Results of activity of UKTMC OJSC (Kazakhstan) in 2003

/IRBIS, Galina Tsalyuk, May 13, 05/ - Ust-Kamenogorsk titanium- magnesium combine JSC (UKTMC JSC, Ust-Kamenogorsk), whose shares are circulating in the official "A" listing category of Kazakhstan stock exchange Inc. (KASE), provided KASE with financial statement for 2004. Following indicators are the result of the issuer's financial and economic activity in 2004, based upon the issuer's data (th. KZT, unless other wise specified): ---------------------------------------------------------- As of As of Change. Indicator Jan 1. 04 Jan 1. 05 % ----------------------------- --------- ---------- ------- Authorized capital (paid) 21,582 155,766 +621.7 Shareholders' equity 7,684,475 8,572,319 +11.6 Total assets 8,620,827 9,235,936 +7.1 Net working capital 3,042,441 3,711,579 +22.0 Accounts receivable 777,192 1,371,231 +76.4 Total liabilities 936,352 663,617 -29.1 Accounts payable 842,336 489,675 -41.9 Short-term borrowings - 80,990 - Sales volume 8,686,067 12,025,379 +38.4 Cost of goods sold 7,603,791 10,069,175 +32.4 Net income 273,174 784,822 +187.3 ----------------------------- --------- ---------- ------- Calculated by issuer's data: ----------------------------- --------- ---------- ------- Return on sales (ROS). % 12.46 16.27 +30.6 Return on equity (ROE). % 3.55 9.16 +157.5 Return on assets (ROA). % 3.17 8.50 +168.2 Earnings per share (EPS). KZT 279.58 406.72 - Price earnings ratio (P/E) 14.66 8.61 - Book value of one share. KZT 7,121.19 4,207.16 -40.9 ---------------------------------------------------------- Earnings per share (EPS) and price earnings ratio (P/E) for 2004 have been calculated without dividends on privileged shares, which will be determined at the annual shareholders meeting. Relative to 2003 there is an increase of: - shareholders equity - by KZT887.8 m. which was primarily due to growth of total sum of undistributed income by 819.0 m., additional unpaid capital by 134.2 m., while additional unpaid capital decreased by 65.3 m.; - assets - by KZT615.1 m. as the result of increase in accounts receivable by 594.0 m., cash - by 346.7 m and undepreciated cost of fixed assets - by 216.2 m., that was partially covered by decrease of inventory by 1.6 m.; - sales volume - by KZT2.3 bn.; - cost of goods sold - by KZT2.5 bn. Liabilities in the Company decreased by KZT272.7 m. in comparison to 2003 which was due to decrease in current accounts payable by 352.7 m. and other liabilities - by 1.1 m. short-term loans for 81.0 m. Net income, which UKTMC JSC in 2004, increased in comparison with the net income of the year 2003 by KZT511.6 m. Company's primary activities - production and sale of non-ferrous metals (high-quality titanium sponge, and commercial magnesium). [2005-05-13]