REFERENCE: IC SAYA OJSC (Kazakhstan) - financial ratios

/IRBIS, information of the KASE Listing commission, Aug 28, 01/ - The following information is published due to the admittance of common inscribed shares of Insurance Company SAYA OJSC (IC SAYA OJSC) into the official list of the Kazakhstan Stock Exchange (KASE) under category "B". IC SAYA OJSC presented its financial statements for the years 1998-2000 and I quarter of 2001, which have been made in compliance with the Kazakhstani Accounting Standards (KAS) without methodology of the National Bank of Kazakhstan, and auditing report of Audit-Eurasia CJSC (Aktobe, Kazakhstan) for the year 2000 based on KAS. Major financial indicators of IC SAYA OJSC by the data of the issuer (in th. KZT, unless otherwise specified) -------------------------------------------------------------------------- Article as of as of as of as of Jan 1, 99 Jan 1, 00 Jan 1, 01 July 1, 01 ----------------------------- --------- --------- --------- ---------- Authorized capital 34,827 27,000 102,000 102,000 Shareholders' equity 47,321 48,681 125,963 122,017 Insurance reserves 15,251 17,200 19,000 15,767 Book value of the assets 49,663 59,502 128,057 124,675 Fixed assets (residual value) 16,920 18,218 16,433 17,166 Accounts receivable 19,148 25,960 16,984 20,056 Accounts payable 2,342 10,821 1,459 5,934 Sales 14,956 27,196 29,242 10,702 Net income -2,147 4,608 993 187 Return on equity (ROE), % - 9.47 0.79 0.15 -------------------------------------------------------------------------- Based on auditing report, financial statements give true and reliable picture of the company's financial and economic condition as of December 31, 2000 in accordance with KAS, and there are no significant distortions in the company's financial statements. Also, IC SAYA OJSC presented financial statements for the year 2000 and I half of 2001, which have been made in compliance with the methodology of the National Bank. Assets From January 1, 1998 through January 1, 2001 the assets of IC SAYA OJSC increased by 157.9% from KZT49.6m to KZT128.1m. In I half of 2001 the company's assets decreased by KZT3.4m, at KZT124.7m. Significant growth of assets by 115.2%, from KZT59.5m to KZT128.1m took place in 2000 due to an increase in long-term assets. Mainly this growth was the result of the acquisition of the shares of Yukon OJSC sanatorium (Aktobe) for KZT75m. As of July 1, 2001, long-term investments into these shares equaled 60.2% of the company's assets. As of July 1, 2001, accounts receivable of KZT20.1m equals 16.1% of the company's assets, where 6.8% of the assets are overdue accounts receivable from insurance agreements, amounting to KZT8.5m. Liabilities and equity Shareholders' equity of IC SAYA OJSC (th. KZT) ----------------------------------------------------------------- Article as of as of as of as of Jan 1, 99 Jan 1, 00 Jan 1, 01 July 1, 01 -------------------- --------- --------- --------- ---------- Shareholders' equity 47,321 48,681 125,963 122,017 Authorized capital 34,827 27,000 102,000 102,000 Additional capital 19 3,970 3,970 3,970 Reserve capital 15,251 17,200 19,000 15,860 Undistributed income -2,776 511 993 187 ----------------------------------------------------------------- From 1998 to 2000 shareholders' equity of IC SAYA OJSC increased by KZT78.6m, or 166.2% mainly as a result of KZT67.2m, or 192.9% increase in authorized capital. By the results of the I half of this year, shareholders' equity declined by KZT3.9m, or 3.1% as a result of a decrease in allocations to insurance reserves by KZT3.2m and total amount of undistributed income by KZT806 th. As of July 1, 2001, the company's shareholders' equity, calculated by the methods of the National Bank, equaled KZT106.3m, since the allocations to insurance reserves are not taken into account in shareholders' equity and regarded as liabilities. Liabilities of IC SAYA OJSC (th. KZT) -------------------------------------------------------------------------- Article as of as of as of as of Jan 1, 99 Jan 1, 00 Jan 1, 01 July 1, 01 ----------------------------- --------- --------- --------- ---------- Long-term liabilities 1,907 2,821 - - Current accounts payable 435 8,000 2,094 2,658 Wages 343 168 268 169 Social insurance and pensions - 114 165 123 Taxes 92 1,850 631 88 Advances received payments - 5,868 395 2,058 Other accounts payable - - 635 219 --------------------------------------------------------------------------