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Kazatomprom 2018 annual financial results

8 March 2019 11:37 1067

ASTANA. KAZINFORM JSC National Atomic Company "Kazatomprom" ("Kazatomprom", "KAP" or "the Company") announces its consolidated financial results for the year ended 31 December, 2018, prepared in accordance with International Financial Reporting Standards (IFRS).    

"2018 was an important year for Kazatomprom, characterized by significant strategic and financial progress, culminating in our successful IPO in November," said Galymzhan Pirmatov, Kazatomprom's Chief Executive Officer. "We have seen a steady improvement in all of our key financial metrics. The annual financial results are in line with expectations, demonstrating the Company's ability to generate solid returns amid difficult market conditions. Of particular note is the transformation of our marketing function and the related increased revenue and new customers it has helped attract in 2018.

Kazatomprom continues to be the world's leading uranium producer, with the largest reserves in the lowest quartile for operating costs. We will maintain a disciplined approach given the current market environment, and we remain fully committed to our strategy of prioritizing value over volume with a reduced production level at all of our operations.

Remaining consistent with our strategy and being transparent is key to achieving our vision to be the partner of choice in the global nuclear fuel industry, and an attractive investment opportunity for those seeking exposure to the strong fundamentals of the uranium market."

(KZT billion unless noted)

2017

2018

Change

Group’s consolidated revenue

277.0

436.6

58%

Operating profit

32.6

77.5

138%

Net profit

139.2

380.3

173%

Gain on exercise of put option (one-time effect)1

107.7

-

-

Gain from business combinations (one-time effect)

-

313.5

-

Adjusted net profit

31.5

66.8

112%

Earnings per share attributable to owners (basic and diluted), KZT/share

534.1

1,435.0

169%

Adjusted EBITDA2

96.7

131.3

36%

Adjusted attributable EBITDA3

128.2

140.2

9%

Operating cash flow

23.4

58.3

149%

 

1 In 2017 the Group recognised a gain from the exercise of a put option of KZT 107.7 billion because of the difference between the consideration received and the carrying amount of the investments.

2 Adjusted EBITDA is calculated by excluding from EBITDA all items not related to the main business and having a one-time effect.

3 Adjusted Attributable EBITDA is calculated as an adjusted EBITDA less the share of the results in the net profit in JVs and Associates plus the share of adjusted EBITDA of JVs and Associates engaged in the uranium segment (except Budenovskoye JV LLP’s EBITDA due to minor effect it has during each reporting period) less non-controlling share of adjusted EBITDA of Appak LLP and Inkai JV LLP less any changes in the unrealized gain in the Group.

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Keywords: Economy, Kazatomprom,
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