Kazakhstan Kagazy PLC / 3rd Quarter Results
23.10.2014 15:32
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 October 2014
KAZAKHSTAN KAGAZY PLC ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR Q3 2014*
Almaty, Kazakhstan - Kazakhstan Kagazy PLC (KAG LI) (the 'Group') announces
its non-audited consolidated financial results for the 9 months period
ended 30 September 2014 (the 'Period').
Financial highlights
- Group revenue of US$ 44.6 million (US$ 52.3 million a year ago)
- Gross profit of US$ 17.4 million (US$ 24.1 million a year ago)
- Gross margin of 39.0% (46.1% a year ago)
- EBITDA before exceptional items of US$ 8.4 million (US$ 13.8 million a
year ago).
- EBIT before exceptional items of US$ 7.0 million (US$ 11.2 million a
year ago)
- Operating Cash Flows of US$ 5.5 million (US$ 13.7 million a year ago)
On February 11 the Kazakh Tenge ('KZT') was devalued by 19%. The average
exchange rates used for the Period and 2013 are 178.5 and 151.6 KZT per
US$, respectively. As a result all financial indicators are 17.7% lower
when being converted into US$ ('the conversion effect').
The Group's revenue has dropped by US$ 7.7 million which is attributable
entirely to the conversion effect. The Group's revenue increased by 0.4% in
local currency.
The Group's EBITDA dropped by US$ 5.4 million, out of which US$ 2.4 million
are attributable to the conversion effect and the rest are due to higher
costs, mainly related to increased purchase costs in hard currency.
Operational highlights
Paper Business
In millions of US$ 9 months of 2014 9 months of 2013
Revenue 42.4 49.7
Gross Profit 16.2 22.6
Gross Profit Margin 38.2% 45.5%
Production of paper for the Period amounted to 40.5 thousand tons compared
to 41.2 thousand tons for the same period of 2013.
Production of corrugated packaging for the Period amounted to 63.9 million
square meters compared to 72.7 million square meters for the same period of
2013.
Sales of paper to third parties for the Period amounted to 15.7 thousand
tons compared to 12.9 thousand tons for the same period of 2013.
Sales of corrugated packaging for the Period amounted to 64.2 million
square meters compared to 72.7 million square meters for the same period of
2013.
The average selling price of paper and corrugated packaging increased 8.7%.
Paper Business Revenue increased 0.4% in local currency.
Logistics Business
In millions of USD 9 months of 2014 9 months of 2013
Revenue 2.2 2.6
Gross Profit 1.2 1.5
Gross Profit Margin 54.5% 57.7%
The revenue of the Logistics business only includes the revenue for our
Class B warehouse, as our Class A and Container Terminal were disposed as
of January 2014.
The Revenue of our Class B business dropped by US$ 0.4 million due to the
conversion effect. Class B business Revenue increased 1.3% in local
currency.
*Note: Q3 2013 results differ from those announced previously as in January 2014
the Group disposed of its Class A and Container terminal business.
Financial statements for previous years are available at
http://kazakhstankagazy.com/en/investor-relations/reports.html/
For more information please contact:
Mr. Sadyr Shaguzhayev +7
727 244 02 08
Head of Investor Relations ir@kagazy.kz
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:
23.10.2014 The EquityStory.RS, LLC 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: QRT
TIDM: KAG
Sequence Number: 2348
Time of Receipt: Oct 23, 2014 15:31:57
End of Announcement EquityStory.RS, LLC News-Service
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(END) Dow Jones Newswires
October 23, 2014 09:32 ET (13:32 GMT)
