Results of activity of Kazneftehim JSC (Kazakhstan) for the first half of 2004

/IRBIS, Galina Tsalyuk, September 22, 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 first 6 months of 2004. Following indicators are the consolidated result of the issuer's financial and economic activity for the period based upon the issuer's data (th. KZT): --------------------------------------------------------------- As of As of Change, Indicator Jul 1, 03 Jul 1, 04 % -------------------------------- --------- --------- ------- Authorized capital (paid-up) 150,039 300,000 +99.9 Shareholders' equity 359,336 3,313,043 +822.0 Total assets 1,309,302 4,439,907 +239.1 Net working capital -165,756 30,317 +118.3 Accounts receivable 311,317 439,595 +41.2 Total liabilities 933,157 974,695 +4.5 Borrowed loans (excluding bonds) 766,764 340,271 -55.6 Accounts payable 166,393 328,624 +97.5 Issued bonds н/д 305,800 - Sales volume 401,063 577,639 +44.0 Cost of goods sold 322,040 418,792 +30.0 Net income for the period 9,670 15,075 +55.9 --------------------------------------------------------------- Relative to similar period of 2003 following items recorded growth: - shareholders' equity - by KZT 2.9 bn as the result of increase of retained earnings 2.8 bn and paid-up part capital - 150.0 m; - assets - by KZT 3.1 bn, that was caused by putting the proved reserves of oil of daughter company (Kazneftehim Kopa LLP) on balance at KZT 3.0 bn, construction in progress - 207.5 m, deferred expenses - 158.3 m, accounts receivables - 128.3 m, and other assets - 109.2 m, whereas depreciated cost of fixed assets fell by 438.6 m; - liabilities - by KZT 41.5 m, including: accounts payable - 162.2 m, partially covered by decrease of borrowed loans (including bonds) by 120.7 m; - sales volume - by KZT 176.6 m; - cost of goods sold - by KZT 96.7 m. Consolidated net income, which Kazneftehim LLP received in first half of 2004, increased in comparison with similar figure of 2003 by KZT 5.4 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. [2004-09-22]