RGP "Kazakhstan temir joly": financial ratios

/IRBIS, June 26, 00/ - Following are financial and economic ratios of RGP "Kazakhstan temir joly". It is made by the data of the Listing commission of Kazakhstan stock exchange (KASE). When making this report the KASE specialists used the materials presented by RGP "Kazakhstan temir joly" based on the listing requirements: consolidated financial statements (balance sheet, income statement and cash flow statements) for the years 1997-1999, as well as balance sheet and income statement for the first quarter of 2000. These financial statements were made in accordance with the Kazakhstani accounting standards (KAS). Moreover, the KASE has auditing report of Ernst & Young (Almaty, Kazakhstan) made in accordance with International accounting standards on consolidated financial statements of RGP "Kazakhstan temir joly" for the years 1997-1999. The information is given due to the fact that the bonds of RGP were entered into KASE official list of securities under category "A". As of April 1, 2000, announced authorized capital of RGP "Kazakhstan temir joly" equaled KZT971,382,000, with the paid authorized capital of KZT904,631,000. FINANCIAL STATEMENT DATA PRESENTED BY THE ISSUER Following is the table created by the KASE specialists based on financial statements of RGP "Kazakhstan temir joly" (in th. KZT, unless otherwise specified). --------------------------- ------------ ----------- ----------- ----------- Ratio Jan.1,98 Jan.1,99 Jan.1,00 Apr.1,00 --------------------------- ------------ ----------- ----------- ----------- Authorized capital (paid) 971,382 910,831 904,631 904,631 Shareholders' equity 316,535,984 285,368,587 144,109,730 140,387,098 Book value of the assets 351,127,375 325,134,256 187,628,944 180,519,990 Net working capital 12,863,116 11,446,474 15,002,692 12,234,869 Accounts receivable 23,427,246 24,540,385 27,006,272 21,571,832 Liabilities, total 34,591,391 39,765,669 43,519,214 40,132,892 including long-term loans 2,117,843 12,646,140 16,214,804 15,688,979 including short-term loans 469,594 507,674 1,148,460 1,148,460 including other liabilities 32,003,954 26,611,855 26,155,950 22,799,338 Sales (services offered) 90,353,657 110,444,765 99,779,061 34,718,110 Net income (loss) 4,150,190 (3,284,850) 174,212 248,108 Return on sales (ROS), % 17.94 7.53 24.97 32.92 Return on equity (ROE), % 1.31 - 0.12 0.18 Return on assets (ROA), % 1.18 - 0.09 0.14 --------------------------- ------------ ----------- ----------- ----------- AUDITING REPORT DATA Following is the table created by the KASE specialists based on auditing report of Ernst & Young (in th. USD, unless otherwise specified). ----------------------------- -------------- -------------- -------------- Ratio As of Jan.1,98 As of Jan.1,99 As of Jan.1,00 ----------------------------- -------------- -------------- -------------- Authorized capital (paid) 8,086 8,086 8,086 Shareholders' equity 652,616 597,168 696,274 Book value of the assets 1,182,732 1,128,192 1,028,959 Net working capital -82,716 -153,351 -13,750 Accounts receivable (net) 122,847 73,478 63,106 Liabilities, total 530,116 531,024 332,685 including long-term loans 143,834 134,070 132,067 including short-term loans 25,375 43,011 13,124 including other liabilities 360,907 353,943 187,494 Sales (services offered) 1,060,603 1,120,473 640,870 Net income (loss) 78 (55,448) 99,106 Return on sales (ROS), % 3.24 - 15.30 Return on equity (ROE), % 0.01 - 14.23 Return on assets (ROA), % 0.01 - 9.63 ----------------------------- -------------- -------------- -------------- In auditing report of Ernst & Young, made on financial statements of RGP "Kazakhstan temir joly" for the years 1997-1998, it is said that the auditor was present when stock taking had been carried out as of December 31, 1997 and 1998. Since this residual value is used when identifying the results and cash flows, the auditor was not able to identify the need for any corrections in final results and cash flows of RGP "Kazakhstan temir joly" as of indicated dates and on December 31, 1999, also he did not make his opinion regarding the appropriateness of distributions between additional contribution to the authorized capital and undistributed income as of December 31, 1998. It is said in auditing reports for the years 1998 and 1999 that because of an absence of independent valuation of future expenses reserves of RGP "Kazakhstan temir joly" related to pensions of its employees and the retirees, the auditor was not able to assess the effects of this absence on income statements and financial situation of RGP "Kazakhstan temir joly" as of December 31, 1998 and 1999. In the opinion of the auditor, except for those mentioned above, consolidated financial statements give reliable representation of the company's financial situation in all aspects as of December 31, 1997 and 1998, of its income statements and cash flow statements as of indicated dates in accordance with International accounting standards. The conclusion of the auditor on consolidated financial statements of RGP "Kazakhstan temir joly" for the years 1998-1999 is conditionally positive.