Bayan-Sulu OJSC (Kazakhstan) pays dividends for 2002 at the rate of KZT3.82 per 1 share

/KASE, May 5, 03/ - Bayan-Sulu OJSC (Kostanai), whose shares are circulating in Kazakhstan stock exchange's official "В" listing category, has presented KASE a copy of minutes of annual general shareholders meeting, which was held on April 14 of 2003. In accordance with the accepted agenda shareholders of Bayan-Sulu OJSC approved financial statement and auditing commission's act for 2002, and also made following decisions. Approve distribution of net income for 2002 amounting to KZT33.2 m. In the following way: spend 14.0 m. for payment of dividends on common shares (20% of the net income), 3.5 m. - for refilling of reserve capital (5%), 15.7 m - undistributed net income. Determine size of dividends per one common share in the amount of KZT3.82 (excluding income tax on the rate 15%) starting from the sum of net income, which is directed towards dividends payment (KZT14.0 m.). Set April 11 of 2003 the date of actual dividends payment, final date of registration of shareholders, who have the right to receive dividends, - March 12 of 2003. Method of payment is by cash or in accordance with shareholder's application in cashless form. Approve forecast of development and order of the company's net income distribution for 2003. E. Boger - company's President, presented report about results of activity in 2002 on behalf of the Board of Bayan-Sulu OJSC. According to the report in 2002 the company produced 10.4 th. tons of confectionery for KZT1.6 nm. in acting prices (increase by KZT288.8 m. in comparable prices). In physical expression production volume rose by 1.8 th. tons or by 21.4% to 2001. There was unloaded production for consumers 10.4 th. tons to the amount of KZT1.7 bn. or 121.0% of the level of 2001, 7 types of new production have been introduced. Within 2002 there were conducted works on reconstruction and modernization of production, which were directed towards strengthening of material and technical basis of the company, improvement of production quality, economizing of material resources and improvement of conditions and safety of labor. In particular, setting in exploitation of air cable line 10 kilowatt allowed to decrease cost of electrical power from KZT4.5 to KZT2.28 for one kilowatt, that caused economizing KZT5.6 m. within September-December of 2002 and allowed to entirely compensate expenses. A total in 2002 KZT27.8 m. were invested into main capital, there were borrowed long-term credits for purchasing of equipment (lines on chocolate production) to the amount of KZT15.1 m., short-term credits - to the amount of KZT217.4 m. (for refilling of circulating assets), there were redeemed long-term credits to the amount of KZT8.0 m., short-term ones - to the amount of KZT167.3 m. In 2002 income from primary activity was KZT98.7 m. (in 2001 - KZT72.5 m.), income from secondary activity - KZT7.1 m. (in 2001 - KZT22.6 m.), profitability - 6.1% (in 2001 - 25.6%), net income - KZT67.9 m. (in 2001 - KZT59.8 m.). Workers on payroll by the end of 2002 was 865 persons (workers - 769 persons, employees - 95 persons), average monthly wage - KZT17,319 (in 2001 - KZT15,936). According to the confirmed report shareholder meeting of Bayan-Sulu OJSC concerning forecast of development and order of net income distribution by the results of 2003 it's planned to: - produce and unload 11.0 th. tons of confectionery to the amount of KZT1.8 bn.; - receive income from primary activity in the amount of KZT108.0 m.; - receive net income in the amount of KZT75.6 m. (111.3% to 2002) and use it in the following way: spend 75% for development of production and wage payment, 20% - for dividends payment, 5% - for refilling of reserve capital; - buy and set in exploitation technological equipment of the line on production of slab chocolate with filling and without it, with capacity 420-500 kg/h or 900 tons a year with the cost EUR252.5 th. Company's primary activity is production and sale of confectionery. [2003-05-05]