Kazakhstan Temir Joly NSE: Financial ratios

/IRBIS, July 11, 01/ - Following is a brief information on financial and economic ratios of Kazakhstan Temir Joly NSE (Astana), made by the data of the Kazakhstan Stock Exchange (KASE) Listing commission. The information is presented due to the admittance of second issue inscribed coupon bonds (KZ2EUY03A368, $100, $30m, July 10.01 - July 10.04, semiannual coupon at 8.0% APR) to the official list of the KASE securities under category "A". The management of Kazakhstan Temir Joly NSE is fully responsible for the reliability of the information presented by the Listing commission of the KASE. Information is published by IRBIS as it may draw the attentions of potential investors. Kazakhstan Temir Joly NSE presented following financial statements, made in compliance with the Kazakhstani Accounting Standards (KAS): consolidated financial statements (balance sheet, income and cash flow statements) for the year 1998-2000, as well as balance sheet and income and cash flow statements for the first quarter of 2001. Consolidated balance sheet based on Kazakhstan Temir Joly NSE data, in th. KZT ----------------------------------------------------------------------------- as of as of as of as of Article Jan 1.99 Jan 1.00 Jan 1.01 Apr 1.01 ----------------------------- ----------- ----------- ----------- ----------- Assets 325,134,256 183,553,042 172,910,795 182,003,693 Long-term assets 289,185,034 151,281,604 148,639,436 148,949,358 Fixed assets 271,360,224 129,945,364 129,309,022 128,671,910 Intangible assets 64,174 98,854 139,770 134,226 Incomplete construction 9,813,692 12,968,011 15,631,142 16,446,407 Long-term investments 89,496 96,848 38,032 38,032 Long-term accounts receivable 7,775,720 8,122,043 3,521,470 3,658,783 Expenses of future periods 81,728 50,484 0 0 Current assets 35,949,222 35,271,438 24,271,359 33,054,335 Inventory 17,419,610 13,523,090 11,505,661 18,058,354 Unfinished production 393,759 85,423 123,789 1,112,859 Expenses of future periods 283,596 272,161 119,875 62,625 Cash 977,742 3,628,995 6,139,660 4,989,203 Accounts receivable 16,764,665 17,677,635 6,382,374 8,507,949 Other current assets 109,850 84,134 0 0 ----------------------------- ----------- ----------- ----------- ----------- Liabilities and equity 325,134,256 183,553,042 172,910,795 182,003,693 Equity 285,368,587 140,995,647 137,009,062 149,074,588 Authorized capital 910,831 915,401 971,382 971,382 Additional unpaid capital 272,074,872 114,985,199 101,316,966 100,278,671 Reserve capital 105,681 103,913 103,439 103,439 Undistributed income (uncovered loss) 12,277,203 24,991,134 34,617,275 47,721,096 Long-term liabilities 15,262,921 21,459,288 15,827,664 15,615,122 Long-term credits 12,646,140 16,214,804 15,246,551 14,234,842 Long-term accounts payable 2,616,781 5,244,484 581,113 1,380,280 Current liabilities 24,502,748 21,101,107 20,074,039 17,313,983 Short-term credits 507,674 1,148,041 3,621,716 4,363,500 Accounts payable 23,534,550 19,953,066 16,026,947 12,499,228 Other liabilities and equity 460,524 0 0 0 ----------------------------------------------------------------------------- Income statement of Kazakhstan Temir Joly NSE by the data of the issuer, th. KZT --------------------------------------------------------------------------- as of as of as of as of Article Jan 1.99 Jan 1.00 Jan 1.01 Apr 1.01 ---------------------------- ----------- ----------- ----------- ---------- Sales income (cargo and passenger shipments) 110,444,765 99,779,061 138,070,181 34,140,867 Cost of goods sold (works, services) 102,128,790 74,868,389 92,002,820 23,088,900 Gross income 8,315,975 24,910,672 46,067,361 11,051,967 Expenses of the period 13,883,427 13,199,372 21,607,005 3,120,470 Income (loss) from primary activities (5,567,452) 11,711,300 24,460,356 7,931,497 Income (loss) from secondary activities (824,899) (8,442,671) (3,517,368) 1,046,032 Income tax 3,392,852 3,094,175 12,232,203 1,217,194 Extraordinary gain (loss) (1,454) (242) (643) 0 Net income (loss) (9,786,657) 3,093,933 12,231,560 1,217,194 --------------------------------------------------------------------------- Cash flow statement of Kazakhstan Temir Joly NSE by the data of the issuer, th. KZT ------------------------------------------------------------------------------ as of as of as of as of Article Jan 1.99 Jan 1.00 Jan 1.01 Apr 1.01 ----------------------------- ----------- ------------ ----------- ----------- Operating cash flow Cash inflow 18,018,122 20,049,928 34,370,244 14,075,264 Cash outflow -15,470,141 -9,732,053 -22,023,440 -12,830,699 Cash increase (+) decrease (-) from operating activities -97,452,019 10,317,875 12,346,804 1,244,565 ----------------------------- ----------- ------------ ----------- ----------- Investing cash flow Cash inflow 23,529,402 254,757,585 4,993,248 1,143,985 Cash outflow -3,301,294 -3,294,851 -17,845,158 -3,268,495 Cash increase (+) decrease (-) from investing activities 20,228,108 251,462,734 -12,851,910 -2,124,510 ----------------------------- ----------- ------------ ----------- ----------- Financing cash flow Cash inflow 10,566,377 4,209,450 2,529,656 741,784 Cash outflow 0 -155,542,355 -14,497,429 -2,050,004 Cash increase (+) decrease , (-) from financing activities 10,566,377 -51,332,905 -11,967,773 -1,308,220 ----------------------------- ----------- ------------ ----------- ----------- Total cash increase (+) decrease (-) -217,173 2,356,093 2,529,242 -1,150,457 ----------------------------- ----------- ------------ ----------- ----------- Cash flow at the beginning of the reporting period 1,262,029 977,742 3,628,995 6,139,660 ----------------------------- ----------- ------------ ----------- ----------- Cash flow at the end of the reporting period 1,044,856 3,655,552 6,158,237 4,989,203 ------------------------------------------------------------------------------ Also, Kazakhstan Temir Joly NSE presented an auditing report of Ernst & Young (Almaty, Kazakhstan) made in accordance with International Accounting Standards on consolidated financial statements for the years 1998-2000. Consolidated balance sheet based on Ernst & Young data, in th. USD ----------------------------------------------------------------- as of as of as of Article Jan 1.99 Jan 1.00 Jan 1.01 ----------------------------------- --------- --------- --------- ASSETS 1,128,192 1,028,959 1,035,937 Working capital 243,603 191,381 209,759 Cash and equivalents 11,698 26,110 42,618 Accounts receivable, net 73,478 63,106 44,252 Inventory, net 130,520 82,215 93,536 Other working capital 27,907 19,950 29,353 Long-term assets 884,589 837,578 826,178 Fixed assets, net 878,108 835,860 824,724 Other long-term assets 6,481 1,718 1,454 ----------------------------------- --------- --------- --------- LIABILITIES AND EQUITY 1,128,192 1,028,959 1,035,937 Short-term liabilities 396,954 202,896 161,524 Long-term liabilities 134,070 143,713 101,085 Accounts payable 132,067 89,207 Pension obligation to the employees 11,646 11,878 Shareholders' equity 597,168 682,350 773,328 Authorized capital 8,086 10,820 10,820 Additional capital 644,452 608,911 608,911 Undistributed income -55,370 62,619 153,597 ----------------------------------------------------------------- Income statement of Kazakhstan Temir Joly NSE by the data of Ernst & Young, th. USD --------------------------------------------------------------------- as of as of as of as of Article Jan 1.98 Jan 1.99 Jan 1.00 Jan 1.01 ------------------------------- --------- --------- -------- -------- Proceeds Cargo shipments 835,525 937,316 546,768 736,762 Passenger traffic 121,410 129,292 72,945 81,969 Others 103,668 53,865 41,034 48,087 Total proceeds 1,060,603 1,120,473 660,747 866,818 Operating expenses 1,026,289 1,127,076 569,291 680,193 Operating profit 34,314 -6,603 91,456 186,625 Non-operating income (expenses) -7,778 -4,769 47,352 -10,995 Net income before income tax 26,536 -11,372 138,808 175,630 Income tax 26,458 44,076 25,241 84,652 Income (loss) after tax 78 -55,448 113,567 90,978 Net income (loss) of the period 78 -55,448 113,567 90,978 --------------------------------------------------------------------- Cash flow statement of Kazakhstan Temir Joly NSE by the data of Ernst & Young, th. USD ---------------------------------------------------------------------------- as of as of as of Article Jan 1.99 Jan 1.00 Jan 1.01 ------------------------------------------------- -------- -------- -------- Cash flow from operating activities Net income before tax -11,372 138,808 175,630 Corrections 116,524 101,209 93,961 Operating income before working capital changes 105,152 240,017 269,591 Cash inflow from operating activities 95,173 137,031 172,356 Interest paid -5,056 -10,212 -9,853 Income tax paid -42,575 -44,796 77,511 Pension liabilities, paid -3,891 3,778 Net cash from operating activities 47,542 78,132 81,214 Cash from investing activities -60,417 -31,830 -49,048 Cash from financing activities 7,872 -31,890 -15,658 Net increase in cash and equivalents -5,003 14,412 16,508 Cash and equivalents at the beginning of the year 16,701 11,698 26,110 Cash and equivalents at the end of the year 11,698 26,110 42,618 ---------------------------------------------------------------------------- In auditing report of Ernst & Young, made on financial statements of Kazakhstan Temir Joly NSE for the years 1998-2000, it is said that except for the influences of the corrections, which could've been detected in the presence of Ernst & Young at inventory stock taking as of December 31, 1998, consolidated financial statements give reliable representation of the company's overall financial situation in all aspects as of December 31, 1998, 1999 and 2000, and that of its income, and cash flow statements, as well as changes in equity as of indicated dates in accordance with International Accounting Standards (IAS), created by the International Accounting Standards Committee (IASC). Re-evaluation of fixed assets In 2001 Kazakhstan Temir Joly NSE had an independent expert to re- evaluate its fixed assets based on residual value in compliance with the IAS 16. Based on preliminary results, as of April 30, about 80% of fixed assets has been re-evaluated. Experts expect that re-evaluation will show an excess of $6,100.0m in the value of fixed assets over their current value. Based on IAS 16, the difference between the value of fixed assets before and after the re-evaluation will be reflected in the credit of "Re-evaluation reserve" account in "Shareholders' equity" section of the balance sheet. It will be shown by a corresponding record in 2001 after the re-evaluation.