Financial
statements
»
Independent
auditor’s
report
Consolidated
financial
statements
Consolidated statement of financial position
As at 31 December 2022
| In thousands of Tenge | Notes | 31 December 2022 |
31 December 2021 |
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 6 | 859.129.917 | 976.001.316 |
| Intangible assets | 3.453.791 | 3.165.491 | |
| Advances paid for non-current assets | 6 | 6.118.449 | 5.431.849 |
| Investment in associate | 7 | 2.747.455 | 2.278.332 |
| Long-term receivables from related parties | 27 | 514.613 | 634.192 |
| Other financial assets, non-current portion | 11 | 1.968.564 | 32.309.237 |
| 873.932.789 | 1.019.820.417 | ||
| Current assets | |||
| Inventories | 8 | 3.207.155 | 2.590.383 |
| Trade account receivable | 9 | 21.047.390 | 12.991.260 |
| VAT recoverable and other prepaid taxes | 871.258 | 3.231.654 | |
| Prepaid corporate income tax | 128.400 | 817.245 | |
| Other current assets | 10 | 1.649.971 | 974.072 |
| Other financial assets, current portion | 11 | 57.196.672 | 40.187.573 |
| Restricted cash | 12 | 1.015.462 | 670.902 |
| Cash and cash equivalents | 13 | 27.563.092 | 11.933.828 |
| 112.679.400 | 73.396.917 | ||
| Total assets | 986.612.189 | 1.093.217.334 | |
| Equity and liabilities | |||
| Equity | |||
| Share capital | 14 | 126.799.554 | 126.799.554 |
| Treasury shares | 14 | (930) | (930) |
| Asset revaluation reserve | 14 | 489.297.133 | 569.845.780 |
| Retained earnings | 37.469.407 | 40.492.413 | |
| 653.565.164 | 737.136.817 | ||
| Non-current liabilities | |||
| Borrowings, non-current portion | 15 | 11.367.844 | 35.639.645 |
| Bonds payable, non-current portion | 16 | 133.394.155 | 117.142.516 |
| Deferred tax liability | 25 | 123.971.284 | 151.470.158 |
| Long-term payables | 17 | 4.146.691 | 5.972.684 |
| Deferred income, non-current portion | 676.138 | − | |
| Other liabilities, non-current portion | 13.522 | 171.628 | |
| 273.569.634 | 310.396.631 | ||
| Current liabilities | |||
| Borrowings, current portion | 15 | 5.530.813 | 13.854.307 |
| Bonds payable, current portion | 16 | 6.058.889 | 4.562.983 |
| Trade and other accounts payable, current portion | 17 | 21.713.025 | 18.512.531 |
| Dividends payable | 14 | 17.014.309 | − |
| Contract liabilities | 1.669.590 | 2.064.346 | |
| Deferred income, current portion | 53.243 | 18.325 | |
| Lease liabilities, current portion | 27 | − | 111.895 |
| Taxes payable other than income tax | 18 | 1.933.096 | 2.403.728 |
| Income tax payable | 267.335 | − | |
| Other current liabilities | 19 | 5.237.091 | 4.155.771 |
| 59.477.391 | 45.683.886 | ||
| Total liabilities | 333.047.025 | 356.080.517 | |
| Total equity and liabilities | 986.612.189 | 1.093.217.334 | |
| Book value per ordinary share (in Tenge) | 14 | 2.500 | 2.823 |
Consolidated statement of comprehensive loss
For the year ended 31 December 2022
| In thousands of Tenge | Notes | 2022 | 2021 |
| Continuing operations | |||
| Revenue from contracts with customers | 20 | 217.255.548 | 186.443.137 |
| Cost of sales | 21 | (166.355.885) | (120.682.903) |
| Gross profit | 50.899.663 | 65.760.234 | |
| General and administrative expenses | 22 | (9.020.431) | (8.539.823) |
| Selling expenses | (310.355) | (381.235) | |
| Gain from recovery of loss from revaluation of property, plant and equipment | 6 | 949.895 | 2.869.512 |
| Loss from revaluation of property, plant and equipment | 6 | (4.524.870) | (10.813.536) |
| Operating profit | 37.993.902 | 48.895.152 | |
| Finance income | 23 | 5.726.115 | 5.368.222 |
| Finance costs | 23 | (13.294.934) | (11.670.429) |
| Foreign exchange gain, net | 24 | 114.963 | 451.045 |
| Share of profit of an associate | 7 | 469.123 | 260.739 |
| Income from sale of an asset held for sale | 27 | − | 2.182.037 |
| Other income | 2.488.310 | 1.739.332 | |
| Other expenses | (500.704) | (563.892) | |
| (Accrual)/recovery of provision for expected credit losses | 9, 10, 11, 12, 13 | (528.687) | 110.078 |
| Profit before tax | 32.468.088 | 46.772.284 | |
| Corporate income tax expense | 25 | (5.720.479) | (7.607.838) |
| Profit for the year from continuing operations | 26.747.609 | 39.164.446 | |
| Discontinued operations | |||
| Profit after tax for the year from discontinued operations | 26 | − | 13.471.466 |
| Profit for the year | 26.747.609 | 52.635.912 | |
| Other comprehensive income Other comprehensive income that will not be reclassified to profit or loss in subsequent periods, net of tax |
|||
| (Loss)/gain from revaluation of property, plant and equipment | 4 | (100.105.029) | 325.744.754 |
| Income tax effect | 25 | 20.021.005 | (65.148.951) |
| Net other comprehensive (loss)/income that will not be reclassified to profit or loss in subsequent periods, net of tax | (80.084.024) | 260.595.803 | |
| Total comprehensive (loss)/income for the year, net of tax | (53.336.415) | 313.231.715 | |
| Earnings per share Basic and diluted profit for the year attributable to ordinary equity holders of the parent (in tenge) |
14 | 102,88 | 202,45 |
| Earnings per share from continuing operations Basic and diluted profit for the year attributable to ordinary equity holders of the parent (in tenge) |
14 | 102,88 | 150,63 |
Consolidated statement of cash flows
For the year ended 31 December 2022
| In thousands of Tenge | Notes | 2022 | 2021 |
| Operating activities | |||
| Profit before tax from continuing operations | 32.468.088 | 46.772.284 | |
| Profit before tax from discontinued operations | 26 | − | 17.506.488 |
| Adjustments to reconcile profit before tax to net cash flows | |||
| Depreciation and amortisation | 61.202.463 | 36.867.809 | |
| Finance costs | 23 | 13.294.934 | 11.681.665 |
| Finance income | 23 | (5.726.115) | (7.562.497) |
| Foreign exchange gain/(loss), net | (114.963) | (451.045) | |
| Accrual of provision for expected credit losses | 528.687 | 297.853 | |
| Accrual of allowance for obsolete inventories | 77.931 | 1.074 | |
| Loss from disposal of property, plant and equipment and intangible assets | 94.956 | 151.639 | |
| Gain from recovery of loss from revaluation of property, plant and equipment | 6 | (949.895) | (2.869.512) |
| Loss from revaluation of property, plant and equipment | 6 | 4.524.870 | 10.813.536 |
| Share of profit of an associate | 7 | (469.123) | (260.739) |
| Income from government grants | (42.708) | (30.430) | |
| Working capital adjustments | |||
| Change in inventories | (694.703) | (197.629) | |
| Change in trade accounts receivable | (8.847.516) | (12.850.642) | |
| Change in other current assets х | (924.897) | 2.037.418 | |
| Change in VAT recoverable and other prepaid taxes | 2.360.396 | (2.753.788) | |
| Change in trade and other accounts payable | 5.505.375 | 5.894.563 | |
| Change in contract liabilities | (394.756) | (1.245.578) | |
| Change in other non-current liabilities | (158.106) | 69.216 | |
| Change in taxes payable other than corporate income tax | (427.761) | 2.400.671 | |
| Change in other current liabilities | 740.453 | (324.363) | |
| Cash flows from operating activities | 102.047.610 | 105.947.993 | |
| Interest paid | 28 | (1.336.740) | (1.167.132) |
| Coupon interest paid | 28 | (12.727.000) | (11.538.332) |
| Lease interest paid | − | (45.050) | |
| Commissions paid on bank guarantees | (723.176) | (990.818) | |
| Interest received | 5.658.863 | 5.971.573 | |
| Corporate income tax paid | (12.240.835) | (14.309.266) | |
| Net cash flows received from operating activities | 80.678.722 | 83.868.968 | |
| Investing activities | |||
| Withdraw of bank deposits | 44.735.130 | 97.222.309 | |
| Replenishment of bank deposits | (23.523.047) | (93.421.164) | |
| Gain from sale of property, plant and equipment and intangible assets | 2.378.537 | 203.673 | |
| Purchase of property, plant and equipment | (49.476.255) | (40.214.058) | |
| Purchase of intangible assets | (693.486) | (36.653) | |
| Acquisition of debt securities (National Bank notes, bills of Ministry of Finance of the Republic of Kazakhstan) | 11 | (36.933.373) | (66.747.566) |
| Redemption of debt securities (National Bank notes, bills of Ministry of Finance of the Republic of Kazakhstan) | 11 | 32.117.343 | 78.930.920 |
| Repurchase of DSFK bonds by the issuer | 11 | 12.671 | 54.453 |
| Partial return of funds from Kazinvestbank and Eximbank Kazakhstan | 173.876 | 331.697 | |
| Dividends from an associate | − | 203.095 | |
| Cash and cash equivalent of disposed company (RFC) | 26 | − | (38.847.799) |
| Net cash flows used in investing activities | (31.208.604) | (62.321.093) | |
| Financing activities | |||
| Issue of bonds | 28 | 16.141.100 | 25.235.121 |
| Dividends paid | 14 | (13.220.929) | (41.529.578) |
| Repayment of borrowings | 28 | (35.865.915) | (14.614.808) |
| Principal repayment of lease liability | 28 | (111.895) | (436.606) |
| Net cash flows used in financing activities | (33.057.639) | (31.345.871) | |
| Net change in cash and cash equivalents | 16.412.479 | (9.797.996) | |
| Effect of exchange rate changes оn cash and cash equivalents | (600.425) | (115.531) | |
| Effect of accrual of provision оn expected credit losses оn cash and cash equivalents | (182.790) | (19.850) | |
| Cash and cash equivalent, as at 1 January | 11.933.828 | 21.867.205 | |
| Cash and cash equivalents, as at 31 December | 13 | 27.563.092 | 11.933.828 |
Consolidated statement of changes in equity
For the year ended 31 December 2022
| In thousands of Tenge | Share capital | Treasury shares | Asset revaluation reserve | Retained earnings | Total |
| As at 1 January 2021 | 126.799.554 | (930) | 309.836.582 | 65.921.264 | 502.556.470 |
| Profit for the year | − | − | − | 52.635.912 | 52.635.912 |
| Income from revaluation of property, plant and equipment, net of income tax(Note 4) | − | − | 260.595.803 | − | 260.595.803 |
| Total comprehensive income | − | − | 260.595.803 | 52.635.912 | 313.231.715 |
| Dividends (Note 14) | − | − | − | (41.529.578) | (41.529.578) |
| Disposal of a subsidiary (Note 26) |
− | − | − | (37.121.790) | (37.121.790) |
| Transfer of asset revaluation reserve (Note 14) | − | − | (586.605) | 586.605 | − |
| As at 31 December 2021 | 126.799.554 | (930) | 569.845.780 | 40.492.413 | 737.136.817 |
| Profit for the year | − | − | − | 26.747.609 | 26.747.609 |
| Gain from revaluation of property, plant and equipment, net of income tax (Note 4) | − | − | (80.084.024) | − | (80.084.024) |
| Total comprehensive income | − | − | (80.084.024) | 26.747.609 | (53.336.415) |
| Dividends (Note 14) | − | − | − | (30.235.238) | (30.235.238) |
| Transfer of asset revaluation reserve (Note 14) | − | − | (464.623) | 464.623 | − |
| As at 31 December 2022 | 126.799.554 | (930) | 489.297.133 | 37.469.407 | 653.565.164 |