Results of activity of UKTMC OJSC (Kazakhstan) in 2003

/IRBIS, Galina Tsalyuk, May 13, 04/ - Ust-Kamenogorsk titanium- magnesium combine OJSC (UKTMC OJSC, Ust-Kamenogorsk), whose shares are circulating in the official "A" listing category of Kazakhstan stock exchange Inc. (KASE), provided KASE with financial statement for 2003. Following indicators are the result of the issuer's financial and economic activity in 2003, based upon the issuer's data (th. KZT, unless other wise specified): ------------------------------------------------------------- As of As of Change, Indicator Jan 1, 03 Jan 1, 04 % ----------------------------- ---------- --------- ------- Authorized capital (paid) 21,582 21,582 0.0 Shareholders' equity 7,534,444 7,684,475 +2.0 Total assets 8,627,119 8,620,827 -0.1 Net working capital 2,733,444 3,042,441 +11.3 Accounts receivable 613,780 777,192 +26.6 Total liabilities 1,092,674 936,352 -14.3 Accounts payable 972,986 842,336 -13.4 Sales volume 10,330,111 8,686,067 -15.9 Cost of goods sold 8,002,938 7,603,791 -5.0 Net income 1,100,428 273,174 -75.2 ----------------------------- ---------- --------- ------- Calculated by issuer's data: ----------------------------- ---------- --------- ------- Return on sales (ROS), % 22.53 22.53 0.0 Return on equity (ROE), % 14.50 3.55 -75.5 Return on assets (ROA), % 12.67 3.17 -75.0 Earnings per share (EPS), KZT 1,122.29 281.28 -0.1 Price earnings ratio (P/E) 4.83 14.57 -0.1 Book value of one share, KZT 6,982.16 7,121.19 +2.0 ------------------------------------------------------------- Earnings per share (EPS) and price earnings ratio (P/E) for 2003 have been calculated without dividends on privileged shares, which will be determined at the annual shareholders meeting. Growth of shareholders equity of UKTMC OJSC in 2003 in comparison with the previous year by KZT150.0 m. was caused by growth of total sum of undistributed income by 268.7 m., whereas there took place decrease of additional unpaid capital by 118.7 m. Relative to 2002 there is decrease of: - assets - by KZT6.3 m. as the result of decrease of inventory by 222.5 m. and residual value of fixed assets - by 138.6 m., that was partially covered by growth of accounts receivable by 163.4 m., funds - by 188.7 m. and other assets - by 2.8 m.; - liabilities - by KZT156.3 m., including: current accounts payable - by 130.6 m. and other liabilities - by 25.7 m.; - sales volume - by KZT1.6 bn.; - cost of goods sold - by KZT399.1 m. Net income, which UKTMC OJSC in 2003, decreased in comparison with the net income of the year 2002 by KZT827.2 m. Company's primary activities - production and sale of non-ferrous metals (high-quality titanium sponge, and commercial magnesium). [2004-05-13]