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Unaudited financial results for 2014

KAZAKHSTAN KAGAZY PLC

("Kazakhstan Kagazy" or the "Group")

UNAUDITED FINANCIAL RESULTS FOR 2014

Kazakhstan Kagazy announces its operational and non-audited consolidated financial results for the 12 month period ended 31 December 2014 (the “Period”).
Financial highlights

 

  1. Group revenue of US$ 55.9 million (vs. 2013 restated: US$ 67.2 million)
  2. Gross profit of US$ 22.7 million (vs. 2013 restated: US$ 30.5 million)
  3. Gross margin of 40.6% (vs. 2013 restated: 45.4%)
  4. EBITDA before exceptional items of US$ 8.8 million (vs. 2013 restated: US$ 15.1 million)
  5. EBIT before exceptional items of US$ 5.8 million (vs. 2013 restated: US$ 11.6 million)
  6. Operating Cash Flows of US$ 6.2 million (vs. 2013 restated: US$ 14.1 million)

On February 11 2014 the Kazakh Tenge (“KZT”) was devalued by 19%. The average exchange rates used for 2014 and 2013 are 179.2 and 152.1 KZT per US$, respectively. As a result all financial indicators are 17.8% lower when being converted into US$ (“the Conversion Effect”).
The Group’s revenue has dropped by US$ 11.3 million; from which US$ 9.9 million is attributable to the Conversion Effect with the remaining decrease of US$ 1.4 million due to one-off revenue from the sale of excess waste paper in 2013.
The Group’s gross profit dropped by US$ 7.8 million, from which US$ 4.0 million is attributable to the Conversion Effect and the rest is due to higher costs, mainly related to increased purchase costs in foreign currencies including US$2 million of Wastepaper purchased in Russia.
The Group’s EBITDA before exceptional items dropped by US$ 6.3 million, from which US$ 1.6 million is attributable to the Conversion Effect and the rest, US$ 4.7 million is primarily due to a decrease in gross profits.
The Group’s Operating Cash Flows dropped by US$ 7.9 million, from which US$ 1.1 million is attributable to the Conversion Effect and the rest US$ 6.8 million is due to decrease in the Group’s EBITDA US$ 4.7 million and increase in corporate income tax and increase in inventory by US$ 2.1 million.
Operational highlights
Production of paper for the Period was stable and amounted to 54.9 thousand tons compared to 55.1 thousand tons for 2013.
Production of corrugated packaging for the Period was lower and amounted to 86.3 million square meters compared to 98.3 million square meters for 2013, as a result of the decrease in sales volumes.
Sales of paper to third parties for the Period amounted to 19.9 thousand tons compared to 17.6 thousand tons for 2013. The increase in sales volumes was due to sales of excess paper, which was not used in production as a result of the decrease in production of corrugated packaging.
Sales of corrugated packaging for the Period amounted to 86.3 million square meters compared to 98.1 million square meters for the same period of 2013. The decrease in sales volume was mainly due to lower demand as a result of an increase in the average selling price, which was stimulated by the devaluation of Kazakh Tenge as described above.
The average selling price of paper and corrugated packaging increased by 9%.
Financial statements for previous years are available at http://www.kazakhstankagazy.com/en/investor-relations/reports.html

For more information please contact:

Kazakhstan Kagazy PLC
Hugh McGregor
General Counsel and Company Secretary
+ 7 (727) 244 87 87

Daniel Stewart & Company PLC
David Coffman / Liz Kirchner (Financial Adviser) / Martin Lampshire (Broker)
Tel +44 (0) 20 7776 6550

About Kazakhstan Kagazy PLC
London Stock Exchange listed Kazakhstan Kagazy PLC is the largest paper, packaging and recycling group in Kazakhstan and Central Asia.