Results of activity of PetroKazakhstan Kumkol Resources JSC in the I half of 2004

/IRBIS, Galina Tsalyuk, September 3, 04/ - PetroKazakhstan Kumkol Resources JSC (Kyzylorda), which is the guarantor of eurobonds of its subsidiary PetroKazakhstan Finance B.V. (Rotterdam, Netherlands), which are circulating in the official "A" listing category of Kazakhstan stock exchange Inc. (KASE), has provided KASE with the consolidated financial statement for the I half of 2004 prepared in compliance with International Accounting Standards. Following indicators are the consolidated result of the guarantor's financial and economic activity in the I half of 2004, based upon his data (th. KZT): -------------------------------------------------------------------------- As of As of Change, Indicator Jul 1, 03 Jul 1, 04 % --------------------------------------- ----------- ----------- ------- Authorized capital (paid excluding rate 45,380,068 41,722,999 -8.1 difference) Shareholders' equity 47,649,554 85,629,746 +79.7 Total assets 143,356,640 148,588,456 +3.6 Net working capital 42,274,886 49,055,414 +16.0 Accounts receivable (net) 20,259,153 25,031,070 +23.6 Short-term loans of the head company 46,186,379 34,112,500 -26.1 Liabilities, total 93,922,604 60,988,645 -35.1 Borrowed loans (excluding bonds) 69,241,724 30,940,174 -55.3 Liabilities on eurobonds 18,719,623 17,056,250 -8.9 Liabilities on bonds* 3,614,060 0 - Accounts payable 20,678,262 24,357,142 +17.8 Stake of minority 1,784,482 1,970,065 +10.4 Sales volume 61,840,302 69,036,405 +11.6 Cost of goods sold 21,342,385 26,008,619 +21.9 Net income for the period 16,574,308 21,245,414 +28.2 -------------------------------------------------------------------------- * - bonds of PetroKazakhstan Oil Products OJSC, which is a subsidiary of PetroKazakhstan Kumkol Resources JSC. In comparison with the I half of 2003 there are following changes: - shareholders equity grew by KZT38.3 bn. as the result of growth of total sum of undistributed income by 38.1 m. and decrease of unification cost by 5.0 bn., while there is negative rate difference (including on authorized capital estimation) equaling to 5.1 bn.; - assets grew by KZT5.2 m. that was caused by growth of residual value of fixed assets by 5.1 bn., accounts receivable - by 4.8 bn., money and its equivalents - by 7.9 bn., whereas there took place decrease of head company's indebtedness by 12.1 bn. and other assets - by 497.1 m.; - liabilities fell by 32.9 bn. because of falling of borrowed loans volume (including bonds) by 38.3 bn. and liabilities on deferred tax - by 818.1 m., that was partially compensated by growth of accounts payable by 3.7 bn. and reserves for lands restoring - by 2.5 bn.; - sales volume grew by KZT7.2 bn.; - cost of goods sold grew by KZT4.7 bn. Net income, which PetroKazakhstan Kumkol Resources JSC received in the I half of 2004, exceeded its net income of similar period of 2003 by KZT4.7 bn. Company's primary activities - extraction, initial refinery and sale of crude oil. [2004-09-03]