Results of Karazhanbasmunai OJSC (Kazakhstan) activity for the first quarter of 2002

/KASE, August 06, 02/ - Karazhanbasmunai OJSC (Aktau), whose bonds are traded under category "A" of the official listing provided KASE with financial report for the first quarter of 2002: balance sheet and income statement. The following indicators are results of the company's economic activity for three months of 2002, based upon the company's data (in th. KZT, unless otherwise specified): ----------------------------------------------------------------- As of As of Indicator Apr 1,01 Apr 1,02 Change, % --------------------------------- ---------- ---------- --------- Authorized capital (paid) 2,161,103 2,161,062 - Shareholders' equity 4,311,136 11,376,079 +163.9 Book value of assets 15,447,911 34,348,730 +122.4 Net working capital 279,535 985,376 +252.5 Accounts receivable 5,409,001 6,054,608 +11.9 Total liabilities 11,136,774 22,972,652 +106.3 Attracted loans (including bonds) 6,325,564 16,974,489 +168.3 Accounts payable 4,545,739 5,535,697 +21.8 Sales volume 3,990,685 6,735,959 +68.8 Cost of goods sold 1,030,860 1,622,612 +57.4 Expenses for the period 1,472,679 2,598,828 +76.5 Net income (loss) for the period 1,035,973 1,588,636 +53.3 ----------------------------------------------------------------- Relative to the first quarter of 2001 there is increase of: - shareholders' equity of the company by KZT7.1bn as a result of increase of total sum of reserves on re-evaluation of fixed assets by KZT5.4bn (9.6 times) and undistributed income - by KZT1.7bn; - assets - by KZT18.9bn, which was caused by increase of residual value of fixed assets by KZT13.2bn, inventories - by KZT889.8m, construction in progress - KZT902.3m, accounts receivable - by KZT645.6m, short-term investments (securities) - by KZT1.5bn and other assets - by KZT1.7bn; - liabilities - by KZT11.8bn including: volume of attracted loans - by KZT10.5bn (4 times), accounts payable - by KZT990.0m and other liabilities - by KZT333.0m; - sales volume - by KZT2.7bn; - cost of goods sold - by KZT591.7m; - expenses - by KZT1.1bn (76.5%), of which KZT956.9m - increase of expenses on shipping. Net income of Karazhanbasmunai OJSC by results of the first quarter of the current year increased by KZT552.7m relative to the similar period of the year 2001. Principal activity of the company - development of oil field Karazhanbas; extraction, treating, commissioning and processing of oil; introduction of thermal methods of oil recovery growth; construction of facilities and building of wells; refinement and processing of crude oil, construction of objects for oil treating; export; marketing and realization of hydrocarbons and hydrocarbon products. [2002-08-06]