Auditor's report on financial statement of Corporation Ordabasy JSC (Kazakhstan) for 2002

/KASE, January 13, 04/ - Corporation Ordabasy JSC (Almaty), whose bonds are circulating in the official "A" listing category of Kazakhstan stock exchange JSC (KASE), has presented KASE auditor's report of KPMG Janat (Almaty), which was made on the company's consolidated financial statement for 2002 prepared in compliance with Kazakhstan accounting standards. According to auditor's report the result of the company's financial and economic activity as of December 31 of 2002 is as follows (th. KZT, unless otherwise indicated): --------------------------------------------------------------- as of as of Indicator Jan. 1, 02 Jan. 1, 03 --------------------------------------- ---------- ---------- Authorized capital 820,000 820,000 Shareholders' equity 954,077 1,590,099 Total assets 4,410,594 6,477,464 Net working capital 747,087 38,684 Accounts receivable 1,554,900 3,312,194 Total liabilities 3,456,831 4,721,755 Attracted credits 779,630 2,915,706 Accounts payable 2,677,201 1,136,303 Volume of rendered services 4,926,135 7,354,596 Cost of rendered services 4,736,212 6,728,562 Net income for the period 133,175 49,768 --------------------------------------- ---------- ---------- It's been calculated by auditor's data: --------------------------------------- ---------- ---------- Return on sales (ROS), % 3.86 8.51 Return on equity (ROE), % 13.96 3.13 Return on assets (ROA), % 3.02 0.77 --------------------------------------------------------------- Audit of the consolidated financial statement of the company, its daughter and dependent companies (hereinafter - the Group) for 2002 was made by KPMG Janat in compliance with international auditing standards. The group's consolidated financial statement for 2002 comprises financial statement of Corporation Ordabasy JSC and its daughter companies: Ordabasy Agro LLP (51% of authorized capital, growing of raw cotton, oil and feed crops), Ust-Kamenogorsk reinforcement plant OJSC (51%, stop valve output for for oil pipelines and production for power engineering). Besides, the Group's consolidated statement comprises its stake in revenues and losses of dependent companies: Aktyubinsk oil equipment plant LLP (60% of authorized capital the Group's asset management, production of oil-industry equipment), APC Sunkar LLP (51%, production of mineral and organic-mineral fertilizers, nutrient substances, chemical and biological means for plants protection). In the auditor's opinion the financial statement in all essential aspects for sure reflects financial position of the Group as of December 31 of 2002, and also results of its activity and cash flow for the year, which ended by that date, in compliance with Kazakhstan accounting standards. Primary activities of Corporation Ordabasy JSC - trade-intermediary activity, production of oil and gas equipment, production and distribution of heat- and electrical energy, agriculture, investing activity. [2004-01-13]