Interim Results
Steppe Cement Limited
05 September 2007
Steppe Cement Limited
Trading Results for the Half Year Ended 30 June 2007
and General Market Update
1. Interim Results
Steppe Cement Limited ('Steppe') is pleased to announce a consolidated profit
after tax for the six months ended 30 June 2007 of US$10.6 million.
These operating results are summarized below:
------------- ------------- --------
6 months ended 6 months ended
30-Jun-07 30-Jun-06
------------- ------------- --------
Sales (tonnes) 382,080 365,443 +5%
-------------------- ------------- ------------- --------
Average exchange rate Tenge US$ 123.1 118.7
-------------------- ------------- ------------- --------
Sales (thousand tenge) 4,722,034 3,330,461 +42%
-------------------- ------------- ------------- --------
Sales (US$'000) 38,671 28,605 +35%
-------------------- ------------- ------------- --------
Profit before tax (US$'000) 15,594 11,553 +35%
-------------------- ------------- ------------- --------
Profit after tax (US$'000) 10,585 8,087 +31%
-------------------- ------------- ------------- --------
Earnings per share (cents) 9.3 7.1
-------------------- ------------- ------------- --------
At the operational level, sales have increased by 42% in Tenge with the average
sales price achieved rising from US$78/ton to US$101/ton compared with the
corresponding period last year.
Production costs have been held to 2006 levels as increased utility, transport
and labour costs were offset by increased productivity due to the increased
efficiency of the wet lines. The refurbishment of the wet lines was completed in
April 2007 and the full effect will be reflected in the second half of the year.
2. Update on the Kazakh Cement Market
The Kazakhstan cement market grew by 16% during the first half of the year. The
average price per ton increased significantly towards the end of the second
quarter as the factories struggled to satisfy the demand at the beginning of the
high season. The increase in supply has come mainly from local companies
de-bottlenecking their facilities while cement imports remained flat during the
first half as neighbouring countries struggled to meet internal domestic demand.
The deficit in the market will continue, at least until Steppe commissions its 2
lines.
The credit tightening in the world markets started to spread to Kazakhstan in
August and the portion of the construction sector financed by the local banks is
likely to slow down in the coming months. Public works will represent an
increasing share of the market as investment in infrastructure by the government
is accelerating.
3. Refurbishment progress
The refurbishment of the kilns in the wet lines was completed in April and their
capacity is now 860,000 tons in a full year of operation. We expect to increase
their capacity further in 2008 with additional investment in the chain systems,
coolers and probably filters. Cement mill number 7 is also scheduled to be
restarted during September 2007.
The refurbishment project for dry lines 5 and 6 is gathering pace with 80% of
the contracts for the project now awarded and most of the required materials
either on site or on the way. The construction site now employs over 700 workers
and 25 engineers in the project team.
The company has also started to engage the operators for line number 6 with a
mix of experienced overseas engineers and existing workers from the wet lines.
Recommissioning of the dry process lines is expected to commence with the
introduction of Line 6 in the last quarter followed by Line 5 in 2008.
4. Financing
There will not be an interim dividend as the cash flow was applied to the
refurbishment programmes and the same policy will apply to the second half of
the year.
The improved cash flow from the wet lines since May has allowed deferring the
drawdown of the loan from EBRD until August 2007. EBRD has committed to provide
up to US$ 42m and Kazcommertz Bank up to US$ 23 m of which US$8 m had been drawn
down by the end of June.
The full interim accounts of the company follow. A formatted pdf version of
the accounts is also available on the company's website at www.steppecement.com.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 2007
(in US Dollars)
CONTENTS PAGE(S)
Condensed Consolidated Income Statement 1
Condensed Consolidated Balance Sheet 2 - 3
Condensed Consolidated Statement of Changes in Equity 4 - 6
Condensed Consolidated Cash Flow Statement 7 - 8
Notes to the Interim Financial Statements 9 - 20
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007
The Group The Company
6 months ended 6 months ended
30.6.07 30.6.06 30.6.07 30.6.06
Note USD'000 USD'000 USD'000 USD'000
Revenue 5 38,671 28,605 50 -
Cost of sales (5,130) (12,401) - -
-------- --------- --------- --------
Gross profit 23,541 16,204 50 -
Selling expenses (2,335) (1,694) - -
General and administrative (4,167) (3,588) (297) (221)
expenses -------- --------- --------- --------
Operating profit/(loss) 17,039 10,922 (247) (221)
Investment income 45 46 4 -
Finance costs (1,238) (293) - -
Other income/(loss), net (252) 830 - 45
-------- --------- --------- --------
Profit/(loss) before tax 15,594 11,505 (243) (176)
Income tax expense 6 (5,009) (3,473) - -
-------- --------- --------- --------
Profit/(loss) for the 10,585 8,032 (243) (176)
period ======== ========= ========= ========
Attributable to:
Shareholders of the 10,585 8,032 (243) (176)
Company ======== ========= ========= ========
Earnings per share:
Basic (cents) 7 0.09 0.07
========= =========
The accompanying notes form an integral part of the Condensed Financial
Statements.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2007
The Group The Company
As at As at As at As at
30.6.07 31.12.06 30.6.07 31.12.06
Note USD'000 USD'000 USD'000 USD'000
Assets
Non-current assets:
Property, plant and equipment 8 84,934 55,937 - -
Investment in subsidiary - - 26,500 26,500
companies
Advances paid 12 22,637 10,046 - -
Other assets 9 7,102 1,098
-------- --------- -------- --------
114,673 67,081 26,500 26,500
-------- --------- -------- --------
Current Assets
Inventories, net 10 8,211 8,538 - -
Trade receivable, net 11 998 1,151 - -
Amount owing by subsidiary - - 438 358
companies
Other receivables, advances and
prepaid expenses 12 3,188 2,198 42 1
Short-term investments 13 - 16,763
Cash and bank balances 5,384 8,864 351 630
-------- --------- -------- --------
17,781 37,514 831 989
-------- --------- -------- --------
Total assets 132,454 104,595 27,331 27,489
======== ========= ======== ========
(Cont'd)
The Group The Company
As at As at As at As at
30.6.07 31.12.06 30.6.07 31.12.06
Note USD'000 USD'000 USD'000 USD'000
Equity and Liabilities
Capital and reserves
Share capital 14 1,140 1,140 1,140 1,140
Share premium 15 26,647 26,647 26,647 26,647
Revaluation reserve 15 5,595 6,492 - -
Translation reserve 15 4,266 1,531 - -
Unappropriated profit/
(Accumulated 44,857 33,375 (1,517) (1,274)
loss) -------- --------- -------- --------
Total equity 82,505 69,185 26,270 26,513
-------- --------- -------- --------
Non-Current Liabilities
Bonds 16 22,414 21,577 - -
Deferred tax liabilities, net 11,198 10,782 - -
-------- --------- -------- --------
33,612 32,359 - -
-------- --------- -------- --------
Current Liabilities
Trade payable 1,111 1,293 - -
Other payables and accrued
liabilities 17 4,475 1,514 411 363
Amount owing to subsidiary - - 650 613
companies
Taxes payable 18 2,621 244 - -
Loans 19 8,130 - - -
-------- --------- -------- --------
16,337 3,051 1,061 976
-------- --------- -------- --------
Total liabilities 49,949 35,411 1,061 976
-------- --------- -------- --------
Total Equity and Liabilities 132,454 104,595 27,331 27,489
======== ========= ======== ========
The accompanying notes form an integral part of the Condensed Financial
Statements.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2007
Non-distributable Distributable
Share Share Translation Unappropriated Total/
capital premium reserve profit/
Net
The Group USD'000 USD'000 USD'000 USD'000 USD'000
Balance as at
1 January 2006 1,000 6,300 (41) 16,663 23,922
Issue of shares 140 20,860 - - 21,000
Utilisation of
share premium - (503) - - (503)
Exchange
differences
arising on
translation of
foreign
subsidiary
companies - - 3,151 - 3,151
Profit for the
period - - - 8,032 8,032
--------- --------- --------- ------------ ---------
Balance as of
30 June 2006 1,140 26,657 3,110 24,695 55,602
========= ========= ========= ============ =========
(Cont'd)
----------------Non-distributable---------------- -Distributable-
Share Share Revaluation Translation Unappropriated Total/Net
capital premium reserve reserve profit
The Group USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Balance as
at 1,140 26,647 6,492 1,531 33,375 69,185
1 January
2007
Exchange
differences
arising on - - - 2,735 - 2,735
translation
of foreign
subsidiary
companies
Profit for
the - - - - 10,585 10,585
period
Depreciation
transfer of
revaluation
reserve - - (897) - 897 -
--------- ---------- ----------- ---------- ------------ ---------
Balance as
at 1,140 26,647 5,595 4,266 44,857 82,505
30 June 2007 ========= ========== =========== ========== ============ =========
(Cont'd)
Share Share Accumulated Total/
Capital Premium Loss
Net
The Company USD'000 USD'000 USD'000 USD'000
Balance as at
1 January 2006 1,000 6,300 (771) 6,529
Issue of shares 140 20,860 - 21,000
Utilisation of
share premium - (503) - (503)
Net loss for
the period - - (176) (176)
--------- --------- ---------- ----------
Balance as of
30 June 2006 1,140 26,657 (947) 26,850
========= ========= ========== ==========
Balance as at
1 January 2007 1,140 26,647 (1,274) 26,513
Net loss for
the period - - (243) (243)
--------- --------- ---------- ----------
Balance as of
30 June 2007 1,140 26,647 (1,517) 26,270
========= ========= ========== ==========
The accompanying notes form an integral part of the Condensed Financial
Statements.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007
The Group The Company
6 months ended 6 months ended
30.6.07 30.6.06 30.6.07 30.6.06
USD'000 USD'000 USD'000 USD'000
OPERATING ACTIVITIES
Profit/(loss) before
tax 15,594 11,505 (244) (176)
Adjustments for
non-cash items 3,203 1,258 - -
--------- --------- --------- --------
Operating Profit/
(Loss) Before
Movement in Working
Capital 18,797 12,763 (244) (176)
(Increase)/ Decrease
in Working Capital 2,405 1,947 (35) (189)
--------- --------- --------- --------
Cash Generated From/
(Used In) Operations 21,202 14,710 (279) (365)
Income tax paid (2,627) (3,402) - -
Interest paid (28) (293) - -
--------- --------- --------- --------
Net Cash From/ (Used
In) by Operating
Activities 18,547 11,015 (279) (365)
--------- --------- --------- --------
INVESTING ACTIVITIES
Proceeds from
disposal of
property, plant and
equipment 2,811 2,836 - -
Purchase of
property, plant and
equipment (31,207) (14,207) - -
Proceeds from
short-term
investments 16,843 - - -
Advance for
non-current assets (6,470) - - -
Purchase of
non-current assets (12,594) - - -
Interest received 103 - - -
Cash outflow from
acquisition of
subsidiary company - - - (19,500)
--------- --------- --------- --------
Net Cash Used In
Investing Activities (30,514) (11,371) - (19,500)
--------- --------- --------- --------
(Cont'd)
The Group The Company
6 months ended 6 months ended
30.6.07 30.6.06 30.6.07 30.6.06
USD'000 USD'000 USD'000 USD'000
FINANCING ACTIVITIES
Proceeds from issuance
of shares - 21,000 - 21,000
Cost of issuance of
shares - (503) - (369)
Deposits pledged with
financial institutions - (7,700) - -
Proceeds from loans 8,130 - - -
Repayment of loans - (7,976) - -
-------- --------- --------- --------
Net Cash From by
Financing Activities 8,130 4,821 - 20,631
-------- --------- --------- --------
NET INCREASE/(DECREASE)
IN CASH AND CASH
EQUIVALENTS (3,837) 4,465 (279) 766
EFFECTS OF FOREIGN
EXCHANGE RATE CHANGES 301 100 - -
-------- --------- --------- --------
CASH AND CASH 8,864 903 630 15
EQUIVALENTS AT BEGINNING
OF THE PERIOD -------- --------- --------- --------
======== ========= ========= ========
CASH AND CASH 5,328 5,468 351 781
EQUIVALENTS AT END
PERIOD
======== ========= ========= ========
The accompanying notes form an integral part of the Condensed Financial
Statements.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
1. BASIS OF PREPARATION OF CONDENSED INTERIM FINANCIAL STATEMENTS
Basis of presentation
The condensed interim financial statements of the Group and the Company are
unaudited and have been prepared in accordance with International Financial
Reporting Standards ('IFRS').
The condensed interim financial statements do not include all the information
and disclosures required in the annual financial statements and should be read
in conjunction with the audited financial statements for the year ended 31
December 2006. The condensed interim financial statements were authorised for
issue by the Board of Directors on 3 September 2007.
Use of estimates and assumptions
The preparation of financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, revenues and expenses and the disclosure of contingent
assets and liabilities. Due to the inherent uncertainty in making those
estimates, actual results reported in future periods could differ from such
estimates.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Group and the Company have been prepared under
the historical cost convention.
The accounting policies adopted are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended 31
December 2006.
The principal closing rates used in translation of foreign currency amounts are
as follows:
USD
---
1 Sterling Pound 2.0088
1 Ringgit Malaysia 0.2896
1 Euro Dollar 1.3297
1 Kazakhstan Tenge 0.0082*
=========
* 1 USD is equivalent to KZT122.085
3. REVIEW OF RESULTS FOR THE PERIOD
During the period, Group's revenue increased by 35% to USD38.6 Million from
USD28.6 Million in the preceding year corresponding period. The Group's profit
before and after taxation rose by 35% and 31% to USD15.6 and USD10.6 Million
from USD11.5 and USD8 Million respectively in the preceding year corresponding
period.
4. SEGMENTAL REPORTING
No industry and geographical segmental reporting are presented as the Group's
primary business is in the production and sale of cement which is located in the
Republic of Kazakhstan.
5. REVENUE
The Group The Company
6 months ended 6 months ended
30.6.07 30.6.06 30.6.07 30.6.06
USD'000 USD'000 USD'000 USD'000
Sales-manufactured goods 38,366 28,060 - -
Others 305 545 50 -
--------- -------- --------- --------
Total 38,671 28,605 50 -
========= ======== ========= ========
6. INCOME TAX EXPENSE
The Group The Company
6 months ended 6 months ended
30.6.07 30.6.06 30.6.07 30.6.06
USD'000 USD'000 USD'000 USD'000
Estimated current tax payable:
- the Company - - - -
- subsidiary companies 5,009 3,473 - -
-------- -------- --------- --------
5,009 3,473 - -
======== ======== ========= ========
Income tax expense for the subsidiary company incorporated in Labuan FT,
Malaysia carrying on offshore trading activities is accrued based on the lower
of RM20,000 (USD5,793) or at an estimated annual effective tax rate of 3% on the
chargeable profits No income tax is accrued for the parent company which is
engaged in offshore non-trading activity.
The profits earned by the subsidiary companies incorporated in the Republic of
Kazakhstan are subject to a statutory tax rate of 30%.
7. EARNINGS PER SHARE
Basic
The basic earnings per share is calculated by dividing the consolidated net
profit attributable to shareholders of the Company by the weighted average
number of ordinary shares in issue during the financial period.
The Group
6 months 6 months
ended ended
30.6.07 30.6.06
USD'000 USD'000
Net profit attributable to ordinary
shareholders 10,585 8,032
========== ========
6 months 6 months
ended ended
30.6.07 30.6.06
'000 '000
Number of shares in issue at beginning of period 114,000 100,000
Issuance of shares during the period - 14,000
---------- --------
Number of shares in issue at end of period 114,000 114,000
---------- --------
Weighted average number of ordinary shares in issue 114,000 111,615
========== ========
6 months 6 months
ended ended
30.6.07 30.6.06
USD USD
Basic earnings per share (cents) 0.09 0.07
========== ========
8. PROPERTY, PLANT AND EQUIPMENT, NET
The Group Freehold Buildings Machinery Other Computer Construction Total
land and and software
land equipment
improvement
assets in progress
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Cost
(unless
otherwise
indicated)
At 1
January 2007 3,464 43,500 10,270 2,170 2 9,380 68,786
Additions 1 378 3,157 195 12 27,465 31,208
Disposals/
Transfers - (37) (231) (11) - (2,630) (2,909)
Exchange
differences 134 1,650 396 84 - 362 2,626
---------- -------- ----------- -------- --------- --------- ---------
At 30 June 3,599 45,491 13,592 2,438 14 34,577 99,711
2007 ---------- -------- ----------- -------- --------- --------- ---------
Accumulated
depreciation
At 1 January 2007 - 11,233 898 717 1 - 12,849
Additions - 945 436 147 1 1,529
Disposals/ - (3) (77) (2) - - (82)
Transfers
Exchange - 424 28 29 - - 481
differences ---------- -------- ----------- -------- --------- --------- ---------
At 30 June - 12,599 1,285 891 2 - 14,777
2007 ---------- -------- ----------- -------- --------- --------- ---------
Net Book
Value
At 30 June 3,599 32,892 12,307 1,547 12 34,577 84,934
2007 ========== ======== =========== ======== ========= ========= =========
9. OTHER ASSETS
The Group The Company
As at As at As at As at
30.6.07 31.12.06 30.6.07 31.12.06
USD'000 USD'000 USD'000 USD'000
VAT (reimbursable) 4,864 1,121 - -
VAT deposit 2,402 - - -
Spare parts - 158 - -
Prepaid insurance 326 74 - -
--------- -------- --------- --------
7,592 1,353 - -
Less: Discount on VAT (reimbursable) (490) (255) - -
--------- -------- --------- --------
7,102 1,098 - -
========= ======== ========= ========
VAT (reimbursable) resulted from capital expenditure incurred and is expected to
be recovered in future financial years.
10. INVENTORIES
The Group The Company
As at As at As at As at
30.6.07 31.12.06 30.6.07 31.12.06
USD'000 USD'000 USD'000 USD'000
--------- -------- --------- --------
Work in progress 1,679 1,833 - -
Finished goods 463 1,753 - -
Raw materials 2,206 2,141 - -
Spare parts 3,644 2,167 - -
Construction materials 48 75 - -
Other material 319 711 - -
--------- -------- --------- --------
8,359 8,680
Less: Provision for obsolete (148) (143) - -
inventories --------- -------- --------- --------
Net 8,211 8,537 - -
========= ======== ========= ========
11. TRADE RECEIVABLE, NET
The Group The Company
As at As at As at As at
30.6.07 31.12.06 30.6.07 31.12.06
USD'000 USD'000 USD'000 USD'000
Trade receivables from third parties 1,005 1,158 - -
Less: Provision for doubtful (7) (7) - -
receivables --------- -------- --------- --------
Net 998 1,151 - -
========= ======== ========= ========
The standard credit period granted to trade receivables ranges from 1 to 30
days. The receivables are denominated in Kazakhstan Tenge.
12. OTHER RECEIVABLES, ADVANCES AND PREPAID EXPENSES
The Group The Company
As at As at As at As at
30.6.07 31.12.06 30.6.07 31.12.06
USD'000 USD'000 USD'000 USD'000
Receivable from employees 127 91 - -
Other receivables 562 711 42 -
Prepaid expenses 364 423 - 1
--------- -------- --------- --------
1,053 1,225 42 1
Advances paid to third parties 24,772 11,019 - -
--------- -------- --------- --------
25,825 12,244 42 1
Advances paid to third parties -
non-current (22,637) (10,046) - -
portion --------- -------- --------- --------
3,188 2,198 42 1
========= ======== ========= ========
Advances paid are mainly those advances incurred by subsidiaries for the
purchase of machinery, equipment and construction work for the cement plant.
Short-term advances are those incurred for the purchase of materials and other
services by subsidiaries for cement production.
13. SHORT-TERM INVESTMENTS
During the period, the Group uplifted short-term investments of USD16.7 Million
which include deposits placed in JSC Kazkommertsbank to finance the cost of
refurbishment.
14. SHARE CAPITAL
The Group and
the Company
As at
30.6.07
USD'000
Authorised:
Ordinary shares of USD0.01 each 5,000
=========
Issued and fully paid:
Ordinary shares of USD0.01 each
At beginning of period 1,140
Issued during the period -
---------
At end of period 1,140
=========
15. RESERVES
The Group and
the Company
As at
30.6.07
USD'000
Non-distributable reserves:
Share premium
Balance at beginning of the period 26,647
Shares issued at a premium -
---------
26,647
Less: Utilisation of share premium -
---------
Balance at end of the period 26,647
=========
(Cont'd)
The Group and
the Company
As at
30.6.07
USD'000
Revaluation reserve
Balance at beginning of the period 6,492
Depreciation transfer of (897)
revaluation reserve ---------
Balance at end of the period 5,595
=========
The Group
As at
30.6.07
USD'000
Translation reserve account
Balance at beginning of the period 1,531
Exchange differences on translation
of foreign 2,735
subsidiary companies ---------
Balance at end of the period 4,266
=========
Share premium
Share premium arose from the issuance of ordinary shares at prices above the par
value of USD0.01 each.
Translation reserve account
Exchange differences arising from the translation of assets and liabilities of
foreign subsidiary companies, are taken to the translation reserve account.
16. BONDS
The Group
As at As at
30.6.07 31.12.06
USD'000 USD'000
Bonds issued at price of:
97.1895% 5,601 5,601
98.3230% 5,231 5,231
99.0574% 2,366 2,366
99.0574% 2,865 2,865
100.0096% 5,231 5,231
---------- ---------
21,294 21,294
Exchange differences 822 -
Discount on bonds issued (496) (478)
Amounts of accrued interest on bonds issued 794 761
---------- ----------
Total 22,414 21,577
========== ==========
The 5-year KZT2.7 billion bonds issued in August 2006 carries a coupon rate of
9% per annum and matures in August 2011. The interest is payable semi-annually
and the repayment of principal is in one bullet payment. The bonds are listed on
the Kazakhstan Stock Exchange. The interest paid is included in the finance
cost.
17. OTHER PAYABLES AND ACCRUED LIABILITIES
The Group The Company
As at As at As at As at
30.6.07 31.12.06 30.6.07 31.12.06
USD'000 USD'000 USD'000 USD'000
Liquidation fund accruals 30 29 - -
Accruals 2,723 1,006 411 363
Advances received 1,722 479 -- -
--------- -------- --------- --------
4,475 1,514 411 363
========= ======== ========= ========
In accordance with the Subsurface Use Contracts requirements, the subsidiary
company, Central Asia Cement JSC, shall contribute on an annual basis 0.5% from
the amount of actual expenditures for limestone and loam extraction to the
liquidation fund, which shall be used for site restoration and abandonment of
the Group mining operations.
18. TAXES PAYABLE
The Group The Company
As at As at As at As at
30.6.07 31.12.06 30.6.07 31.12.06
USD'000 USD'000 USD'000 USD'000
Corporate income tax 1,179 6 - -
Property tax 77 48 - -
Personal income tax 27 58 - -
Other taxes 1,338 132 - -
--------- -------- --------- --------
Total 2,621 244 - -
========= ======== ========= ========
19. LOANS
The Group The Company
As at As at As at As at
Interest 30.6.07 31.12.06 30.6.07 31.12.06
Rate (p.a.) USD'000 USD'000 USD'000 USD'000
JSC Kazkommertsbank 12% 8,130 - - -
---------- -------- --------- --------
8,130 - - -
========== ======== ========= ========
The loan balance of USD 8.1 Million as at 30 June 2007 is provided by JSC
Kazkommertsbank on a non-revolving basis and is disbursed in three tranches.
Each tranche is repayable in full in 3 months with the final repayment of USD4
Million due in September 2007. The final tranche is secured against the
receivable due from a major customer.
20. RELATED PARTIES
Related parties include shareholders, directors, affiliates and entities under
common ownership over which the Group has the ability to exercise a significant
influence.
Compensation of key management personnel
Included in the staff costs are remuneration of directors and other members of
key management during the financial period as follows:
The Group The Company
As at As at As at As at
30.6.07 31.12.06 30.6.07 31.12.06
USD'000 USD'000 USD'000 USD'000
Remunerations 184 277 148 243
Short-term benefit - 97 - -
Post-employment benefit - - - -
--------- -------- --------- --------
Total 184 374 148 243
========= ======== ========= ========
The remuneration of directors and key executives is determined by the Board of
Directors of the Company and subsidiary companies having regard to the
performance of individuals and market trends.
21. SIGNIFICANT EVENT
On 12 July 2007, the Company and the Group's subsidiaries, Karcement JSC,
Central Asia Cement JSC, Central Asia Cement Holding B.V., Steppe Cement
Holdings B.V. and Steppe Cement (M) Sdn Bhd, the sponsors and European Bank for
Reconstruction and Development ('EBRD') entered into the Amended Agreement to
the existing Guarantee and Support Undertaking Agreement and Loan Agreement
concluded between Karcement JSC and EBRD dated 13 December 2005. The loan
facility limit has been revised to USD 42 Million.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 3rd January 2025
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