AMF Group (Kazakhstan) clarifies to KASE on Y2009 turnover

/KASE, August 27, 11/ - AMF Group (Aktobe, hereinafter - the Company), whose securities are officially listed at Kazakhstan Stock Exchange (KASE), has sent to KASE an official letter clarifying causes of incompliance of the company and its bonds KZ2C0Y07D139 (KZ2C00000941, AKFIb2) with the listing requirement for sales for 2009, which entailed transfer of the said bonds from the first subcategory of Non-rated Debt Securities category into the second subcategory. According to the mentioned letter, the reason the company sent it to KASE was the company's intention to bring to the knowledge of its financial information entire objective and complete information regarding the company's sales in 2009. quote According to the Issuer's financial statements revenues from main operations made up KZT2,649,023 in 2009, which was by KZT7,777 th. less than forecasted. However, in 2010, after approval and publication of Y2009 financial statements, according to a tax inspection of the subsidiary, LLP "Svetland-Oil", adjusting events after the reporting date became known, which influenced the Y2009 results. For instance, in Y2009 statements there was an error committed with regard to fixing the moment of transfer of 2,000 tons of dispatched oil worth KZT156,056 th. on December 28, 2011. That error occurred due to incomplete declaration, "chasing" of the quotation period and lack of the article's price calculation. Therefore, selling crude oil to the amount of KZT156,056 th. was not included into Y2009 statements, but reflected in January 2010. In order to rectify that error, the Issuer in 2010 made reclassifying entries on the initial balance, and parameters of the financial statements were re-calculated. The results of the review in accordance with IFRS 8 "Accounting Policy, Changes in Accounting Evaluations and Errors" are disclosed for all users in Note 5 to Y2010 consolidate financial statements. Consolidated financial statements of the Issuer for 2010 are confirmed by a report of the independent auditor "PKF Sapa-Audit" on March 29, 2011. unquote [2011-08-27]