Kazakhstan Kagazy PLC (“Group”/“Kagazy”) announces its unaudited financial results prepared in accordance with IFRS for the period ended 30 June 2011 (the “Period”).
Highlights:
- Revenue up 22%
- Gross profit up 80%.
- Gross profit margin increased to 44% from 29%
- EBITDA before exceptional items and revaluation for the Period was USD 10.4 million, up by USD 8.7 million from USD 1.7 million.
- Average occupancy of Class “A” warehouses up to 66% from 27%
- Average occupancy of Class “B” warehouses up to 75% from 42%
- Paper segment production remained at the same level as in 2010, but gross profit in the paper segment which accounted for 79% of the Group’s gross profit in the Period, rose to 42% from 27%.
Statement of comprehensive income
|
USD’000
|
|
6m 2011
|
|
6m 2010
|
|
|
|
|
|
|
Revenue
|
|
39,066
|
|
32,086
|
|
Cost of sales
|
|
(22,063)
|
|
(22,643)
|
|
Gross profit
|
|
17,003
|
|
9,443
|
|
Gross profit margin
|
|
44%
|
|
29%
|
|
Gain from revaluation of property, plant and equipment and investment properties
|
|
119
|
|
-
|
|
Administrative expenses
|
|
(7,369)
|
|
(6,865)
|
|
Distribution costs
|
|
(2,127)
|
|
(3,153)
|
|
Other operating expenses
|
|
(2,079)
|
|
(441)
|
|
Operating gain/(loss)
|
|
5,547
|
|
(1,016)
|
|
|
|
|
|
|
Analysed as:
|
|
|
|
|
|
EBITDA before exceptional items* and revaluation
|
|
10,408
|
|
1,673
|
|
Depreciation and amortisation
|
|
(2,278)
|
|
(2,473)
|
|
Gain from revaluation of property, plant and equipment and investment properties
|
|
119
|
|
-
|
|
Exceptional items
|
|
(2,702)
|
|
(216)
|
|
Total
|
|
5,547
|
|
(1,016)
|
|
|
|
|
|
|
Finance income
|
|
2,312
|
|
12,478
|
|
Finance costs
|
|
(15,198)
|
|
(10,786)
|
|
(Loss)/gain before income tax
|
|
(7,339)
|
|
676
|
|
Income tax benefit
|
|
1
|
|
-
|
|
(Loss)/gain for the year from continuing operations
|
|
(7,338)
|
|
676
|
* EBITDA before exceptional items is defined as profit before interest, taxation, depreciation and amortisation adjusted for exceptional items.
Revenueand gross profit
|
In millions of USD
|
6 months of 2011
|
6 months of 2010
|
|
Paper business revenue
|
32.17
|
28.55
|
|
Gross profits
|
13.49
|
7.84
|
|
|
|
|
Gross profit margin
|
42%
|
27%
|
|
|
|
|
Logistics’ business revenue
|
6.89
|
3.54
|
|
Gross profits
|
3.51
|
1.60
|
|
|
|
|
Gross profit margin
|
51%
|
45%
|
Further details are available on the Group’s web-site:
http://kazakhstankagazy.com/eng/accounts
The content of this document includes forward-looking statements. These relate to Kazakhstan Kagazy’s future prospects, developments and strategies, including statements regarding target returns. Forward-looking statements are identified by their use of terms and phrases such as "believe", "could", "would", "envisage", "estimate", "intend" "seek", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These statements are based on Kazakhstan Kagazy's current beliefs, assumptions and expectations of its future performance, and are subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, these beliefs, assumptions and expectations can change as a result of many possible events or factors that may cause Kazakhstan Kagazy’s business, financial condition, liquidity, results of operations and actual returns to vary materially and target returns to be revised from those expressed or implied in the forward-looking statements. None of the data in this statement has been audited and where any reference is made in this statement to the past performance of investments by persons associated with Kazakhstan Kagazy or other investments, you should bear in mind that such information is not necessarily indicative of the future performance of the relevant investments or of Kazakhstan Kagazy's future performance.
In case of any questions, please, contact the following persons and phone numbers given below:
Mr. Sadyr Shaguzhayev +7 727 244 02 08
Head of Investor Relations
Ms. Nellya Kim +7 727 244 87 96
Press Service
