- ISIN US48667M2035
- Land Isle of Man
Kazakhstan Kagazy PLC
Kazakhstan Kagazy PLC: UNAUDITED FINANCIAL RESULTS FOR THE YEAR 2013
Kazakhstan Kagazy PLC / Miscellaneous
23.01.2014 12:22
Dissemination of a Regulatory Announcement, transmitted by
EquityStory.RS, LLC - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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:
Contacts:
Mr. Sadyr Shaguzhayev +7 727 244 02 08
Head of Investor Relations ir@kagazy.kz
Mr. Malik Kushmukhanov +7 727 312 02 85
Press Service press@kagazy.kz
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
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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: ir@kagazy.kz
Internet: 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 EquityStory.RS, LLC News-Service
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