/IRBIS, Galina Tsalyuk, March 31, 04/ - Zerde OJSC (Almaty), whose common shares are circulating in the stock exchange's official "B" listing category, provided KASE with financial statement for 2003.

Following indexes are result of the issuer's financial and economic activity for 2003, based on the issuer's data (in th. KZT, unless otherwise specified):

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                                              as of      as of  Change
Index                                     Jan 1, 03  Jan 1, 04       %
----------------------------------------  ---------  ---------  ------
Authorized capital (paid)                    75,000     75,000     0,0
Shareholders' equity                         77,189     78,798    +2,1
Total assets                                 77,591     79,208    +2,1
Net working capital                          76,026     77,766    +2,3
Accounts receivable                          42,343     35,225   -16,8
Liabilities, total                              403        424    +5,2
Accounts payable                                301        343   +14,1
Sales                                         7,977      9,113   +14,2
Cost of rendered services                     2,559      3,778   +47,6
Period expenses                               3,680      4,471   +21,5
Net income (loss)                             1,899      1,609   -15,3
----------------------------------------  ---------  ---------
Ratios calculated based on issuer's data
----------------------------------------  ---------  ---------  ------
Return on Sales, %                            67.93      58.55   -13.8
Return on Equity, %                            2.46       2.04   -17.0
Return on Assets, %                            2.45       2.03   -17.0
Book value of one share, KZT                   1.03       1.05    +2.1
Earnings per share, KZT                       25.31      21.45   -15.3
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Price earnings ratio (P/E) is not calculated since only directs deals were made over company's shares, which are not considered to be market deals.

Relative to similar period of 2002 following accounts increased:

• company's shareholders equity - by KZT1.6 m. as the result of increase in reserve capital by 1.9 m; while retained earnings shrank by 290.0 th.;
• assets - by 1.6 m., caused by increase in cash and equivalents by 8.7 m (financial investments - by 7.9 m), and retained earnings decrease by 7.1 m;
• liabilities - by 21.0 th., as the result of increase of accounts payable by 42.0 th., and decrease in deferred taxes - by 21.0 th.;
• volume of rendered services rose by KZT1.1 m.;
• cost of rendered services rose by KZT1.2 m.;
• period expenses (general and administrative) - by KZT791.4 th.

Net income earned by Zerde OJSC in 2003 dropped relative to 2002 by KZT290.0 th.

Company's primary activities - maintenance of securities holders register.

[2004-03-31]