Auditor's report on financial statement of KazTransCom OJSC (Kazakhstan) for 2003

/IRBIS, Galina Tsalyuk, August 10, 04/ - KazTransCom OJSC (Almaty), whose bonds are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report made by Ernst & Young (Almaty), which was made on the company's financial statement for 2003 prepared in compliance with Kazakhstan accounting standards (KAS). Result of the company's financial and economic activity as of December 31 of 2003 is as follows, based on the auditor's data (th. KZT, unless otherwise specified): ------------------------------------------------------------- Indicator 2002 2003 --------------------------------------- --------- --------- Authorized capital (paid) 42,100 42,100 Shareholders' equity 1,618,471 1,648,658 Book value of assets 2,807,900 3,531,101 Net working capital 376,518 619,340 Accounts receivable 646,281 1,077,833 Liabilities, total 1,189,429 1,882,443 Borrowed loans (excluding bonds) 779,578 51,882 Issued bonds - 1,399,184 Accounts payable 327,307 339,121 Volume of rendered services 2,529,169 2,418,757 Cost of rendered services 1,273,571 1,692,147 Net income 255,795 32,403 --------------------------------------- --------- --------- Calculated according to auditor's data: --------------------------------------- --------- --------- Return on sales (ROS), % 49.64 30.04 Return on equity (ROE), % 15.80 1.97 Return on assets (ROA), % 9.11 0.92 ------------------------------------------------------------- Audit of the company's financial statement was conducted by Ernst & Young in compliance with Kazakhstan auditing standards. In the auditor's opinion the financial statement exactly in all essential aspects reflects the company's financial condition as of December 31 of 2003, revenues and expenditures and cash flow for the year, which ended by this date, in compliance with KAS. Company's primary activities - providing companies and organizations of oil and gas and other branches of economy and population with all types of communication. [2004-08-10]