Independent
auditor’s audit
report
Financial
statements
Statement of financial position
As of December 31, 2023
| In thousands of tenge | Note | December 31, 2023 |
December
31, 2022 |
| Assets | |||
| Non-current assets | |||
| Fixed assets | 5 | 136.326.009 | 151.255.483 |
| Long-term advances issued | 7 | 4.401.501 | 4.942.449 |
| Intangible assets | 6 | 4.910.563 | 5.679.558 |
| Other non-current assets | 8 | 267.011 | 276.452 |
| 145.905.084 | 162.153.942 | ||
| Current assets | |||
| Inventories | 11 | 7.094.098 | 5.839.892 |
| Trade accounts receivable from related parties | 26 | 8.968.981 | 13.469.365 |
| Trade accounts receivable from third parties | 9 | 8.236.444 | 9.288.857 |
| Assets under contracts | 9 | 3.407.428 | 3.055.691 |
| Advance payment of income tax | 2.825.671 | 196.428 | |
| Other current assets | 10 | 6.367.675 | 7.651.925 |
| Advances issued | 7 | 1.020.105 | 3.103.149 |
| Cash and cash equivalents | 12 | 6.336.198 | 15.278.187 |
| 44.256.600 | 57.883.494 | ||
| Total assets | 190.161.684 | 220.037.436 | |
| Capital and liabilities | |||
| Capital | |||
| Share capital | 13 | 12.241.487 | 12.241.487 |
| Retained earnings | 23.327.373 | 12.525.168 | |
| 35.568.860 | 24.766.655 | ||
| Long-term obligations | |||
| Loans | 14 | − | 2.811.537 |
| Issued bonds | 15 | 22.286.506 | 14.748.188 |
| Lease obligations | 16 | 367.520 | 913.666 |
| Employee benefit obligations | 580.855 | 626.978 | |
| Trade accounts payable | 18 | 10.992.015 | 30.333.287 |
| Obligations under contracts with customers | 17 | 1.037.338 | 1.157.331 |
| Deferred income tax liabilities | 20 | 6.814.952 | 4.373.858 |
| 42.079.186 | 54.964.845 | ||
| Short-term liabilities | |||
| Loans | 14 | 1.498.746 | 34.412.771 |
| Issued bonds | 15 | 659.086 | 10.157.678 |
| Lease obligations | 16 | 268.195 | 435.691 |
| Employee benefit obligations | 76.417 | 81.237 | |
| Trade accounts payable | 18 | 79.674.076 | 85.588.293 |
| Obligations under contracts with customers | 17 | 21.038.720 | 7.681.083 |
| Taxes payable and other mandatory payments | 3.127.481 | 403.264 | |
| Estimated liabilities | 19 | 413.252 | − |
| Other short-term liabilities | 19 | 5.757.665 | 1.545.919 |
| 112.513.638 | 140.305.936 | ||
| Total liabilities | 154.592.824 | 195.270.781 | |
| Total equity and liabilities | 190.161.684 | 220.037.436 | |
Statement of comprehensive income
For the year ended December 31, 2023
| In thousands of tenge | Note | 2023 | 2022 |
| Revenue | 21 | 78.787.733 | 81.535.010 |
| Operating lease income | 21 | 146.401 | 127.768 |
| Cost price | 22 | (67.707.245) | (67.344.354) |
| Gross profit | 11.226.889 | 14.318.424 | |
| General and administrative expenses | 23 | (6.492.879) | (8.017.666) |
| Profit from core business | 4.734.010 | 6.300.758 | |
| Financial income | 24 | 5.949.281 | 13.862.513 |
| Financial expenses | 25 | (12.430.505) | (15.548.436) |
| Foreign exchange gain/(loss) | 14.078.477 | (17.946.745) | |
| Other income/(expenses), net | 580.935 | 171.246 | |
| Profit/(loss) before taxes | 12.912.198 | (13.160.664) | |
| (Expenses)/income tax savings | 20 | (2.193.043) | 2.031.912 |
| Profit/(loss) for the year | 10.719.155 | (11.128.752) | |
| Other comprehensive income | |||
| Amounts of other comprehensive income that will not be reclassi-fied to profit or loss in subsequent periods (net of taxes): | |||
| Profit from revaluation of plans for long-term employee benefits | 83.050 | 29.340 | |
| Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods | 83.050 | 29.340 | |
| Other comprehensive income for the year, net of taxes | 83.050 | 29.340 | |
| Total comprehensive income/(loss) for the year, net of taxes | 10.802.205 | (11.099.412) | |
| Profit/(loss) per share | |||
| Basic and diluted profit/(loss) for the year attributable to holders of common shares of the parent company (in tenge) | 13 | 1.901,20 | (1.973,85) |
Cash flow statement
For the year ended December 31, 2023
| In thousands of tenge | Note | 2023 | 2022 * |
| Cash flow from operating activities | |||
| Profit/ (loss) before taxes | 12.912.198 | (13.160.664) | |
| Adjustments for: | |||
| Depreciation | 22, 23 | 13.913.881 | 14.341.885 |
| Financial expenses | 25 | 12.430.505 | 15.548.436 |
| Financial income | 24 | (5.949.281) | (13.862.513) |
| Write-off/ (restoration) of inventories to net realisable value | 23 | (120.057) | 149.964 |
| Accrual/ (recovery) of provision for impairment of advances issued, other short-term assets | 23 | 60.856 | 24.705 |
| (Income) / loss on disposal of fixed assets and intangible assets | (356.480) | 173.903 | |
| Expenses on employee benefit obligations | 122.504 | 96.127 | |
| (Profit)/foreign exchange loss | (14.078.756) | 17.946.745 | |
| (Restoration)/accrual of a reserve for remuneration to senior staff | 23 | − | (102.976) |
| (Restoration)/accrual of a provision for expected credit losses on accounts receivable | 23 | (365.090) | (397.334) |
| Accrual/(recovery) of the provision for expected credit losses on other long-term assets | 23 | 22 | 40 |
| Recognition of estimated liabilities | 19 | 4.757.528 | − |
| (Restoration)/Accrual of allowance for expected credit losses on cash and cash equivalents | (161.788) | 142.156 | |
| Cash flows from operating activities before changes in working capital and other items | 23.166.042 | 20.900.474 | |
| Changes in working capital and other items | |||
| Change in trade receivables | 5.228.761 | (3.915.271) | |
| Change in inventories | (1.745.385) | (3.635.317) | |
| Change in advances paid | 2.049.530 | (370.633) | |
| Change in other current assets | 1.920.713 | 1.401.772 | |
| Change in trade payables | (1.055.843) | 16.547.786 | |
| Change in taxes payable and other obligatory payments | 2.724.216 | 590.069 | |
| Change in liabilities under contracts with customers | 1.230.589 | 6.248.071 | |
| Change in other current liabilities | (132.770) | (653.264) | |
| Change in employee benefit liabilities | (90.397) | (90.087) | |
| Cash flows from operating activities | 33.295.456 | 37.023.600 | |
| Interest received | 24 | 1.032.308 | 895.207 |
| Interest paid on borrowings | 27 | (2.820.015) | (4.221.516) |
| Interest paid on lease liabilities | 27 | (106.111) | (1.398) |
| Coupon interest paid on bonds | 27 | (2.985.098) | (3.100.100) |
| Income tax paid | (2.381.192) | (194.655) | |
| Net cash provided by operating activities | 26.035.348 | 30.401.138 | |
| Cash flow from investing activities | |||
| Acquisition of fixed assets and intangible assets, as well as pay-ment of advances for the acquisition of long-term assets | (4.993.458) | (21.248.812) | |
| Proceeds from disposal of fixed assets and intangible assets | 19.252.683 | − | |
| Receipt of funds for rent | − | 221.910 | |
| Net cash received from/ (used in) investing activities | 14.259.225 | (21.026.902) | |
| Cash flows from financing activities | |||
| Repayment of loans | 27 | (35.081.453) | (9.362.542) |
| Obtaining loans | 27 | − | 12.425.962 |
| Bond issue | 27 | − | 29 |
| Repayment of bonds issued | 27 | (2.000.779) | |
| Dividends paid | 13 | − | (2.469.517) |
| Repayment of accounts payable in respect of assets acquired in installments | (12.060.084) | ||
| Repayment of the principal amount of lease obligations | 27 | (278.657) | (473.283) |
| Net cash received from/ (used in) financing activities | (49.420.973) | 120.649 | |
| Net change in cash and cash equivalents | (9.126.400) | 9.494.885 | |
| The effect of changes in the exchange rate of foreign currency on the balance of cash and cash equivalents in foreign currency | 22.623 | (962.791) | |
| Change in the allowance for expected credit losses on cash and cash equivalents | 161.788 | (142.156) | |
| Cash and cash equivalents, at the beginning of the year | 15.278.187 | 6.888.249 | |
| Cash and cash equivalents, at the end of the year | 12 | 6.336.198 | 15.278.187 |
| * Some of the amounts shown in this column do not correspond to the financial statements for the year ended December 31, 2022, as they reflect reclassification adjustments to match the presentation of the current year. | |||
Statement of changes in equity
For the year ended December 31, 2023
| In thousands of tenge | Share capital |
Retained
earnings |
Total
capital |
| As of January 1, 2022 | 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 |
| Profit for the year | − | 10.719.155 | 10.719.155 |
| Other comprehensive income for the year, net of income tax | − | 83.050 | 83.050 |
| Total comprehensive income for the year | − | 10.802.205 | 10.802.205 |
| As of December 31, 2023 | 12.241.487 | 23.327.373 | 35.568.860 |