Results of activity of Karazhanbasmunai OJSC (Kazakhstan) for the first 6 months of 2004

/IRBIS, Galina Tsalyuk, September 21, 04/ - Karazhanbasmunai OJSC (Aktau), whose bonds are circulating in the official "А" listing category of Kazakhstan stock exchange Inc. (KASE), provided KASE with financial statement for the first 6 months of 2004. Following indexes are result of the issuer's financial and economic activity for the period, based on the issuer's data (th. KZT, unless otherwise specified): -------------------------------------------------------------------- As of As of Indicator Jul 1, 03 Jul 1, 04 Change,% ---------------------------------- ---------- ---------- -------- Authorized capital (paid excluding 2,161,062 2,161,061 0.0 withdrawn) Shareholders' equity 16,698,779 20,438,816 +22.4 Book value of assets 42,388,559 55,712,140 +31.4 Working capital 991,081 6,176,893 +523.2 Accounts receivable 5,841,650 9,210,915 +57.7 Total liabilities 25,689,779 35,273,324 +37.3 Borrowed loans (excluding bonds) 12,660,205 12,699,500 +0.3 Accounts payable 3,461,918 3,790,433 +9.5 Liabilities on bonds 2,960,000 11,100,000 +275.0 Sales volume 18,484,214 27,637,546 +49.5 Cost of goods sold 4,471,534 5,053,087 +13.0 Net income for the period 6,088,275 8,444,111 +38.7 -------------------------------------------------------------------- Relative to similar period of 2003 there is growth of: - company's shareholders equity - by KZT 3.7 bn as the result of increase of retained earnings - 4.0 bn, whereas there was decrease of reserves on revaluation by 282.9 m; - assets - by KZT 13.3 bn due to increase of depreciated cost of fixed assets (including construction in progress) by 8.6 bn, account receivable - by 3.4 bn, money and its equivalent - by 1.5 bn, whereas there was decrease of other assets by 235.4 m; - liabilities - by KZT 9.6 bn, because of growth of liabilities on bonds by 8.1 bn, deferred taxes - 593.4 m, land re-cultivation reserve - 452.6 m, accounts payable - 328.5 m, and other liabilities - by 68.5 m; - sales volume - by KZT 9.1 bn; - cost of goods sold - by KZT 581.5 m; Net income Karazhanbasmunai OJSC earned for the reported period exceeded the net income of similar period of 2003 by KZT 2.3 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. [2004-09-21]