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

/KASE, August 09, 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 July 1,01 July 1,02 Change, % ----------------------------------- ---------- ---------- --------- Authorized capital (paid) 2,161,062 2,161,062 - Shareholders' equity 4,349,239 12,857,140 +195.6 Book value of assets 17,561,557 35,359,626 +101.3 Net working capital 2,213,080 5,356,644 +142.0 Accounts receivable 4,179,305 5,506,256 +31.8 Total liabilities (including bonds) 13,212,317 22,502,486 +70.3 Attracted loans 5,669,521 12,414,319 +119.0 Accounts payable 4,298,880 6,512,972 +51.5 Commitment on bonds 2,930,000 3,062,000 +4.5 Sales volume 9,024,846 8,407,558 -6.8 Cost of goods sold 2,302,477 1,709,286 -25.8 Expenses for the period 3,397,441 2,748,911 -19.1 Net income (loss) for the period 2,154,665 2,704,732 +25.5 ---------------------------------------------------------------------- Relative to the second quarter of 2001 the following changes occur: - shareholders' equity of the company grew by KZT8.5bn as a result of increase of total sum of reserves on re-evaluation by KZT5.3bn (10.1 times) and undistributed income - by KZT3.2bn; - assets increased by KZT17.8bn, including: depreciated cost of fixed assets - by 12.6bn, inventories - by KZT768.8m, accounts receivable - by KZT1.3bn, short-term investments (securities) - by KZT1.5bn, cash - by 1.3bn and other assets - by KZT264.6m; - liabilities grew by KZT9.3bn including: volume of attracted loans - by KZT6.7bn, accounts payable - by KZT2.2bn and other liabilities - by KZT331.3m; - sales volume decreased by KZT617.2m; - cost of goods sold deceased by KZT593.2m; - expenses reduced by KZT648.5m. Net income of Karazhanbasmunai OJSC by results of the second quarter of the current year increased by KZT550.0m 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. [2002-08-09]