/KASE, June 4, 03/ - UKTMC OJSC (Ust-Kamenogorsk), whose shares are circulating in Kazakhstan stock exchange's (KASE) "A" listing category, has presented KASE the audit report of Deloitte & Touche (Almaty), which was made on the company's financial statement for 2002.

According to audited financial statement the result of the company's financial and economic activity as of December 31, 2002 and 2001 is as follows (in th. KZT, unless otherwise indicated):

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                                                       As of       As of
Indicator                                          Jan 1, 02   Jan 1, 03
-------------------------------------------------  ---------  ----------
Authorized capital (with correction on inflation)     24,021      24,021
Shareholders' equity                               7,666,351   8,787,887
Total assets                                       8,869,226  10,034,624
Net working capital                                2,191,915   2,814,853
Accounts receivable                                  928,054     676,351
Total liabilities                                  1,202,875   1,246,737
Accounts payable                                   1,030,079   1,048,496
Attracted credits                                    129,331     198,241
Sales volume                                       9,662,774  10,325,995
Cost of goods sold                                 7,804,086   8,366,994
Net income                                           752,589   1,202,796
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It's been calculated by auditor's data:
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Return on sales (ROS), %                               19.24       18.19
Return on equity (ROE), %                               9.82       13.69
Return on assets (ROA), %                               8.49       11.99
Book value of one share, KZT                        7,104.39    8,143.72
Earnings per share (EPS), KZT                         752.59    1,225.80
Price earnings ratio (P/E)                              6.79        4.77
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Audit was conducted by Deloitte & Touche in compliance with international auditing standards. The company's financial statement was corrected with the purpose of bringing it to conformity with international accounting standards. Auditor changes classification of some sums, which concern with previous years, with the purpose of correspondence of statement presenting in the year 2002.

The company possesses 50% share in joint enterprise "Satpayevsk Titanium Mines Ltd".

The company's paid authorized capital (KZT21,582 th.) has been reflected by the auditor taking into account correction on inflation in the amount of KZT2,439 th.

In the auditor's opinion the financial statement in all significant aspects for sure reflects financial condition of UKTMC OJSC as of December 31, 2002, results of its activity and cash flow for the year, which ended by the same date, in compliance with international accounting standards.

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

[2003-06-04]