RD KMG: Neutral results for the 9 months of 2013

In compliance with the financial report for the first 9 months of 2013, the proceeds of RD KMG from the capital assets reduced by 1.7% compared to 2012 and made up 606.3 billion tenge (by 2.7% higher than Khalyk Finance assessed and by 0.8% higher than the consensus) due to the reduction of Brent oil price by 3.4%.

Oil sales from the capital assets increased by 3% and the sales at the internal market increased to 25.5% from 21.1% in 2012. The operational costs increased by 18.2% - to 126 billion tenge due to the growth of the salary budget by 18%, the costs for materials - by 20%, the costs for repair and servicing - by 44% and the costs for electricity - by 28%. The administrative costs made up 70 billion tenge, having reduced by 5% due to the reduction of the salary costs and the volume of the sponsor support. However, the transportation costs increased by 16% due to the growth of the transportation via the lines of KazTransOil. The efficient tax rate reduced from 39% in the first half of 2013 to 30% within the 9-month period of 2013.