In thousands of Tenge | Notes | 31 December 2018 |
31 December 2017 |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 6 | 667,936,367 | 535,294,178 |
Intangible assets | 1,472,307 | 1,038,637 | |
Advances paid for non-current assets | 6 | 1,018,989 | 742,325 |
Deferred tax asset | 26 | 3,760 | 2,252 |
Investments in associate | 7 | 1,107,867 | 782,081 |
Long-term receivables from related parties | 27 | 929,162 | 1,009,981 |
Other financial assets, non-current portion | 11 | 25,609,268 | 1,091,823 |
Other non-current assets | 4,017 | 17,129 | |
698,081,737 | 539,978,406 | ||
Current assets | |||
Inventories | 8 | 2,291,378 | 1,875,434 |
Trade accounts receivable | 9 | 9,251,847 | 7,764,693 |
VAT recoverable and other prepaid taxes | 791,934 | 961,745 | |
Prepaid income tax | 1,541,679 | 1,584,041 | |
Other current assets | 10 | 528,622 | 652,589 |
Other financial assets, current portion | 11 | 20,127,229 | 25,107,392 |
Restricted cash | 12 | 4,175,576 | 3,445,617 |
Cash and cash equivalents | 13 | 19,060,700 | 47,577,783 |
57,768,965 | 88,969,294 | ||
Total assets | 755,850,702 | 628,947,700 | |
Equity and liabilities | |||
Equity | |||
Share capital | 14 | 126,799,554 | 126,799,554 |
Treasury shares | 14 | (930) | (930) |
Asset revaluation reserve | 14 | 310,840,187 | 220,858,720 |
Other reserves | 14 | (37,081) | (170,701) |
Retained earnings | 35,092,074 | 26,680,917 | |
472,693,804 | 374,167,560 | ||
Non-current liabilities | |||
Borrowings, non-current portion | 15 | 62,881,150 | 64,229,182 |
Bonds payable, non-current portion | 16 | 83,660,104 | 83,649,023 |
Deferred tax liability | 26 | 90,170,202 | 66,666,573 |
Trade and other accounts payable, non-current portion | 17 | - | 298,327 |
Government grant, non-current portion | 89,972 | 100,786 | |
Finance lease obligations, non-current portion | 27 | 157,175 | 8,961 |
236,958,603 | 214,952,852 | ||
Current liabilities | |||
Borrowings, current portion | 15 | 11,420,710 | 9,502,895 |
Bonds payable, current portion | 16 | 4,097,122 | 4,407,719 |
Trade and other accounts payable, current portion | 17 | 22,645,297 | 18,763,337 |
Construction obligation | 18 | 683,430 | 683,430 |
Contract liabilities | 1,734,670 | 2,048,415 | |
Government grant, current portion | 30,430 | 27,487 | |
Finance lease obligations, current portion | 27 | 36,323 | 3,996 |
Taxes payable other than income tax | 19 | 2,144,441 | 958,525 |
Income tax payable | 1,123 | 5,385 | |
Dividends payable | 2,750 | 87 | |
Other current liabilities | 20 | 3,401,999 | 3,426,012 |
46,198,295 | 39,827,288 | ||
Total liabilities | 283,156,898 | 254,780,140 | |
Total equity and liabilities | 755,850,702 | 628,947,700 | |
Book value per ordinary share (in Tenge) | 14 | 1,812 | 1,435 |
In thousands of Tenge | Notes | 2018 | 2017 |
Revenue from contracts with customers | 21 | 175,797,386 | 152,379,817 |
Cost of sales | 22 | (105,840,194) | (89,399,369) |
Gross profit | 69,957,192 | 62,980,448 | |
General and administrative expenses | 23 | (14,937,698) | (13,142,395) |
Selling expenses | (284,688) | (246,651) | |
Gain from revaluation of property, plant and equipment | 6 | 3,342,507 | - |
Reversal of / (loss from) impairment of property, plant and equipment | 6 | 266,291 | (196,982) |
Operating profit | 58,343,604 | 49,394,420 | |
Finance income | 24 | 4,951,337 | 3,593,207 |
Finance costs | 24 | (3,862,511) | (4,523,948) |
Foreign exchange loss, net | 25 | (5,865,654) | (4,356,244) |
Share in profit of an associate | 7 | 325,786 | 477,127 |
Expenses from impairment of funds placed with Delta Bank JSC and Kazinvestbank JSC | - | (2,241,155) | |
Accrual of provision for expected credit losses | (2,931,750) | - | |
Other income | 334,637 | 506,849 | |
Other expenses | (270,638) | (208,562) | |
Profit before tax | 51,024,811 | 42,641,694 | |
Income tax expense | 26 | (10,981,936) | (9,760,378) |
Profit for the year | 40,042,875 | 32,881,316 | |
Earnings per share | |||
Basic and diluted profit for the year attributable to common shareholders of the parent (in Tenge) | 14 | 154.01 | 126.47 |
Profit for the year | 40,042,875 | 32,881,316 | |
Other comprehensive income | |||
Other comprehensive income not to be reclassified to profit or loss in subsequent periods: | |||
Gain from revaluation of property, plant and equipment | 113,259,316 | - | |
Income tax effect | (22,651,864) | - | |
Net other comprehensive income not to be reclassified to profit or loss in subsequent periods, net of tax | 90,607,452 | - | |
Other comprehensive income for the year, net of tax | 90,607,452 | - | |
Total comprehensive income for the year, net of tax | 130,650,327 | 32,881,316 |
In thousands of Tenge | Notes | 2018 | 2017 |
Operating activities | |||
Profit before tax | 51,024,811 | 42,641,694 | |
Adjustments to reconcile profit before tax to net cash flows | |||
Depreciation and amortisation | 26,755,934 | 22,935,831 | |
Finance costs | 24 | 3,862,511 | 4,523,948 |
Finance income | 24 | (4,951,337) | (3,593,207) |
Foreign exchange loss, net | 25 | 5,865,654 | 4,356,244 |
(Reversal)/accrual of allowance for obsolete inventories | 23 | (398,750) | 86,128 |
Gain from revaluation of property, plant and equipment | 6 | (3,342,507) | - |
(Reversal of impairment) / impairment of property, plant and equipment | 6 | (266,291) | 196,982 |
Accrual of provision for expected credit losses | 2,931,750 | - | |
Share in profit of an associate | 7 | (325,786) | (477,127) |
Income from government grants | (28,468) | (9,162) | |
Loss from disposal of property, plant and equipment and intangible assets | 168,174 | 21,978 | |
Interest income from other financial assets | - | (30,248) | |
Expenses from impairment of funds, placed in Delta Bank JSC and Kazinvestbank JSC | - | 2,241,155 | |
Reversal of allowance for doubtful accounts receivable and impairment of other current assets | 23 | - | (1,044,203) |
Working capital adjustments | |||
Change in inventories | (17,194) | (259,801) | |
Change in trade accounts receivable | (1,915,564) | 9,013,514 | |
Change in other trade accounts receivable and advances paid | 310,559 | - | |
Change in VAT recoverable and other prepaid taxes | 178,286 | (652,080) | |
Change in other current assets | - | (199,879) | |
Change in trade and other accounts payable | 989,715 | 1,065,361 | |
Change in contract liabilities | (313,745) | 1,005,890 | |
Change in taxes payable other than income tax | 1,197,834 | (2,381,704) | |
Change in other current liabilities | (27,047) | 451,170 | |
Cash flows from operating activities | 81,698,539 | 79,892,484 | |
Interest paid | (2,987,933) | (4,186,436) | |
Coupon interest paid | (9,209,500) | (8,835,000) | |
Income tax paid | (9,502,696) | (10,467,054) | |
Interest received | 4,315,484 | 5,436,517 | |
Net cash flows received from operating activities | 64,313,894 | 61,840,511 | |
Investing activities | |||
Withdrawal of bank deposits | 36,509,577 | 97,295,695 | |
Replenishment of bank deposits | (27,404,147) | (64,311,770) | |
Acquisition of bonds of Samruk-Kazyna | 11 | (25,545,272) | - |
Acquisition of debt securities (National bank notes) | (5,356,676) | - | |
Redemption of debt securities (National bank notes) | 5,400,000 | - | |
Change in restricted cash | (310,921) | 13,165,083 | |
Reclassification of cash to other financial assets | (2.860.231) | (1.299.715) | |
Gain from sale of property, plant and equipment and intangible assets | 203,960 | 215,161 | |
Purchase of property, plant, equipment | (32,977,830) | (53,999,831) | |
Purchase of intangible assets | (336,653) | (410,278) | |
Return of project funds used to purchase fixed assets | 6 | 267,056 | - |
Repurchase of DSFK bonds by the issuer | 11 | 12,971 | - |
Repayment of loans to employees | 7,716 | 10,406 | |
Net cash flows used in investing activities | (52,390,450) | (9,335,249) | |
Financing activities | |||
Dividends paid | (31,368,769) | (19,897,651) | |
Repayment of borrowings | (9,217,048) | (53,433,954) | |
Issue of bonds | - | 36,271,080 | |
Net cash flows used in financing activities | (40,585,817) | (37,060,525) | |
Net change in cash and cash equivalents | (28,662,373) | 15,444,737 | |
Effect of exchange rate changes on cash and cash equivalents | 154,386 | 77,668 | |
Effect of accrual of provision on expected credit losses on cash and cash equivalents | 13 | (9,096) | - |
Cash and cash equivalents, as at 1 January | 47,577,783 | 32,055,378 | |
Cash and cash equivalents, as at 31 December | 13 | 19,060,700 | 47,577,783 |
In thousands of Tenge | Share capital |
Asset revaluation reserve |
Treasury shares |
Other reserves |
Retained earnings |
Total |
As at 1 January 2017 | 126,799,554 | 220,890,374 | (930) | (170,701) | 14,565,773 | 362,084,070 |
Profit for the year | - | - | - | - | 32,881,316 | 32,881,316 |
Total comprehensive income | - | - | - | - | 32,881,316 | 32,881,316 |
Dividends (Note 14) | - | - | - | - | (19,897,694) | (19,897,694) |
Transactions with shareholders | - | - | - | - | (900,132) | (900,132) |
Transfer of asset revaluation reserve (Note 14) | - | (31,654) | - | - | 31,654 | - |
As at 31 December 2017 | 126,799,554 | 220,858,720 | (930) | (170,701) | 26,680,917 | 374,167,560 |
Effect of adoption of IFRS 9 (Note 3) | - | - | - | - | (886,271) | (886,271) |
As at 1 January 2018 (restated) | 126,799,554 | 220,858,720 | (930) | (170,701) | 25,794,646 | 373,281,289 |
Profit for the year | - | - | - | - | 40,042,875 | 40,042,875 |
Gain from revaluation of property, plant and equipment, net of tax (Note 6) |
- | 90,607,452 | - | - | - | 90,607,452 |
Total comprehensive income | - | 90,607,452 | - | - | 40,042,875 | 130,650,327 |
Transfer of asset revaluation reserve (Note 14) | - | (625,985) | - | - | 625,985 | - |
Dividends (Note 14) | - | - | - | - | (31,371,432) | (31,371,432) |
Amortization of provision for bonds (Note 14) | - | - | - | 133,620 | - | 133,620 |
As at 31 December 2018 | 126,799,554 | 310,840,187 | (930) | (37,081) | 35,092,074 | 472,693,804 |