COMPARISION OF COMPANIES' ACTIVITIES INCLUDED INTO KASE LISTING BY RESULTS OF THIRD QUARTER 2000 (PART 1)

/IRBIS, Jan 18, 01/ - IRBIS, financial markets information agency, completed comparisons of activity of industrial enterprises whose shares and bonds are included into category "A", "B" of the KASE official list. Comparisons were made by results of economic activities in 1999 and 9 month of 2000. The comparison was made on the basis of data enterprises submitted to KASE according to the listing requirements. The only company that did not submit consolidated financial statements was KAZAKHOIL NNK CJSC. The absent data include statement for II and III quarters of 2000. The results presented below should not be considered as an opinion of IRBIS and KASE regarding companies' efficiency. In many respects, the evaluation is subjective due to methodology selected by IRBIS. However, in the IRBIS opinion this methodology provides comparable data on various companies. It can be also used by potential investors as an appraisal of the investment attractiveness. Basic data ----------------------------------------------------- As of As of Rating Code 1999 Oct 01, 1999 Oct 01, 2000 ------ ---- ------- ------------ ------------ 1. Assets, KZT, mln ----------------------------------------------------- 1 TMJL 184,405 186,687 186,101 2 KZTO 30,877 122,191 128,181 3 KZMS 90,449 81,227 104,851 4 KZTK 57,453 56,473 59,696 5 MMGZ 42,494 45,956 51,882 6 KZCR 39,952 N/A 49,516 7 SYRG 17,884 18,297 31,203 8 ALKZ 18,826 20,904 27,561 9 KARM 5,181 6,049 8,894 10 UTMK 7,351 7,104 7,544 11 ALKS 709 702 1,425 12 BSUL 758 761 826 13 VITA 604 N/A 723 ----------------------------------------------------- 2. Shareholders equity, KZT, mln ----------------------------------------------------- 1 TMJL 141,888 149,065 150,835 2 KZTO 25,149 21,120 105,076 3 KZMS 32,673 30,667 60,743 4 KZCR 32,175 N/A 38,629 5 KZTK 33,552 30,659 35,635 6 SYRG 14,357 9,181 26,648 7 MMGZ 13,254 31,417 17,711 8 ALKZ 12,356 10,065 16,163 9 UTMK 5,642 5,345 5,728 10 KARM 319 (1,282) 3,684 11 ALKS 698 691 699 12 BSUL 540 507 575 13 VITA 292 N/A 313 ----------------------------------------------------- 3. Volume of sales, KZT, mln ----------------------------------------------------- 1 TMJL 99,779 65,044 117,239 2 KZMS 74,479 50,283 83,840 3 MMGZ 45,782 29,362 68,406 4 SYRG 31,828 21,231 56,887 5 KZTK 29,843 21,330 26,345 6 KZTO 17,698 11,890 24,152 7 ALKZ 18,303 12,713 18,453 8 KZCR 34,113 N/A 14,040 9 KARM 6,185 2,708 11,986 10 UTMK 5,940 4,380 3,837 11 VITA 121 N/A 341 12 BSUL 918 545 228 13 ALKS 98 71 95 ----------------------------------------------------- 4. Net income (loss), KZT, mln ----------------------------------------------------- 1 KZMS 4,555 983 27,513 2 SYRG 8,416 3,314 12,290 3 TMJL 174 329 11,721 4 MMGZ 8,090 19,831 6,130 5 KZTK 1,516 (1,390) 4,661 6 ALKZ 5,440 3,367 3,839 7 KZTO 5,640 1,353 3,788 8 KARM 573 (1,060) 3,364 9 KZCR 14,713 N/A 2,303 10 UTMK 67 (71) 124 11 BSUL (29) (62) 35 12 VITA 30 N/A 21 13 ALKS 31 24 1.4 ----------------------------------------------------- 5. Return on assets (ROA), % ----------------------------------------------------- 1 SYRG 47.1 18.1 39.4 2 KARM 11.1 - 37.8 3 KZMS 5.0 1.2 26.2 4 ALKZ 28.9 16.1 13.9 5 MMGZ 19.0 43.2 11.8 6 KZTK 2.6 - 7.8 7 TMJL 0.1 0.2 6.3 8 KZCR 36.8 н/д 4.7 9 BSUL - - 4.3 10 KZTO 18.3 2.6 3.0 11 VITA 4.9 н/д 2.9 12 UTMK 0.9 - 1.6 13 ALKS 4.3 3.4 0.1 ----------------------------------------------------- 6. Return on equity (ROE), % ----------------------------------------------------- 1 KARM 179.5 - 91.3 2 SYRG 58.6 36.1 46.1 3 KZMS 13.9 3.2 45.3 4 MMGZ 61.0 63.1 34.6 5 ALKZ 44.0 33.5 23.7 6 KZTK 4.5 - 13.1 7 TMJL 0.1 0.2 7.8 8 VITA 10.2 N/A 6.8 9 BSUL - - 6.1 10 KZCR 45.7 N/A 6.0 11 KZTO 22.4 3.1 3.6 12 UTMK 1.2 - 2.2 13 ALKS 4.4 3.5 0.2 ----------------------------------------------------- 7. Return on sales (ROS), % ----------------------------------------------------- 1 KARM 73.5 59.2 80.2 2 ALKS 53.0 50.1 71.0 3 KZMS 46.8 46.0 57.7 4 MMGZ 82.5 74.6 52.8 5 SYRG 48.6 36.8 39.1 6 ALKZ 33.0 30.5 38.4 7 KZTK 48.5 42.6 38.2 8 KZCR 28.0 N/A 33.3 9 TMJL 25.0 24.7 30.5 10 KZTO 43.0 33.9 24.1 11 VITA 39.8 N/A 21.6 12 UTMK 22.6 24.2 16.4 13 BSUL 12.1 13.1 13.4 ----------------------------------------------------- 8. Estimation of average indicator and rating of companies --------------------------------------------------------------------------- Average figures and ratios ----------------------------------- Rating ------------------------ Sh. Volume Net As of Oct As of Oct equity of sales income ROS ROA Company's Code 1999 01, 99 01, 99 *35,572 *32,582 *5,830 39.7% 12.3% average ---- ---- --------- --------- ------- -------- ------ ----- ----- --------- KZMS 5 3 1 1.708 2.573 4.719 1.453 2.134 2.517 TMJL 1 2 2 4.240 3.598 2.010 0.768 0.512 2.226 SYRG 3 4 3 0.749 1.746 2.108 0.985 3.203 1.758 KARM 9 9 4 0.104 0.368 0.577 2.018 3.076 1.228 MMGZ 4 1 5 0.498 2.100 1.051 1.328 0.961 1.188 KZTO 6 6 6 2.954 0.741 0.650 0.606 0.240 1.038 KZTK 8 7 7 1.002 0.809 0.800 0.960 0.635 0.841 ALKZ 7 5 8 0.454 0.566 0.658 0.965 1.133 0.755 KZCR 2 N/A 9 1.086 0.431 0.395 0.837 0.378 0.626 ALKS 7 8 10 0.020 0.001 0.000 1.788 0.008 0.363 UTMK 12 10 11 0.161 1.117 0.021 0.412 0.134 0.169 VITA 11 N/A 12 0.009 0.010 0.004 0.544 0.238 0.161 BSUL 13 11 13 0.016 0.007 0.006 0.337 0.348 0.143 --------------------------------------------------------------------------- * - in KZT, mln The final table 8 was created by stepwise averaging of tables 2, 3, 4, 5 and 7. First step - estimation of simple mean among companies using tables 2, 3, 4, 5, and 7. Second step - estimation of an appropriate indicator of the company to its average value. The third step - estimation of resulting indicator for each company using simple mean of appropriate indicator. Resulted indicators are given in descending order. Selecting indicators of an economic activity IRBIS agency tried to consider the scale of a company, thus favoring stability on one hand. On the other, IRBIS considered number of indicators displaying efficiency of resources' utilization, thus favoring efficient of a management. Companies' codes: ALKS - Almaty Kys OJSC; ALKZ - Aluminii Kazakhstana OJSC, BSUL - Bayan Sulu OJSC, KARM - Karazhanbasmunai OJSC, KZCR - KAZCHROME TNK OJSC, KZMS - Kazakhmys Corporation OJSC, KZTK - Kazakhtelecom, KZTO - KazTransOil NOTC CJSC, MMGZ - Mangistaumunaigas OJSC, SYRG - SHNOS OJSC, TMJL - Kazakhstan Temir Zholy NSE, UTMK - UKTMK OJSC, VITA - VITA LLP.