OREANDA-NEWS. November 06, 2014. Kazakhstan Kagazy PLC announces its audited consolidated financial results for the 12 months period ended 31 December 2013 (the “Period”). The Group’s revenue increased by USD 2.7 million over the period.

This was mainly attributable to the increase in revenues from the paper segment. Gross margins have remained stable, as the Group said in the press release received by Lesprom Network.

Kazakhstan Kagazy’s EBITDA has decreased by USD 3 million due to an increase in distribution costs of USD 1.1 million, increase in staff costs of USD 1.3 million, and an increase in provision against VAT recoverable of USD 1.5 million. This was partially compensated by the increase in gross profit of USD 1 million.

The Group’s total comprehensive loss has increased by USD 77 million due to a decrease in the Group’s EBITDA of USD 3 million, increase in impairment charges of USD 22.1 million, increase in finance costs of USD 29.7 million, increase of income tax expenses of USD 8.1 million and increase in loss of discontinued operations of USD 23.2 million.

The Group’s operating cash flows have decreased by USD 6.2 million, mostly caused by an increase in income tax of USD 1.2 million and legal and professional fees of USD 3.9 million.

Production of Paper Business for 2013 amounted to 55.1 thousand tons compared to 52.5 thousand tons for the same period of 2012. Production of corrugated packaging for 2013 amounted to 98.3 million square meters compared to 97.1 million square meters for the same period of 2012.

Sales of paper to third parties for 2013 amounted to 17.6 thousand tons compared to 16.9 thousand tons for the same period of 2012. Sales of corrugated packaging for the period amounted to 98.1 million square meters compared to 96.4 million square meters for the same period of 2012.

The average selling price of paper and corrugated packaging decreased 0.7%.

Kazakhstan Kagazy is the biggest manufacturer of paper, cardboard and corrugated packaging in Kazakhstan and Central Asia.