Kremikovtzi's Loss Shrinks 681% In A Year

Kremikovtzi's Loss Shrinks 681% In A Year

Steel mill Kremikovtzi () posted loss in the amount of 35.93 mln leva (18.37 mln euros) for 2007, which is 681% less than the negative result reported in 2006, the company announced.

The reason, however, is not a hike in revenues. At the end of December 2007 revenues from core activity stood at 1.625 bln leva (apprx. 830,849 euros) against 1.081 bln leva in 2006. Net sales revenue grew 54% from 926.575 mln leva to 1.427 bln leva (729,613 euros).

Production sales amounted to 989.026 mln leva (505.68 mln euros), compared with 900.504 mln leva in the preceding year. Revenues from sales of goods surged from 408,000 to 18.796 mln leva (9.61 mln euros). Revenue listed as other came to 418.248 mln leva, which is by 394.617 mln leva more than in 2006.

Financial costs also rose during the period. Positive results from currency rates changes amounted to 194.655 mln leva (100.54 mln euros), versus 152.523 mln a year ago.

Costs are also on the rise, reaching 1.668 bln leva (863 mln euros), compared with 1.359 bln leva in 2006. Costs on economic elements stood at 1.135 bln leva (580 mln euros), versus 1.371 bln leva.

Materials shrunk from 838.638 mln to 759.41 mln leva. Amortization costs rose from 42.877 mln to 101.903 mln leva.

The balanced value of sold assets (excluding production) stood at 104.654 mln leva (53.507 mln euros) compared with 4.334 mln a year ago.

At the end of December the total value of Kremikovtzi's assets stood at 2.534 bln leva (1.29 bln euros), slightly up from 2.632 bln leva at the end of 2006. The value of fixed assets dips from 1.842 bln to 1.723 bln leva. The change is attributed to the declining value of land plots (from 257.131 mln to 245.195 mln leva).

The value of current assets rose from 696.313 mln to 909.178 mln leva.

Current liabilities amount to 721.938 mln and long-term liabilities to 980.746 mln lleva (compared with respectively 632.308 mln and 941.677 mln leva at the end of 2006).

Kremikovtzi's core capital stands at 13.147 mln leva (6.721 mln euros), and its own capital is at 924.192 mln leva (472.5 mln euros).

No transactions involving the stock have been made so far today on BSE. The last transactions on the position dates February 15 when 82 shares changed hands at 17.76 leva each.

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