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DGAP-Regulatory: Kazakhstan Kagazy PLC: UNAUDITED FINANCIAL RESULTS FOR THE YEAR 2013
Kazakhstan Kagazy PLC / Miscellaneous
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23 January 2014
KAZAKHSTAN KAGAZY PLC ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE YEAR 2013
Almaty, Kazakhstan - Kazakhstan Kagazy PLC (KAG LI) (the 'Group') announces its non-audited consolidated financial results for the 12 month period ended 31 December 2013 (the 'Period').
Financial highlights
- Group revenue of US$ 84.3 million (2012: US$ 81.7 million)
- Gross profit of US$ 39.1million (2012: US$ 37.8 million)
- Gross margin of 46.4% (2012: 46.3%)
- EBIDTA before exceptional items of US$ 22.6 million (2012: US$ 20.6
million).
- EBIT before exceptional items of US$ 18.1 million (2012: US$ 15.9
million)
- Operating Cash Flows of US$ 18.4 million (2012: US$ 24.3 million)
The Operating Cash Flows decreased by USD 5.9 million. This decrease is mainly attributable to increased legal and litigation costs incurred during the Period*.
Operational highlights
Paper Business
| In millions of USD | 12 months of 2013 | 12 months of 2012 |
| Revenue | 66.8 | 64.8 |
| Gross Profits | 30.3 | 29.7 |
| Gross Profit Margin | 45.4% | 45.8% |
*During the Period the Group commenced proceedings against certain former management and shareholders in the London High Court, alleging that these individuals fraudulently misappropriated Group funds in excess of USD 160 million. Proceedings are ongoing.
Production of paper and cardboard for the Period increased to 55.0 thousand tons from 52.5 thousand tons compared to the same period of 2012. Average selling price increased to US$ 586 per ton (2012: US$ 550)..
Production of corrugated packaging remained flat at 97.1 million square meters, while sales of corrugated packaging increased to 98.1 million square meters, from 96.4 million square meters in 2012. The average sale price of one thousand square meters of corrugated packaging decreased to US$ 559 (US$ 570 a year ago).
Logistics Business
| In millions of USD | 12 months of 2013 | 12 months of 2012 |
| Revenue | 17.5 | 16.9 |
| Gross Profits | 8.8 | 8.1 |
| Gross Profit Margin | 50.3% | 47.9% |
The average occupancy rate of the Class A warehouses increased by 10%, compared to the same Period of 2012, and reached 89%. The Class B warehouses' occupancy rate reached 95% (93% in the previous reporting period).
The major operational ratios of the Group improved for the Period, which pays testament to the resilience of the Group's business.
Events after reporting date
In January 2014 the Group initiated the transfer of its Class A Warehouse and Container Terminal businesses to Investment Fund of Kazakhstan ('IFK'), as a result of the IFK enforcing outstanding debts against the assets of the Astana Contract Group. The Group alleges that USD 53,5 million was misappropriated by former directors and shareholders in connection with loans granted to the Astana Contract Group by Development Bank of Kazakhstan, which were assigned to IFK in 2013.
The Group retains a Class B warehouse facility and approximately 650 ha of undeveloped industrial land on the outskirts of Almaty.
***
The full financial report is available at http://kazakhstankagazy.com/en/investor-relations/reports.html/
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.
| Contact: | |
| Mr. Sadyr Shaguzhayev | +7 727 244 02 08 |
| Head of Investor Relations | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| Mr. Malik Kushmukhanov | +7 727 312 02 85 |
| Press Service | This email address is being protected from spambots. You need JavaScript enabled to view it. |
23.01.2014 EquityStory.RS, LLC's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
| Language: | English |
| Company: | Kazakhstan Kagazy PLC |
| 33-37 Athol Street | |
| IM1 1LB Douglas | |
| Isle of Man | |
| Phone: | +7-727-244-87-87 |
| Fax: | +7-727-244-87-82 |
| E-mail: | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| Internet: | http://www.kazakhstankagazy.com |
| ISIN: | US48667M2035 |
| Listed: | London |
| Category Code: | MSC |
| TIDM: | KAG |
| Sequence Number: | 1851 |
| Time of Receipt: | Jan 23, 2014 12:22:06 |
End of Announcement |
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