Results of activity of Mangistau distributing electricity network JSC (Kazakhstan) in the I quarter 2005

/IRBIS, Galina Tsalyuk, September 9, 05/ - Mangistau distributing electricity network JSC (Aktau, hereinafter - company), whose bonds are circulating in the official "A" listing category of Kazakhstan stock exchange (KASE), provided KASE with financial statement for the I quarter 2005. Following indicators are result of the company's financial and economic activity in the I quarter 2005, based upon the company's data (in th. KZT, if the other is not specified): ---------------------------------------------------------- As of As of Change, Indicator Apr 1, 04 Apr 1, 05 % --------------------------- --------- --------- ------- Authorized capital (paid) 905,901 905,901 0.0 Shareholders' equity 2,621,516 2,295,502 -12.4 Total assets 2,826,389 3,472,809 +22.9 Net working capital 200,162 448,156 +123.9 Accounts receivable 159,424 209,325 +31.3 Total liabilities 204,873 1,177,307 +474.7 Issued bonds - 560,900 - Accounts payable 167,741 235,678 +40.5 Volume of rendered services 265,705 349,214 +31.4 Cost of services rendered 180,345 200,006 +10.9 Net income for the period 43,883 90,034 +105.2 ---------------------------------------------------------- Shareholders' equity of the company decreased relative to the I quarter 2004 by KZT326.0 m. as a result of decrease of additional unpaid capital by 468.8 m., what was partially compensated by increase of resulting sum of undistributed income by 142.8 m., but at the same time there is growth of: - the company's assets - by KZT646.4 m., what is caused by investments for the amount KZT220.4 m., growth of capital construction in process by 469.5 m. and other assets - by 96.9 m. with decrease of residual value of fixed assets by 140.4 m.; - liabilities - by KZT972.4 m. due to floatation of bonds for 560.9 m., increase of amount of deferred taxes by 343.6 m. and accounts payable - by 67.9 m.; - volume of rendered services - by KZT83.5 m.; - cost of services rendered - by KZT19.7 m. Net income earned by the company in the I quarter 2005 exceeds its net income of similar period of 2004 by KZT46.2 m. Company's primary activities - purchase, transportation and distribution of electric energy in Mangistau oblast (except Aktau) [2005-09-09]