The Fund's Credit Ratings
Obtaining credit ratings from international rating agencies is an independent and reliable assessment of the Fund's creditworthiness. Rating agencies are provided with access to all the information of the Fund necessary for a thorough and reliable assessment of creditworthiness.
S&P Global Ratings and Fitch note the important role of the Fund in the economy of Kazakhstan, aimed at industrialization and ensuring financial stability.
On September 8, 2022, S&P Global Ratings revised the rating outlook on the Fund to “negative” and affirmed the long-term and short-term ratings of the Fund at BBB-/A-3, as well as the rating on the national Kazakhstan scale KZAAA.
On November 28, 2022, Fitch affirmed the ratings of Samruk-Kazyna SWF at BBB, the outlook “stable”.
On December 16, Moody’s affirmed the rating of the Samruk-Kazyna Fund at Baa2, the outlook “stable”.
In this section, the financial indicators are based on data for the 12 months ended on December 31, 2022, compared to the previous two years. The table below shows the financial information related to the consolidated results of the Fund Group./p>
|
Indicator |
2020 |
2021 |
2022 |
|
Consolidated revenue, KZT billion (excluding state subsidies) |
8 556 |
11 710 |
14 785 |
|
Assets, KZT billion |
27 483 |
30 310 |
33 575 |
|
Equity capital, KZT billion |
15 152 |
17 173 |
19 744 |
|
Consolidated net profit per shareholder, KZT billion |
558 |
1 629 |
1 922 |
|
EBITDA (operating)* , KZT billion |
1 870 |
2 856 |
3 241 |
|
EBITDA Margin (%) |
21.9 |
24.4 |
21.9 |
The amount of consolidated revenue by the end of 2022 totalled KZT14.8 trillion, up KZT3.1 trillion or 26% from 2021. The following segments show year-on-year growth compared to 2021: crude oil sale (+KZT882 billion), petroleum products sale (+KZT1 225 billion), rail freight transportation (+KZT96 billion), uranium products sale (+KZT297 billion), air transportation (+KZT160 billion), electric complex (+KZT24 billion), refined gold sales (+KZT224 billion), telecommunications services (+KZT40 billion), processing of toll oil (+KZT1 billion) and passenger railway transportation (+KZT32 billion).
The consolidated assets of the Fund Group amounted to KZT33.6 trillion as of December 31, 2022, an increase of KZT3.3 trillion or 11% compared to the same figure in 2021. EBITDA (operating) and EBITDA margin at the end of 2022 were KZT3 241 billion and 21.9%, respectively, compared to KZT2 856 billion and 24.4% at year end 2021. At the end of 2022, the Fund's Group paid taxes and payments to the budget of the Republic of Kazakhstan in the amount of KZT1 696 billion. General and administrative expenses amounted to KZT482.5 billion.
Debt and EBITDA of the Fund, KZT billion(consolidated)
At the end of 2022, Debt/EBITDA decreased to 1.73 compared to 2021 due to EBITDA growth and debt reduction, driven mainly by early repayment of foreign currency loans, refinancing of loans and appreciation against foreign currency.