Results of activity of Kazneftehim JSC (Kazakhstan) in 2004

/IRBIS, Galina Tsalyuk, June 9, 05/ - Kazneftehim JSC (Almaty, hereinafter - company), whose bonds are circulated in the official listing of Kazakhstan stock exchanges (KASE) "A" category, provided KASE with the financial statement for year 2004. Following indicators are result of the company's financial and economic activity in year 2004, based upon its data (th. KZT, if otherwise specified): ------------------------------------------------------------------ As of As of Indicator Jan 1, 04 Jan 1, 05 Change,% ---------------------------------- --------- --------- -------- Authorized capital (paid) 239,880 300,000 +25.1 Shareholders' equity 3,237,848 5,152,034 +59.1 Total assets 4,245,297 7,410,287 +74.6 Net working capital -214,275 -741,808 -246.2 Accounts receivables 85,433 447,973 +424.4 Total liabilities, 827,686 1,433,295 +73.2 Borrowed loans (excluding bonds) 383,930 1,254,042 +226.6 Accounts payable 137,956 179,253 +29.9 Issued bonds 305,800 - - Minority interest 179,763 824,958 +358.9 Sales volume 1,890,828 2,539,860 +34.3 Cost of goods sold 1,356,852 2,080,587 +53.3 Income from non-operating activity 2,775,596 2,589,710 -6.7 Net income for the year 2,798,091 1,854,934 -33.7 ---------------------------------- --------- --------- -------- Calculated by company's data: ---------------------------------- --------- --------- -------- Return on sales (ROS), % 28.24 18.08 -36.0 Return on equity (ROE), % 86.42 36.00 -58.3 Return on assets (ROA), % 65.91 25.03 -62.0 ------------------------------------------------------------------ Relative to year 2003 there is growth of: - Company's own capital - by KZT1.9bn. as a result of increase of total amount of undistributed profit by 1.8 bn. and paid part of authorized capital - by 60.1 m.; - assets - by KZT3.2 m. because of growth of depreciated cost of fixed assets by 2.8 bn., accounts receivable by 362.5 m. and other assets - by 297.3 m. with decrease of funds and their equivalents (short term financial investments) by 335.8 m.; - liabilities - by KZT605.6 m. because of growth of volume of borrowed loans (excluding bonds) by 870.1 m. and accounts payable by 41.3 m., that was partially compensated by repayment of bonds of first issue for the amount 305.8 m.; - sales volume - by KZT649.0 m.; - cost of goods sold - by KZT723.7 m. Income from non-operating activity (from share holding in subsidiary organizations) decreased in comparison with 2003 by KZT185.9 m. Consolidating net profit, earned by the company for 2004 is less than its consolidating net profit for 2003 by KZT 943.2 m. Primary activities of the company - prospecting and development of oil and gas fields, oil operations, including prospecting, drilling, extraction, preparation, transportation, marketing and sale; refining of oil and gas, oil products production; seismic and other geophysical researches and studies; trade in oil products and domestic and foreign markets [2005-06-09]