Results of activity of Insurance company SAYA OJSC (Kazakhstan) for the I quarter of 2003

/KASE, June 27, 03/ - Insurance company SAYA OJSC (Aktobe), whose shares are circulating in Kazakhstan stock exchange's (KASE) official "B" listing category, provided KASE with financial statement for the I quarter of 2003. The following indicators are results of the issuer's financial and economic activity in the I quarter of 2003, based upon the issuer's information (in th. KZT, unless otherwise specified): ------------------------------------------------------------------------- As of As of Change, Indicator Apr 1, 02 Apr 1, 03 % --------------------------------------------- --------- --------- ------- Authorized capital (paid excluding withdrawn) 102,000 138,925 +36.2 Shareholders' equity 125,978 232,796 +84.8 Total assets 147,473 256,478 +73.9 Investments into securities 85,495 87,209 +2.0 Accounts receivable 21,588 16,000 -25.9 Liabilities, total 21,495 23,682 +10.2 Insurance reserves 15,000 18,097 +20.6 Accounts payable 2,675 2,537 -5.2 Total revenues 8,085 10,210 +26.3 General expenses 7,880 8,579 +8.9 Net income (loss) (116) 1,403 - Book value of one share, KZT 1,235.08 1,675.70 +35.7 ------------------------------------------------------------------------- Relative to the I quarter of 2002 there in increase of: - shareholders' equity - by KZT106.8 m. as the result of increase of the paid part of authorized capital (floatation of shares of the 3rd issue) by 36.9 m., additionally unpaid capital - by 68.4 m., undistributed income - by 1.4 m., reserves - by 104.0 th.; - assets - by KZT109.0 m, including: funds (including term deposits) - by 39.6 m., residual value of fixed assets - by 74.7 m. and other assets - by 275.0 m, whereas there took place decrease of accounts receivable by 5.6 m.; - liabilities - by KZT2.2 m. that was caused by increase of insurance reserves by 3.1 m. whereas there took place decrease of other liabilities by 910.0 th.; - revenues - by KZT2.1 m.; - expenses - by KZT699.0 th.; In the I quarter of 2003 Insurance company SAYA OJSC received net income in the amount of KZT1.4 m. against 116.0 th. of losses in similar period of 2002. Company's primary activity is insurance. [2003-06-27]