Structure of assets
Company Name: Joint-Stock Company kazpost
Shareholders: Kazpost’s sole shareholder is the Joint-Stock Company National Welfare Fund Samuk-Kazyna
Company Tax Record #: 600700100437
Certificate of State Registration №: № 32730-1901-АО dated 09.01.2009
Company Registration Authority: Astana City Department of Justice
Full name of Chief Executive Officer: Arken Kenesbekovich Arystanov, Chairman of the Management Board
Company Address: Building 13, Str.Auezov, Saryarka District, Astana, Republic of Kazakhstan
Contacts: Phone: +7 (727) 261-04-36 Fax: +7 (727) 272-58-10
The National Welfare Fund Samuk-Kazyna is Kazpost’s sole shareholder that holds 100% of Kazpost shares. Company shares were authorized and placed in accordance with the shareholder’s pre-emptive right to buy those shares. Kazpost is not listed with securities exchanges.
All Kazpost shares were placed and paid. There are no unplaced authorized shares.
Entity that owns the Kazpost shares has all rights and obligations envisaged in the legislation of the Republic of Kazakhstan.
As of 1 September 2011, Kazpost’s securities portfolio totaled Kazakh Tenge 8,274 million (face value). Weighted average income rate for temporarily surplus funds got fixed at the level of 7.8%, in January to August. For the successful implementation of the company investment policy and achievement of objectives identified therein, Kazpost maintains profitability at the level of 7% to 9% a year.
The structure of the said portfolio looks as follows, from the investment profitability standpoint:
– public (state) securities profitability – 5,2%
– profitability of bonds released in circulation by corporate emitters -14%
17 August 2011, Kazpost entered into a contract with the Joint-Stock Company Home Credit Bank for placement of Kazakh Tenge 1.0 billion in the deposits for the period of 12 months and with the 8% annual interest rate.
02 September 2003, Kazpost and Islamic Bank of Development (IBD) entered into a loan allocation agreement, by which agreement IBD allocated USD9 million for implementation of postal communications renovation projects. The mentioned loan was allocated for the period of 15 years with the 6% annual interest rate and the 3-year grace period. As of 1 October 2011, Kazpost cleared a part of indebtedness in the amount of USD3.2 million, so the principal debt remainder then totaled USD5.8 million.
4 August 2011, Kazpost entered into a contract with Joint-Stock Company KazTransGas, in connection with which contract Kazpost set up a deposit for KazTransGas and accepted Kazakh Tenge 1.0 billion for the period of 6 months and under the 6% annual interest rate.
In 2010, the aggregate amount of assets comprised Kazakh Tenge 33,196.7 million, in which amount operational assets, including intangible assets take 57.8%, financial assets and cash for securities transactions total 32.9% and other assets total 9.3%.
Kazpost Charter Fund totaled Kazakh Tenge 9,990.6 million, as of 01.01.2010.
Transactions associated presuming Kazpost’s interest and operations with affiliated parties
As per Paragraph 1 of Article 71 of the Law of the Republic of Kazakhstan Concerning Joint-Stock Companies, entities affiliated to Kazpost shall be recognized as parties concerned about transactions to be expedited by the company (concerned parties), in case they conform to the following conditions:
They are parties to such transactions or perform the functions of representatives or inter-mediators in such bargains;
They are affiliated to legal entities involved in such bargains or are present during transaction of such bargains as representatives or inter-mediators.
The following transactions presuming Kazpost interests are not recognized as bargains:
1) transactions of procurement of company shares and other securities by shareholder, as well as company’s release in circulation of own placed shares;
2) transactions associated with acceptance of obligation not to disclose information that contains banking and commercial secrecy and secrets secured by law;
3) Company reorganization performed in accordance with the above mentioned law;
4) Company transaction with an affiliated entity, performed in accordance to the Republic of Kazakhstan state procurement legislation.
As per Paragraph 47 of Article 4 of the Law of the Republic of Kazakhstan Concerning State Procurement, transactions with the companies that constitute parts of the National Welfare Fund Samuk-Kazyna fall into the category of state procurement transactions that are performed without application of the provisions of the Law Concerning State Procurement.
According to Article 64 of the Law of the Republic of Kazakhstan, the following parties are entities affiliated to the company:
1) major shareholder;
2) individual in close kinship (parent, brother, sister, son and daughter), matrimonial relation or affinity (brother, sister, parent, son and daughter of a spouse) to an individual, who is a major shareholder or executive official, except for the post of the company Independent Director;
3) Company official or official from a legal entity, specified in clauses 1), 4) - 9) of this paragraph, except for Independent Director;
4) legal entity controlled by an individual, who is a company major shareholder or official;
5) legal entity, in regards to which, the individual, who is a company major shareholder or official is a major shareholder or individual with the right to own certain part of property;
6) legal entity, in regards to which the company is a major shareholder or has the right to own certain part of property;
7) legal entity controlled by a third party, likewise is the company;
8) individual associated with the company by a contract, by which contract such individual shall be entitled to influence decisions made by the company;
9) individual, who solely or jointly with its affiliated entities owns, uses or disposes of ten and more percents of the company voting shares or legal entities specified in clauses 1) and 4) - 8);
10) other person affiliated to the company, as per Republic of Kazakhstan legal acts.
In 2011, Kazpost performed transactions with affiliated companies LLC Electronpost.kz and LLC Kazpost GmbH, which companies are concerned parties, as provided by the Law of the Republic of Kazakhstan Concerning Joint-Stock Companies and related entities, as provided by the provisions of the International Financial Reporting Standards (IFRS 24).
Transactions with Related Entities
According to IFRS 24 Related Entity Information Disclosure, parties shall be deemed related, if one of them has the capacity to control or convey significant influence to other party, in process of making or financial and economic decisions or is an associated company or entity involved in a joint activity. Kazpost, jointly with other companies, controls LLC Electronpost.kz (Kazpost holds 33.3%) and LLC Kazpost (Kazpost GmbH) (Kazpost holds 50%).
In the first half of 2011, Kazpost performed transactions with Electronpost.kz in the amount of Kazakh Tenge 275,848 thousand (incomes) and Kazakh Tenge 71 thousand (expenses). In the same period, Electronpost .kz remitted to Kazpost the payments in the amount of Kazakh Tenge 287,213 thousand. As of 01.01.2011, Electronpost.kz had accounts receivable in the amount of Kazakh Tenge 136,712 thousand, as of 01.07.2011 accounts receivable totaled Kazakh Tenge 125,276 thousand.
In the first half of 2011, Kazpost performed transactions with LLC Kazpost (Kazpost GmbH) in the amount of Euro18,181 (incomes) and within the same period of time, LLC Kazpost (Kazpost, GmbH) remitted to the Kazpost accounts the funds in the amount of Euro21,559. As of 01.01.2011, Electronpost.kz ‘s accounts receivable totaled Euro9,064 and as of 01.07.2011, its accounts receivable totaled Euro5,686.
Kazpost do not set up reserves for doubtful debts remaining after settlements among parties concerned and affiliated entities.
Operations among parties concerned and affiliated (associated) to Kazpost take place only with the prior entrance into appropriate contracts among Kazpost and concerned and affiliated (associated) parties. Such contracts are signed by the Management Board Chairman or Deputy Chairpersons and Branch Directors supervising those contracts. Contract initiators will mandatorily collect all endorsements and approvals from Procurement, Legal, Accounting and Tax and Budgeting and Economic Analyses Departments.
In the first half of 2011, Kazpost completed transactions with affiliated and associated companies, parts of the National Welfare Fund Samuk-Kazyna, as established by the 1 July 2011 approved List of Affiliated Parties. Report on transactions presuming Kazpost’s interest, as well as operations with affiliated and associated parties contains the detailed information regarding some of affiliated and associated parties.
Concerned parties discharge their debt to Kazpost by means of money transfer to the Kazpost account, while Kazpost will discharge its accounts payable to such concerned parties by means of money transfers from own account to accounts of such concerned parties.
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