Management of «Samruk-Kazyna» JSC summed up results for 2014 and told about measures on implementation of President's instructions

Management of «Samruk-Kazyna» JSC summed up results for 2014 and told about measures on implementation of President's instructions

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20 February 2015

On February 20, 2015, CEO of «Samruk-Kazyna» JSC Umirzak Shukeyev told about measures on implementation of the Head of State's instructions and «Nurly Zhol» program, as well as financial results of the group of companies for the past year.

«Samruk-Kazyna» group of companies closed the year of 2014 fairly well. This was achieved through the preventive measures of possible risks. According to preliminary data, the net income of the group estimated at 458 billion tenge. The key performance indicator as EBITDA margin amounted to 19.52%,» Mr. Shukeyev told.

In 2014, fund's group of companies commissioned 13 projects worth 2.9 billion dollars. More than 5.6 thousand temporary jobs and more than 1.2 thousand permanent workplaces have been created.

The Fund has developed  a set of measures within the President's instructions:

— Optimization of costs by 337 billion tenge or 7%.  The non-optimized expenses include salaries of production personnel, taxes and mandatory payments to the budget, amortization.

— Support of the national currency. As of March 1, 2014 the Fund's group contribution made 2 trillion 361 billion tenge, including deposits in foreign currency - 1 trillion 52 billion tenge or 44.6%. As of December 1, 2014 Group's deposits amounted to 1 trillion 985 billion tenge, including in foreign currency - 823 billion tenge or 41.5%. The work to reduce the foreign currency deposits of the Fund will be continued.

«I want to deny a rumors that the Fund's group allegedly transfers all the money in the currency, and as a result strengthens the currency expectations. The dynamics of our deposits in the currency clearly demonstrates it. The fund's currency deposits influence to the entire banking system is only 7.3%, » U. Shukeyev said.

Financing of strategic projects within SPFIID. Investment costs will be optimized by 18%, but will not affect the optimization of large-scale projects SPFIID-2, «Nurly Zhol» program, objects of «EXPO-2017» and others.

Measures to support the business will be strengthened taking into account the President's instructions. In 2014, under the Program to promote the modernization of existing and creation of new productions 13 projects were approved. Their total cost made 20 billion 756 million tenge.

According to comprehensive privatization plan till 2020 «Samruk-Kazyna» Fund sells 106 assets. In 2014, the total amount of transactions amounted to about 23.4 billion tenge, which is 1.6 times higher than their estimated value.

As part of the restructuring management levels and the number of companies in «Samruk-Kazyna» will be optimized.

The transformation program of the Fund's Group of companies launched on October 6, 2014 continues to gain momentum. On June 1st, 2015 Fund «Samruk-Kazyna» moves from the principle of operational intervention and to the professional management through the board of directors by analogy with the large market companies around the world.

The economic effect of the implementation of the transformation program for «Samruk-Kazyna» group of companies in the next few years is estimated at 100 billion tenge annually.