenge (4 times) to 2,883.76 tenge per share. The bank's assets have increased by на 15,238.61 million (49,6%). Long-term assets increased by 406.04 (1.8%), including: - long-term investments - by 2,481.54 million; - long-term accounts receivable (after reserve for doubtful accounts) - by 0.07 million; at decrease in: - depreciated cost (with uncompleted construction - by 2,037.63 million; - intangible assets - by 37.94 million. Current assets increased by 14,832.57 million (17.6%), including: - net accounts receivable (after reserve for doubtful accounts) - by 16,069.93 million; - cash - by 822.99 million; at decreasing: - inventory - by 1,094.90 million: - short-term investments - by 965.45 million. Total reserves have made (for doubtful accounts and inventory depreciation) in volume of 9,521.87 million, which is by 7,866.52 million or by 82.6% less than in the corresponding period of 1998. Total liabilities has decreased 8,230.10 (36.1%). Long-term liabilities has decreased by 1,248.62 (53.4%) in result of decrease in long-term credits from banks - by 1,249.57 at increase in long-term accounts payable - by 0.95 million. Current liabilities has decreased by 6,981.49 million (34.2%), including: - short-term accounts payable - by 6,342.99 million; - short-term credits (including reserve for penalty) - by 638.50 million. In total reserves for penalty were formed (for all sorts of accounts payable) in volume of 1,467.68 million, which is by 3.4 times less than in the corresponding period of 1998. Volume of sales (services offered) has increased - by 16,656.74 million (131.1%) at decreasing in: - cost of goods sold - by 2,704.50 million (26.6%); - total expenses - by 1,796.34 million (20.4%). In result income of MANGISTAUMUNAIGAS has made 19,831.30 million, which is by 19,184.26 million or 30.6 times more than in the corresponding period of 1998. Volumes of the sales and company's incomes are stated in the table below by the quarter: Index I-99 II-99 Change, % III-99 Change, % ---------- ---------- --------- --------- ---------- --------- Sales 3,423,257 8,992,335 +162.7 16,945,966 +88.4 Net income -1,089,270 9,013,701 +927.5 11,906,872 +32.1 ---------- ---------- --------- --------- ---------- ---------