/KASE, May 7, 03/ - UKTMC OJSC (Ust-Kamenogorsk), whose shares are circulating in Kazakhstan stock exchange's (KASE) official "A" listing category, provided KASE with non-audited financial statement for 2002: the balance sheet, income statement and cash flow statement.

The following indicators are results of the issuer's financial and economic activity in 2002, based upon the issuer's information (in th. KZT, unless other wise specified):

---------------------------------------------------------------------------
                                                As of       As of
Indicator                                   Jan 1, 02   Jan 1, 03  Change,%
------------------------------------------  ---------  ----------  --------
Issued (paid) authorized capital               21,582      21,582       0.0
Shareholders' equity                        6,515,272   7,534,444     +15.6
Total assets                                7,445,721   8,627,119     +15.9
Net working capital                         1,997,718   2,480,328     +24.2
Accounts receivable                           914,343     613,780     -32.9
Liabilities, total                            930,449   1,092,675     +17.4
Accounts payable                              930,449   1,092,675     +17.4
Sales volume                                9,662,774  10,330,111      +6.9
Cost of goods sold                          7,752,220   8,002,938      +3.2
Net income for the period                     722,560   1,100,428     +52.3
------------------------------------------  ---------  ----------  --------
It's been calculated on the issuer's data:
------------------------------------------  ---------  ----------  --------
Return on assets (ROA), %                       19.77       22.53     +13.9
Return on equity (ROE), %                       11.09       14.50     +30.8
Return on assets (ROA), %                        9.70       12.67     +30.5
Earnings per share (EPS), KZT                  735.63   1,133.07*     +54.0
Price earnings ratio (Р/Е), KZT                  6.95       5.16*     -25.8
Book value of one share, KZT                 6,037.69    6,982.16     +15.6
---------------------------------------------------------------------------

* - calculated excluding dividends on privileged shares, which will be determined at the annual shareholders meeting.

Relative to 2001 there is increase of:

• shareholders' equity - by KZT1.0 bn as the result of increase of total sum of undistributed income by the same sum;
• assets - by KZT1.2 bn., as the result of increase of residual value of fixed assets by 511.4 m. and inventory - by 896.6 m. that was partially covered by decrease of other assets by 226.6 m.;
• liabilities - by KZT162.2 m. that had been caused by growth of accounts payable by the same sum;
• sales volume - by KZT667.3 m.;
• cost of goods sold - by KZT250.7 m.;

Net income, which UKTMC OJSC received in 2002, increased by KZT377.9 m. relative to 2001

The tale below shows dynamics of some indicators of UKTMC OJSC for 2002 by quarters by non-growing total (in m. KZT):

----------------------------------------------------------------------------
                                Change,            Change,           Change,
Indicator      I-2002  II-2002        %  III-2002        %  IV-2002        %
------------  -------  -------  -------  --------  -------  -------  -------
Sales volume  3,256.6  2,710.6    -16.8   2,423.8    -10.6  1,939.2    -20.0
Net income      511.0    469.9     -8.0     130.9    -72.2    -11.3   -108.6
----------------------------------------------------------------------------

The company's primary activities - production and sale of non-ferrous metals (high-quality titanium sponge, and commercial magnesium).

[2003-05-07]