Auditor's conclusion of Bank Caspian OJSC (Kazakhstan) financial statement for 2001

/KASE, June 20, 02/ - Bank Caspian OJSC (Almaty), whose bobds are being traded under category "A" of the official listing presented KASE the auditor's conclusion compiled by Ernst&Young (Almaty, Kazakhstan). The conclusion was made in accordance with Kazakhstan accounting standards. According to the independent auditor's data the results of the bank's economic activity by December 31, 2001 and 2000 are as follows (in th. KZT, unless otherwise indicated): ------------------------------------------------------ Indicator 2000 2001 ------------------------------- --------- ---------- Authorized capital (issued) 840,000 993,223 Authorized capital (paid) 1,175,296 1,508,370 Total assets 8,956,450 15,436,716 Total current assets 4,827,951 6,084,668 Loans to clients 3,222,184 7,331,191 Total liabilities 7,781,154 13,926,853 Loans and deposits 6,773,979 12,902,604 Bonds issued - 826,100 Total revenues 1,356,202 2,672,196 Total expenses 1,288,207 2,444,718 Net income (loss) 67,995 227,478 ------------------------------------------------------ According to the auditor's data it's calculated: ------------------------------------------------------ Return on equity (ROE), % 5.79 15.08 Return on assets (ROA), % 0.76 1.47 Earnings per share (EPS), tenge 16.55 48.76 Book value of the share, tenge 293.82 318.92 ------------------------------------------------------ Data on 2000 is provided by PriceWaterhouseCoopers audit of unconsolidated financial statement prepared in accordance with Kazakhstan accounting standards. Audit of the consolidated financial statement of the bank was carried out by Ernst&Young in accordance with Kazakhstan auditing standards. By December 31 of 2001 and 2002 the consolidated financial statement comprised the company's accounts and accounts of the daughter company International Insurance company of Almaty OJSC (Almaty, insurance activity), in which the bank possesses 100% of outstanding shares, and also financial statements of companies, in which the bank has no share in authorized capital, but executes a control over their activity - Consulting bureau LLP (Almaty, assets management activity) and Oil service (Astana, assets management activity). In the auditor's opinion, which has a clause regarding assets and liabilities of subsidiaries as of the end of 2001, consolidated financial statements present impartial picture of financial situation of Bank Caspian OJSC and its subsidiaries by December 31, 2001, and results of their activity and cash flow for the reporting period. The Ernst&Young clause in audit report regards the fact that the auditor was not able to confirm assets totaling KZT142,116th and liabilities totaling KZT19,646th of subsidiaries by execution of additional procedures, because it could not get a satisfactory data for making changes in beginning balance due to absence of audit on financial statements of the daughter companies as of December 2000. [2002-06-20]