Auditor's report on financials of Mangistaumunaigas OJSC (Kazakhstan) for 2002
29.01.04 00:00
/KASE, January 29, 04/ - Mangistaumunaigas OJSC (Aktau), whose shares are
circulating under stock exchange's official "В" listing category, presented
KASE auditor's report of KMPG Janat, which had been made on consolidated
financial statement of the company for 2002, in compliance with Kazakhstan
accounting standards.
According to the audited consolidated financial statements, the following
indicators are the result of the financial and economic activity of the company
as of December 31 of 2003 (in th. US dollars, unless otherwise specified):
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As of
Indicator December 31, 03
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Authorized capital 10,892,027
Shareholders' equity 45,721,304
Total assets 108,941,578
Net working capital 5,324,314
Accounts receivable 35,268,260
Total liabilities 63,220,274
Accounts payable 52,290,278
Sales volume (services) 110,016,274
COGS 41,778,861
Net income 12,814,656
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It's been calculated according to the auditor's data:
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Return on Sales (ROS), % 62.02
Return on equity (ROE), % 28.03
Return on assets (ROA), % 11.76
Book value of one share, US dollars 4,196.69
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KMPG Janat performed the audit of consolidated financials of the company's
daughter and related entities (hereinafter as a Group) for 2002 in compliance
with international auditing standards.
According to auditor, the financial statements of the Group accompanying
his/her report for 2002 does not contain comparative information for the
previous year due to insufficient data on company's transactions with related
parties. Financials of the Group for 2001 audited by Ernst & Young, were
prepared in th. of USD.
The consolidated financial statements of the Group for 2002 includes financials
of Mangistaumunaigas OJSC and its daughter companies: Densaulik LLP (100%
ownership, tourism), Mangistauenergomunai LLP (100%, electricity grids
operations), Mangistaumunaizholdary LLP (100%, road building),
Mangistaumunara LLP (100%, oil-rig repairs), Munaitelecom LLP (100%
communication services), Neftestroi LLP (100%, building), Novoye pokoleniye
LLP (100%, newspaper), Oil Transport Corporation LLP (100%, transportation),
Oil Service Company LLP (100%, drilling), Nauchno-proizvodstvennyi tcentr LLP
(100%, R&D) and Pavlodar petroleum chemical plant CJSC (54.8%, oil refinery)
In auditor's opinion in course of auditing, it was impossible to get the full
evidence of amount and recognition of tax liabilities on excess profits in
consolidated financial statements. The amount of taxes on excessive profits, in
auditor's opinion, may significantly distort the amount of liabilities and
expenses of the company.
In the auditor's opinion the combined financial statement, excluding influence
of mentionedabove corrections reflects the Group's true consolidated position
in all significant aspects as of December 31 of 2002, and also results of its
activity and cash flow for the year, which ended by the mentioned date in
compliance with the Kazakhstan Accounting Standards.
The company's primary activities: production and transportation of oil and gas;
petroleum refining, ale of oil and products of its refining; exploration and
development of oil and gas fields.
[2004-01-29]