Results of activity of Insurance company SAYA OJSC (Kazakhstan) in the I quarter of 2004

/IRBIS, Galina Tsalyuk, August 16, 04/ - Insurance company SAYA OJSC (Aktobe), whose shares are circulating in the official "B" listing category of Kazakhstan stock exchange Inc. (KASE), provided KASE with financial statement for the I quarter of 2004. Following indicators are result of the issuer's financial and economic activity in the I quarter of 2004, based upon the issuer's data (th. KZT, unless otherwise specified): ---------------------------------------------------------------------------- As of As of Change, Indicator Apr 1, 03 Apr 1, 04 % --------------------------------------------- --------- --------- ------- Authorized capital (paid excluding withdrawn) 138,925 102,125 -26.5 Shareholders' equity 232,796 287,158 +23.4 Total assets 256,478 314,552 +22.6 Investments into securities 87,209 84,632 -3.0 Accounts receivable 16,000 24,967 +56.0 Liabilities, total 23,682 27,394 +15.7 Insurance reserves 18,097 11,806 -34.8 Accounts payable 2,537 992 -60.9 Total revenues 10,210 10,463 +2.5 Insurance premiums 7,047 7,796 +10.6 Total expenses 8,579 10,185 +18.7 Net income for the period 1,403 124 -91.2 Book value of one share, KZT 1,675.70 2,811.83 +67.8 ---------------------------------------------------------------------------- Relative to the I quarter of 2003 there in increase of: - shareholders' equity - by KZT54.4 m. as the result of increase of savings in funds and reserves by 94.3 m. and undistributed income - by 861.0 th., whereas there took place decrease of authorized capital by 36.8 m. and additional paid capital - by 4.0 m.; - assets - by KZT58.1 m. that was caused by growth of residual value of fixed assets by 90.3 m. and accounts receivable - by 9.0 m., whereas term deposits fell by 38.0 m. and other assets - by 3.3 m.; - liabilities - by KZT3.7 m. that was caused by growth of revenues of future period by 7.2 m. and other liabilities - by 4.3 m., that was partially covered by falling of insurance reserves by 6.3 m. and accounts payable - by 1.5 m.; - total revenues - by KZT253.0 th. (insurance premiums grew by 749.0 th. and other revenues - by 778.0 th., investing activity resulted in loss totaling 440.0 th. against 834.0 th. of revenues in the I quarter of 2003); - expenses - by KZT1.6 m. Net income Insurance company SAYA OJSC received in the I quarter of 2004 decreased in comparison with the net income of similar period of 2003 by KZT1.3 m. Company's primary activity is insurance. [2004-08-16]