Results of activity of PetroKazakhstan Kumkol Resources JSC (Kazakhstan) in 2004

/IRBIS, Galina Tsalyuk, August 23, 05/ - PetroKazakhstan Kumkol Resources JSC (Kyzylorda, hereinafter - company) - the guarantor of eurobonds of its subsidiary enterprise - PetroKazakhstan Finance B.V. (Rotterdam, Netherlands), which are circulating in the official "A" listing category of Kazakhstan stock exchange (KASE), provided KASE with consolidated financial statement for 2004, prepared in compliance with international standards of financial statement. Following indicators are result of the company's financial and economic activity in 2004 based upon the company's data (th. KZT unless otherwise specified): ----------------------------------------------------------------------- As of As of Change, Indicator Jan 1, 04 Jan 1, 05 % ------------------------------------ ----------- ----------- ------- Authorized capital (paid minus 44,123,333 41,581,800 -5.8 rate difference) Shareholders' equity 68,434,564 97,732,050 +42.8 Total assets 141,430,595 156,613,470 +10.7 Net working capital 40,155,082 46,592,780 +16.0 Accounts receivable (net) 31,506,029 37,620,050 +19.4 Short term loans of the head company 30,591,600 21,645,000 -29.2 Total liabilities 71,107,000 57,007,990 -19.8 Borrowed loans (excluding bonds) 22,999,400 3,302,390 -85.6 Obligations on bonds* 21,571,985 16,250,000 -24.7 Accounts payable 22,897,091 23,937,680 +4.5 Minority interest 1,889,031 1,873,430 -0.8 Sales volume 130,887,876 156,024,691 +19.2 Cost of goods sold 43,641,155 59,677,322 +36.7 Net income for the year 39,199,671 44,254,382 +12.9 ------------------------------------ ----------- ----------- ------- Calculated by the company's data: ------------------------------------ ----------- ----------- ------- Return on sales (ROS), % 66.66 61.75 -7.4 Return on equity (ROE), % 57.28 45.28 -20.9 Return on assets (ROA), % 27.72 28.26 +2.0 ----------------------------------------------------------------------- * - 2003 - bonds of PetroKazakhstan Oil Products OJSC (Shymkent) and eurobonds of PetroKazakhstan Finance B.V. (Rotterdam, Netherlands), 2004 - eurobonds of PetroKazakhstan Finance B.V. Relative to 2003 there is growth of: - shareholders' equity of the company - by KZT29.3 bn. as the result of increase of resulting sum of undistributed profit by 35.9 bn. and decrease of cost of association by 6.0 bn., what was partially covered by negative rate difference (including on estimation of authorized capital) in the amount 4.6 bn. and formation of reserve on hedging for the amount 7.9 bn.; - assets - by KZT15.2 bn., what was caused by growth of money (including limited for usage) by 13.3 bn., accounts receivable - by 6.1 bn., inventory stocks - by 3.0 bn. and other assets - by 1.7 bn. with decrease of short term loans of the head company by 8.9 bn.; - sales volume - by KZT25.1 bn.; - cost of goods sold - by KZT16.0 bn. Company's liabilities in comparison with 2003 decreased by KZT14.1 bn. in connection with decrease of volume of borrowed loans (excluding bonds) by 19.7 bn., obligations on bonds - by 5.3 bn. and deferred taxes - by 672.1 m., what was partially compensated by formation of obligations on production of hedging for the amount 7.9 bn., growth of reserves for restoration of lands by 2.6 bn. and accounts payable - by 1.0 bn. Net income the company earned in 2004 exceeded its net income of 2003 by KZT5.1 bn. Company's primary activities - extraction, initial refinery and sale of crude oil. [2005-08-23]