Auditor's report on financial statement of Kazakhtelecom OJSC (Kazakhstan) for 2002

/KASE, June 2, 03/ - Kazakhtelecom OJSC (Karaganda), whose securities are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report made by Deloitte & Touche (Almaty), which had been made on the company's financial statement for 2002, prepared in compliance with international accounting standards. Result of the company's financial and economic activity as of December 31 of 2002 and 2001 is presented by the following indexes, in accordance with the data of audited financial statement (in th. KZT, unless otherwise specified): ------------------------------------------------------------------------------ Indicator 2001 2002 -------------------------------------------------------- ---------- ---------- Issued authorized capital (with correction on inflation) 33,090,342 33,090,118 Shareholders' equity 40,991,542 50,725,049 Total assets 73,164,989 90,050,120 Net working capital -4,386,119 -7,103,258 Accounts receivable (net) 8,636,104 11,715,567 Liabilities, total 32,173,447 39,325,071 Attracted credits 18,733,456 22,435,579 Floated bonds 2,904,673 3,896,250 Accounts payable 10,535,318 12,814,351 Volume of rendered services 45,753,955 56,804,354 Cost of rendered services 27,748,523 33,868,561 Net profit 7,275,779 11,558,066 -------------------------------------------------------- ---------- ---------- It's been calculated according to auditor's data: -------------------------------------------------------- ---------- ---------- Return on sales (ROS), % 39.35 40.38 Return on equity (ROE), % 17.75 22.79 Return on assets (ROA), % 9.94 12.84 Book value of one share, KZT 3,619.15 4,478.49 Earnings per share (EPS), KZT 655.04 1,047.08 Price earnings ratio (Р/Е) 3.84 2.92 ------------------------------------------------------------------------------ Audit was conducted by Deloitte & Touche in compliance with international auditing standards. The company's financial statement was correspondingly corrected in order to bring it in conformity with international accounting standards. The company's paid authorized capital for 2001 and 2002 (KZT12,136,529 th.) has been reflected by the auditor taking into account corrections for inflation in the amount of KZT23,606,449 th. Relative to financial statement the company has not significant daughter companies, where it would possess most votes. Registering of long-term investments in companies, where participation of Kazakhtelecom is more than 20% (GSM Kazakhstan LLP, Almaty, 49%, Altel CJSC, 50%, Nursat CJSC, 41.3%), is made by the method of market share. In the auditor's opinion the financial statement exactly in all essential aspects reflects financial position of Kazakhtelecom as of December 31 of 2002, results of its of financial and economic activity and cash flow for the year, which ended by the same mentioned date, in compliance with international accounting standards. Company's primary activities - telephone, telegraph, TV and radio communication of all types. [2002-06-02]