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Kazakhstan|business|October 31, 2014 / 03:51 PM
Kazakhstan Kagazy increases revenues by 4% up to $70.5 million in 2013

AKIPRESS.COM - 9231f9998c2a4b802d26e9cefdb0a83f Kazakhstan Kagazy PLC (KAG LI) (the “Group”) announces its audited consolidated financial results for the 12 months period ended 31 December 20131 (the “Period”), the press release of the company said October 30.

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.

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