Kazakhstan Kagazy PLC / Annual Financial Report
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30 October 2014
KAZAKHSTAN KAGAZY PLC ANNOUNCES AUDITED FINANCIAL RESULTS FOR YEAR 2013*
Almaty, Kazakhstan - Kazakhstan Kagazy PLC (KAG LI) (the 'Group') announces
its audited consolidated financial results for the 12 months period ended
31 December 2013 (the 'Period').
Financial highlights
- Group revenue of US$ 70.5 million (US$ 67.8 million a year ago)
- Gross profit of US$ 32.3 million (US$ 31.3 million a year ago)
- Gross margin of 45.8% (46.2% a year ago)
- EBITDA before exceptional items of US$ 15.7 million (US$ 18.7 million a
year ago)
- EBIT before exceptional items of US$ 12.2 million (US$ 15.1 million a
year ago)
- Total Comprehensive loss of US$ 112.6 million (US$ 35.6 million a year
ago)
- Economic loss of US$ 6.8 million (US$ 13.7 million a year ago)
- Operating Cash Flows of US$ 18.1 million (US$ 24.3 million a year ago)
The Group's revenue increased by US$ 2.7 million over the period. This was
mainly attributable to the increase in revenues from the paper segment.
Gross margins have remained stable.
The Group's EBITDA has decreased by US$ 3.0 million due to an increase in
distribution costs of US$ 1.1 million, increase in staff costs of US$ 1.3
million, and an increase in provision against VAT recoverable of US$ 1.5
million. This was partially compensated by the increase in gross profit of
US$ 1.0 million.
The Group's Total Comprehensive loss has increased by US$ 77.0 million due
to a decrease in the Group's EBITDA of US$ 3.0 million, increase in
impairment charges of US$ 22.1 million, increase in finance costs of US$
29.7 million, increase of income tax expenses of US$ 8.1 million and
increase in loss of discontinued operations of US$ 23.2 million.
The Group's Operating Cash Flows have decreased by US$ 6.2 million, mostly
caused by an increase in income tax of USD 1.2 million and legal and
professional fees of USD 3.9 million.
Operational highlights
Paper Business
In millions of US$ |
2013 |
2012 |
Revenue |
67.2 |
64.8 |
Gross Profit |
30.5 |
29.7 |
Gross Profit Margin |
45.4% |
45.8% |
Production of paper for the Period amounted to 55.1 thousand tons compared
to 52.5 thousand tons for the same period of 2012.
Production of corrugated packaging for the Period amounted to 98.3 million
square meters compared to 97.1 million square meters for the same period of
2012.
Sales of paper to third parties for the Period amounted to 17.6 thousand
tons compared to 16.9 thousand tons for the same period of 2012.
Sales of corrugated packaging for the Period amounted to 98.1 million
square meters compared to 96.4 million square meters for the same period of
2012.
The average selling price of paper and corrugated packaging decreased 0.7%.
Logistics Business
In millions of USD |
2013 |
2012 |
Revenue |
3.3 |
2.9 |
Gross Profit |
1.8 |
1.6 |
Gross Profit Margin |
54.8% |
54.8% |
The revenue of the Logistics business only includes the revenue for our
Class B warehouse, as our Class A and Container Terminal were disposed of
in January 2014.**
Average occupancy of the Class B warehouses stood at 95% compared to 94%
for the same period in 2012.
Class B business revenue increased 13.8% which is mainly attributable to
the increase in other value added services as terminal handling, rent of
open sites and temporary storage.
Financial statements for previous years are available at http://kazakhstankagazy.com/en/investor-relations/reports.html/
*Note: 2012 results differ from those announced previously as in January 2014 the
Group disposed of its Class A and Container Terminal businesses.
**As of October 2014, the Group ceased Class B operations due to the transfer of
Class B assets to Alliance Bank.
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.
For more information please contact:
Mr. Sadyr Shaguzhayev
+7 727 244 02 08
Head of Investor Relations
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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: |
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|
Internet: |
http://www.kazakhstankagazy.com |
ISIN: |
US48667M2035 |
Listed: |
London |
Category Code: |
ACS |
TIDM: |
KAG |
Sequence Number: |
2365 |
Time of Receipt: |
Oct 30, 2014 12:13:28 |
End of Announcement |
EquityStory.RS, LLC News-Service |