BAKU, Azerbaijan, August 27
By Nargiz Sadikhova - Trend:
During the first half of 2021, the consolidated revenue of Kazakhstan’s Kazatomprom Group of Companies was 235.5 billion tenge ($555.4 million), which is an increase of 54 percent compared to the same period of 2020, Trend reports citing the company.
The increase is mainly due to:
- a significant increase in sales volume in the first half of 2021 in comparison to the same period of 2020 mainly related to the timing of customer requirements and the resulting differences in the timing of deliveries for the first halves of 2021 and 2020;
- growth in the average realized price associated with an increase in the market spot price for uranium; and
- weakening of the KZT against the USD in the first half of 2021.
Operating profit in the first half of 2021 was 61.3 billion ($144.6 million), an increase of 29 percent compared to the same period of 2020. The increase was mainly due to higher revenues in 2021 as previously explained.
Net profit in the first half of 2021 was 58.08 billion ($136.9 million), a decrease of 12 percent compared to the same period of 2020. In the first half of 2020, net profit included the gain from the sale of the investment in the joint venture Uranium Enrichment Center JSC of 22.06 billion ($52.03 million).
Adjusted net profit for the first half of 2021 of 58.08 billion ($136.9 million) represented an increase of 32 percent compared to the same period of 2020 mainly due to the increase in operating profit in 2021 as described above.
Adjusted EBITDA totaled 99.3 billion ($234.4 million) in the first half of 2021, an increase of 23 percent compared to the same period of 2020, while attributable EBITDA was 96.6 billion ($228.05 million) in the first half of 2021, an increase of 15 percent compared to the same period of 2020. The changes were mainly driven by higher operating profit.
Operating cash flows for the first half of 2021 totaled 80.8 billion tenge ($190.6 million), an increase of 111 percent compared to 38.2 billion tenge ($90.1 million) during the same period of 2020 mainly due to:
- a 24.2 billion ($57.2 million) decrease in payments for accounts payable to suppliers during the first half of 2021 due to a change in timing of the purchases schedule for 2020-2021;
- other receipts in the amount of 8.6 billion ($20.4 million)in the first half of 2021, which represent the mutual settlements of the parties with the JO remaining after intra-group elimination. In accordance with IFRS 11, each JO party must recognize its share of the cash flows from the joint operations. Since transactions between the JO and each of the parties do not occur simultaneously, the consolidated cash flows may include amounts paid/received from a second JO participant. In subsequent periods, such amounts will be similarly reflected in other receipts / other payments; and
- a 4.6 billion ($11 million) increase in cash receipts from customers during the first half of 2021 compared to the same period of 2020, due to differences in the timing of the sales schedule for 2020-2021 and growth in the average realized price associated with an increase in the market spot price for uranium.
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