Results of activity of Karazhanbasmunai OJSC (Kazakhstan) in 2003

/IRBIS, Galina Tsalyuk, May 11, 04/ - Karazhanbasmunai OJSC (Aktau), whose bonds are circulating in the official "А" listing category of Kazakhstan stock exchange Inc. (KASE), provided KASE with financial statements for 2003. Following indexes are result of the issuer's financial and economic activity in 2003, based on the issuer's data (th. KZT, unless otherwise specified): ---------------------------------------------------------------------------- As of As of Indicator Jan 1, 03 Jan 1, 04 Change,% --------------------------------------------- ---------- ---------- -------- Authorized capital (paid excluding withdrawn) 2,161,062 2,161,061 0 Shareholders' equity 14,179,111 17,705,952 +24.9 Book value of assets 42,544,828 43,426,370 +2.1 Working capital 1,222,600 -1,768,463 -244.6 Accounts receivable 9,669,807 7,320,376 -24.3 Total liabilities 28,365,717 25,720,418 -9.3 Borrowed loans (excluding bonds) 15,757,877 14,772,242 -6.3 Accounts payable 2,982,720 4,054,116 +35.9 Liabilities on bonds 3,112,000 - - Sales volume 34,754,442 39,935,182 +14.9 Cost of goods sold 6,317,501 8,443,682 +33.7 Net income 9,184,929 13,143,786 +43.1 --------------------------------------------- ---------- ---------- -------- Calculated by issuer's data --------------------------------------------- ---------- ---------- -------- Return on sales (ROS), % 81.82 78.86 -3.6 Return on equity (ROE), % 64.78 74.23 +14.6 Return on assets (ROA), % 28.23 30.27 +7.2 ---------------------------------------------------------------------------- Relative to 2002 following changes occurred: - company's shareholders equity increased by KZT3.5 bn. as the result of increase of undistributed income by 3.8 bn., whereas there was decrease of reserves on revaluation by KZT284.1 m.; - assets increased by 881.5 m. due to increase of residual value of fixed assets by 5.3 bn. and other assets - by 351.0 m., whereas there was decrease of account receivable - by 2.3 bn., money and its equivalent by 2.4 bn.; - liabilities reduced by KZT2.6 bn., including: volume of borrowed loans (excluding bonds) - by 985.6 m. and liabilities on bonds in accordance with their repayment - by 3.1 bn., that was partially compensated by growth of accounts payable by 1.1 bn. and other liabilities - by 380.9 m.; - sales volume increased by KZT5.2 bn.; - cost of goods sold grew by KZT2.1 bn.; Net income earned by Karazhanbasmunai OJSC in 2003 exceeded the net income of the year 2002 by KZT3.9 bn. Company's primary activities: development of oil field Karazhanbas; extraction, preparation, handing over and refining of oil; introduction of thermal methods of oil recovery increasing; building of objects of wells construction and development; crude oil refinement and processing; building of objects of oil preparation; export; marketing and sale of hydrocarbons and hydrocarbon products. [2004-05-11]