Audited financial statement of Karazhanbasmunai OJSC (Kazakhstan) for 2002

/KASE, May 30, 03/ - Karazhanbasmunai OJSC (Aktau), whose bonds are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report made by Ernst & Young (Almaty) on the company's financial statement for 2002. Result of the company's consolidated financial and economic activity as of December 31 of 2002 is presented by the following indexes, in accordance with the auditor's data (in th. KZT, unless otherwise specified): ---------------------------------------------------------------------------- Indicator 2001 2002 ---------------------------------------------------- ---------- ---------- Issued authorized capital (paid excluding withdrawn) 2,161,062 2,161,062 Shareholders' equity 9,785,432 14,179,111 Total assets 31,339,916 42,544,828 Net working capital -506,893 1,222,600 Accounts receivable (net) 5,101,075 9,669,807 Liabilities, total 21,554,484 28,365,717 Attracted credits 12,186,532 15,757,877 Accounts payable 5,951,840 8,880,181 Issued bonds 3,004,000 3,112,000 Sales volume 17,584,246 34,754,442 Cost of goods sold 4,514,336 6,317,501 Net income 3,942,826 9,184,929 ---------------------------------------------------- ---------- ---------- It's been calculated according to auditor's data: ---------------------------------------------------- ---------- ---------- Return on sales (ROS), % 74.33 81.82 Return on equity (ROE), % 40.29 64.78 Return on assets (ROA), % 12.58 28.23 ---------------------------------------------------------------------------- Audit of the company's financial statement, which was made in compliance with Kazakhstan accounting standards, was conducted by Ernst & Young in compliance with Kazakhstan auditing standards. In order to bring in conformity financial indexes of 2002 and 2001 the auditor made some corrections in the financial statement for 2001, which had been audited by Arthur Andersen, which did not influence upon the value of shareholders equity and net income for 2001. In the auditor's opinion the financial statement exactly in all essential aspects reflects the company's financial condition as of December 31 of 2002, results of its financial and economic activity and cash flow for the year, which ended by the mentioned date, in compliance with Kazakhstan accounting standards. According to note 26 for the financial statement in 2002 financial documentation of Karazhanbasmunai OJSC for 2000-2001 were checked up by the republican tax authorities. By the results of the check up in December of 2002 Tax committee of the Ministry of finance of Kazakhstan claimed a suit against the company about payment of additional tax liabilities in the amount of KZT2.9 bn. and fines for KZT447.3 m. Company's governing body believes that the company follows tax legislation the tax suit is disputable. On the fact of the suit the company appealed to the Ministry of finance of Kazakhstan, which was being examined by the date of auditor's report preparation. Company's primary activities: development of oil field Karazhanbas; extraction, preparation, handing over and refining of oil; introduction of thermal methods of oil recovery increasing; building of objects of wells construction and development; crude oil refinement and processing; building of objects of oil preparation; export; marketing and sale of hydrocarbons and hydrocarbon products. [2002-05-30]