Results of activity of Kazneftehim JSC (Kazakhstan) in the I quarter of 2004

/IRBIS, Galina Tsalyuk, August 12, 04/ - Kazneftehim JSC (Almaty), whose bonds are circulating in the official "B" listing category of Kazakhstan stock exchange Inc. (KASE), provided KASE with consolidated financial statement for the I quarter of 2004. Following indicators are the consolidated result of the issuer's financial and economic activity in the I quarter of 2004 based upon the issuer's data (th. KZT): --------------------------------------------------------------- As of As of Change, Indicator Apr 1, 03 Apr 1, 04 % -------------------------------- --------- --------- ------- Authorized capital (paid) 150,039 239,880 +59.9 Shareholders' equity 367,587 3,250,946 +784.4 Total assets 978,592 4,323,212 +341.8 Net working capital -185,337 -200,224 -8.0 Accounts receivable 345,075 163,563 -52.6 Total liabilities 585,686 893,194 +52.5 Borrowed loans (excluding bonds) 498,491 340,690 -31.7 Accounts payable 87,195 246,704 +182.9 Issued bonds - 305,800 - Sales volume 317,364 477,928 +50.6 Cost of goods sold 253,768 392,436 +54.6 Net income for the period 20,264 15,693 -22.6 --------------------------------------------------------------- Relative to the I quarter of 2003 there is increase of: - shareholders' equity - by KZT2.9 bn. as the result of increase of total sum of undistributed income by KZT2.8 bn. and paid part of authorized capital - by 89.8 m.; - assets - by KZT3.3 bn., that was caused by putting the proved reserves of oil of daughter company (Kazneftehim Kopa LLP) on balance at KZT3.0 bn., appearance of expenses of future periods for a total of 151.3 m., growth of funds by 407.0 m. and other assets - by 1.8 m., whereas accounts receivable fell by 181.5 m.; - liabilities - by KZT307.5 m. because of bonds floatation for 305.8 m. and growth of accounts payable by 159.5 m. that was partially covered by decrease of borrowed loans volume by 157.8 m.; - sales volume - by KZT160.6 m.; - cost of goods sold - by KZT138.7 m. Consolidated net income, which Kazneftehim LLP received in the I quarter of 2004, decreased in comparison with the net income of similar period of 2003 by KZT4.6 m. Company's primary activities - trade in oil products at domestic and foreign markets, reloading, transportation of oil, production and refining of oil products and other. [2004-08-12]