Auditors' report on consolidated financial statements of Kazkommertsbank JSC (Kazakhstan) for 2004
09.03.05 11:08
/IRBIS, Galina Tsalyuk, March 9, 05/ - Kazkommertsbank OJSC (Almaty),
whose securities are circulating in Kazakhstan stock exchange's (KASE)
official "А" listing category, presented KASE auditors' report prepared by
Deloitte (Almaty) on the bank's consolidated financial statements for 2004.
Financials for 2004 were prepared in compliance with International Financial
Reporting Standards (IFRS).
According to the auditor's data, the following describes bank's financial
position and results of its activities as of December 31 of 2003 and 2004 (in
th. KZT, unless otherwise specified):
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As of As of
Index Dec 31, 03 Dec 31, 04
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Issued authorized capital (paid) 4,018,930 4,197,179
Weighted average issued shares, units 325,817,299 346,141,258
Shareholders equity 45,578,892 57,306,680
Total assets 434,241,157 704,056,563
Sum of liquid assets 141,362,097 191,881,376
Issues and loans to clients (net) 283,062,443 494,930,550
Issues and loans to banks (net) 38,582,824 41,833,562
Liabilities, total 383,957,640 641,281,814
Indebtedness before banks 76,221,919 170,331,348
Indebtedness before clients 151,589,416 197,827,313
Bonds issued (excl subordinated) 98,233,366 207,840,717
Subordinated debt (incl subordinated bonds) 8,732,914 19,447,698
Other attracted resources 3,525,473 4,463,967
Net interest income 16,482,385 28,754,800
Net non-interest income 9,923,839 12,014,954
Operating expenses 8,969,071 9,511,039
Net income 8,760,761 8,689,299
Earnings per share, KZT (basic and diluted) 25.89 24.26
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It's been calculated according to auditor's data:
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Return on equity (ROE), % 19.22 15.16
Return on assets (ROA), % 2.02 1.23
Earnings per share (EPS), KZT* 139.89 165.56
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* - calculated as weighted average number of shares.
Deloitte audited statements in compliance with International Standards on
Auditing. Accounting journal entries and accounts of bank's foreign
subsidiaries were correspondingly corrected in order to bring it in compliance
with international accounting standards.
The bank's consolidated financial statements comprises financial statements
of the following daughter companies in which the bank owns 100% stake of
issued shares: Kazkommerts Securities OJSC (Almaty, brokerage house),
Processing company LLP (Almaty, operations on payment and other crads),
Kazkommerts International B.V. (Rotterdam, the Netherlands, SPV for
borrowing capital at international capital markets), as well as IC
Kazkommertspolis OJSC (Almaty, insurance. 65.0% of shares issued),
Kazkommertsbank Kyrgyzstan (Bishkek, banking activity, 93.58% of shares
issued).
Financial statements of bank's daughter companies Kazkommerts Capital -
2 B.V. and Kazkommerts Finance 2 B.V. were ignored in consolidation of
group's financial statements because of immateriality of operations.
In December the Bank sold 100% in Kazkommerts Invest JSC (Almaty,
financial services) company.
In the auditor's opinion, the consolidated financial statement exactly in all
significant aspects reflects consolidated financial position of
Kazkommertsbank JSC and its consolidated daughter companies as of
December 31 of 2003 and 2004, consolidated results of their activity and
cash flow for each year, which ended by the mentioned dates, in compliance
with IFRS.
[2005-03-09]