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

/KASE, June 3, 03/ - Temirbank OJSC (Karaganda), whose securities are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report made by PriceWaterhouseCoopers (Almaty), which was made on the bank's consolidated financial statement for 2002, prepared in compliance with international accounting standards. Result of the bank's consolidated financial and economic activity as of December 31 of 2002 and 2001 is presented by the following indexes, in accordance with the financial statement's data (in th. KZT, unless otherwise specified): ---------------------------------------------------------------------------- Indicator 2001 2002 ---------------------------------------------------- ---------- ---------- Issued authorized capital (paid excluding withdrawn) 1,382,902 1,900,000 Shareholders' equity 2,127,765 2,930,735 Total assets 21,852,068 22,891,880 Sum of liquid assets 7,172,660 6,124,342 Offerings and loans to banks (net) 4 043 944 3,114,233 Loans and advances to clients (net) 13,727,904 14,940,338 Liabilities, total 19,724,303 19,961,145 Issued bonds 1,634,176 1,664,588 Indebtedness to banks 5,897,788 6,080,925 Indebtedness to clients 10,520,770 10,030,456 Revenues from operating activity 3,311,739 4,015,046 Total expenses 2,941,565 3,708,707 Net profit 370,174 281,405 ---------------------------------------------------- ---------- ---------- It's been calculated according to auditor's data: ---------------------------------------------------- ---------- ---------- Return on equity (ROE), % 17.40 9.60 Return on assets (ROA), % 1.69 1.23 Book value of one share, KZT 1,538.62 1 542.49 Earnings per share (EPS), KZT 269.17 148.52 Price earnings ratio (Р/Е) - 3.57 ---------------------------------------------------------------------------- Earnings per share (EPS) for 2001 and 2002 has been calculated taking into account dividends, which were charged on the bank's privileged shares, in accordance with the data of auditor's report. Audit was conducted by PriceWaterhouseCoopers in compliance with international auditing standards. The bank's financial statement was correspondingly corrected in order to bring it in conformity with international accounting standards. The bank's consolidated financial statement comprises financial statement of daughter companies, in which the bank owns 100% of issued shares: for 2001 - Temir Capital B.V. (Rotterdam, Netherlands), for 2002 - Temir Capital B.V. and Temirleasing OJSC (Almaty). In the auditor's opinion the consolidated financial statement in all essential aspects for sure reflects the bank's financial condition as of December 31 of 2002, and also consolidated results of its activity and cash flow for the year, which ended by the mentioned date, in compliance with international accounting standards. [2002-06-03]