Audit report
of the Independent
Auditor
Balance Sheet
As of December 31, 2022
| In thousands tenge | Note | December 31, 2022 |
December 31, 2021 |
| Assets | |||
| Non-current assets | |||
| Fixed assets | 5 | 151,255,483 | 145,756,135 |
| Recurring advances paid | 7 | 4,942,449 | 5.,988,288 |
| Intangible assets | 6 | 5,679,558 | 4,892,657 |
| Other non-current assets | 8 | 276,452 | 291,312 |
| 162,153,942 | 156,928,392 | ||
| Current assets | |||
| Inventory | 11 | 5,839,892 | 2,428,605 |
| Trade receivables of related parties | 26 | 13,469,365 | 10,629,297 |
| Trade receivables of third parties | 9 | 9,288,857 | 10,445,482 |
| Contract assets | 9 | 3,055,691 | − |
| Finance lease receivables | − | 238,995 | |
| Income tax prepayment | 196,428 | 445,891 | |
| Other current assetsы | 10 | 7,651,925 | 7,927,911 |
| Prepaid expenses | 7 | 3,103,149 | 2,757,221 |
| Cash and cash equivalents | 12 | 15.278.187 | 6,888,249 |
| 57,883,494 | 41,761,651 | ||
| Total assets | 220,037,436 | 198,690,043 | |
| Capital and liabilities | |||
| Capital | |||
| Share capital | 13 | 12,241,487 | 12,241,487 |
| Retained earnings | 12,525,168 | 23,624,580 | |
| 24,766,655 | 35,866,067 | ||
| Non-current liabilities | |||
| Loans | 14 | 2,811,537 | 24,185,249 |
| Issued bonds | 15 | 14,748,188 | 24,000,550 |
| Leasing obligations | 16 | 913,666 | 1,307,592 |
| Employee benefit liabilities | 626,978 | 650,278 | |
| Trade accounts payable | 18 | 30,333,287 | 53,869,328 |
| Contract liabilities | 17 | 1,157,331 | 1,315,176 |
| Deferred income tax liabilities | 20 | 4,373,858 | 6,405,770 |
| 54,964,845 | 111,733,943 | ||
| Current liabilities | |||
| Loans | 14 | 34,412,771 | 9,797,903 |
| Issued bonds | 15 | 10,157,678 | 773,165 |
| Leasing obligations | 16 | 435,691 | 526,915 |
| Employee benefit liabilities | 81,237 | 48,620 | |
| Trade accounts payable | 18 | 85,588,293 | 33,651,809 |
| Dividends payable | 13 | − | 2,469,517 |
| Contract liabilities | 17 | 7,681,083 | 1,155,252 |
| Taxes payable and other mandatory payments | 403,264 | 338,549 | |
| Other current liabilities | 19 | 1,545,919 | 2,328,303 |
| 140,305,936 | 51,090,033 | ||
| Total liabilities | 195,270,781 | 162,823,976 | |
| Total equity and liabilities | 220,037,436 | 198,690,043 | |
Statement of comprehensive income
For the year ended December 31, 2022
In thousands tenge |
Note | 2022 | 2021 |
| Revenue | 21 | 81,535,010 | 84,479,365 |
| Income from operating lease | 21 | 127,768 | 135,943 |
| Cost price | 22 | (67,344,354) | (58,428,982) |
| Gross profit | 14,318,424 | 26,186,326 | |
| General and administrative expenses | 23 | (8,017,666) | (7,340,940) |
| Profit from operations | 6,300,758 | 18,845,386 | |
| Financial income | 24 | 13,862,513 | 863,991 |
| Financial costs | 25 | (15,548,436) | (11,798,508) |
| Foreign exchange loss | (17,946,745) | (1,334,755) | |
| Impairment of fixed assets | − | (135,733) | |
| Other net income/(expenses) | 171,246 | (29,895) | |
| (Loss)/profit before tax | (13,160,664) | 6,410,486 | |
| Income tax savings/(expenses) | 20 | 2,031,912 | (1,587,337) |
| (Loss)/profit for the year | (11,128,752) | 4,823,149 | |
| Other comprehensive income/(loss) after income tax | |||
| Items not subject to subsequent reclassification to profit or loss | |||
| Remeasurements of the net defined benefit liability | 29,340 | (37,903) | |
| Total comprehensive (loss)/income for the year | (11,099,412) | 4,785,246 | |
| (Loss)/earnings per share ratio | |||
| Basic and diluted (loss)/profit for the year attributable to ordinary equity holders of the parent entity (in tenge) | 13 | (1,973.85) | 855.45 |
Statement of changes in owner's or stockholder's equity
For the year ended December 31, 2022
| In thousands tenge | Share capital | Retained earnings | Total capital |
| As of January 1, 2021 | 12,241,487 | 18,839,334 | 31,080,821 |
| Profit for the year | − | 4,823,149 | 4,823,149 |
| Other comprehensive loss for the year, net of income tax | − | (37,903) | (37,903) |
| Total comprehensive income for the year | − | 4,785,246 | 4,785,246 |
| As of December 31, 2021 | 12,241,487 | 23,624,580 | 35,866,067 |
| Loss for the year | − | (11,128,752) | (11,128,752) |
| Other comprehensive income for the year, net of income tax | − | 29,340 | 29,340 |
| Total comprehensive loss for the year | − | (11,099,412) | (11,099,412) |
| As of December 31, 2022 | 12,241,487 | 12,525,168 | 24,766,655 |
Cash flow statement
For the year ended December 31, 2022
In thousands tenge |
Note | 2022 | 2021 |
| Cash flows from operating activities | |||
| (Loss)/profit before tax | (13,160,664) | 6,410,486 | |
| Adjustments for: | |||
| Depreciation | 22, 23 | 14,341,885 | 16,449,617 |
| Financial costs | 25 | 15,548,436 | 11,798,508 |
| Financial income | 24 | (13.862.513) | (863.991) |
| Accrual/ (reversal of) provision for obsolete inventories | 23 | 149,964 | (45,653) |
| Accrual/(recovery) of provision for impairment of prepaiment paid, other current assets, financial lease receivables | 23 | 24,705 | (804,172) |
| Net loss on disposal of fixed assets and intangible assets | 173,903 | 201,294 | |
| Expenses on employee benefit obligations | 96,127 | 68,343 | |
| Accrual of tax audit expenses | − | 20,571 | |
| Foreign exchange loss | 17,946,745 | 1,333,699 | |
| Accrual/(recovery) of provision for remuneration to senior personnel | 23 | (800,904) | 603,935 |
| Accrual/(recovery) of provision for expected credit losses on accounts receivable | 23 | (397,334) | 1,032,822 |
| Accrual/(recovery) of provision for expected credit losses on other non-current assets | 23 | 40 | (2,830) |
| Impairment of fixed assets | − | 135,.733 | |
| Accrual of provision for expected credit losses on cash and cash equivalents | 142,156 | 33,553 | |
| Cash flows from operating activities before changes in working capital and other items | 20,202,546 | 36,371,915 | |
| Changes in working capital and other items | |||
| Change in trade receivable | (3.915.271) | (7,388,939) | |
| Change in inventories | (3.635.317) | (1,380,075) | |
| Change in prepayment paid | (370,633) | 864,009 | |
| Change in other current and non-current assets | 2,296,979 | 994,453 | |
| Change in trade payables | 16,547,786 | 2,136,816 | |
| Changes in taxes payable and other mandatory payments | 590,069 | 424,925 | |
| Change in prepayment received | 6,248,071 | (775,545) | |
| Change in other current liabilitiesв | 44,664 | 44,666 | |
| Change in employee benefit liabilities | (90,087) | (53,229) | |
| Cash generated from operations | 37,918,807 | 31,238,996 | |
| Interest paid on loans and lease liabilities | 27 | (4,222,914) | (5,087,417) |
| Coupon interest paid on bonds | 27 | (3,100,100) | (1,150,000) |
| Commissions paid on loans and bonds | − | (276,997) | |
| Interest received | − | 392,921 | |
| Income tax paid | (194,655) | (619,344) | |
| Net cash generated from operating activities | 30,401,138 | 24,498,159 | |
| Cash flow from investing activities | |||
| Acquisition of foxed and intangible assets and payment of advances for the acquisition of non-current assets | (21,248,812) | (22,172,436) | |
| Proceeds on disposal of fixed assets | − | 8,571 | |
| Receipt of cash flows from leases | 221,910 | 237,094 | |
| Net cash used in investment activities | (21,026,902) | (21,926,771) | |
| Financing cash flow | |||
| Repayment of loans | 27 | (9,362,542) | (40,635,821) |
| Receiving loans | 27 | 12,425,962 | 27,689,748 |
| Bond issue | 27 | 29 | 15,000,840 |
| Dividends paid | 13 | (2,469,517) | − |
| Payment of lease liabilities | 27 | (473,283) | (2,427,715) |
| Net cash received from (used in) financing activities | 120,649 | (372,948) | |
| Net change in cash and cash equivalents | 9,494,885 | 2,198,440 | |
| Effect of changes in foreign exchange rate on the balance of cash and cash equivalents in foreign currency | (962,791) | (100,691) | |
| Change in provision for expected credit losses on cash and cash equivalents | (142,156) | (33,553) | |
| Cash and cash equivalents, as of the beginning of the year | 6,888,249 | 4,824,053 | |
| Cash and cash equivalents as of the end of the year | 12 | 15,278,187 | 6,888,249 |