Audited financial statement of NAC Kazatomprom (Kazakhstan) for 2002
/KASE, August 21,03/ - NAC Kazatomprom (Almaty), whose bonds are circulating in Kazakhstan stock exchange's (KASE) official list under "А" category, has presented KASE auditor's report, which was made by KMPG Janat (Аlmaty) on the company's consolidated financial statement for 2002.
According to audited financial statement the result of the company's financial and economic activity as of December 31, 2002 is as follows (in th. KZT, unless otherwise indicated):
--------------------------------------------------------------- Indicator 2001 2002 --------------------------------------- ---------- ---------- Paid authorized capital 3,373,136 3,373,136 Shareholders' equity 38,517,282 39,579,313 Total assets 53,712,271 50,684,356 Net working capital 29,117,191 28,265,049 Accounts receivable (net) 12,423,662 9,723,313 Total liabilities 10,923,719 6,867,693 Credits attracted 6,776,633 1,662,256 Accounts payable 2,821,013 3,590,812 Sales (services offered) 20,211,252 23,822,816 Cost of goods sold 13,047,629 17,094,520 Net income 6,976,472 4,481,326 --------------------------------------- ---------- ---------- It's been calculated by auditor's data: --------------------------------------- ---------- ---------- Return on sales (ROS), % 35.84 28.24 Return on equity (ROE), % 18.11 11.32 Return on assets (ROA), % 12.99 8.84
Audit of the company's financial statement, which was prepared in compliance with Kazakhstan accounting standards, was conducted by KPMG Janat in compliance with international auditing standards.
The Group's consolidated financial statement comprises financial statement of NAC Kazatomprom and the 10 daughter companies: UMZ OJSC (producing of uranium, tantalum and beryllium production, share of participation - 90.0%), Volgovgeologiya OJSC (exploration works, 90.0%). Mashzavod LLP (mechanical engineering, 90.0%), Ulba-geologiya LLP (exploration works, 54.0%), IVT LLP (cultivating the concept of developing of the uranium-minning industry in Kazakhstan, finding solutions to scientific, technical, technological and environmental problems, 95%), Lunnyi Svet LLP (Dom Kultury, 46%), MCS-2 LLP (medical assistance, 47%), among foreign - GeoTekhnologiya J.V. (Kyrgyzstan, professional personnel training for the enterprises engaged in mining and processing of mineral resources, training on radio-active and nuclear safety, providing IAEA guarantees, creation and modernization of contemporary methodologies, information technologies and programs applicable to geotechnology of pore underground leaching and geological - geophysical servicing of enterprises, 50%), UKR-TVS CJSC (the Ukraine, joint producing of competitive nuclear fuel for reactor facility of VVER-1000 type for Ukrainian atomic stations, 33.3%), BerylliUm LLP (Russia, production and sale of rolled metal and other non-ferrous metal produces, 45%).
It is noted in the auditor's report that if the Group had calculated its uranium production inventory, acquired before January 1st , 2000 and then revaluated at market price as of January 1st, 2000, using the lowest of the revaluated values and net cost of sales, the mentioned inventory and revaluation of uranium deposits account as of December 31, 2002 would have been lowered by KZT2.8 bn.
In auditor's opinion, except for the influence of the question cited above, the consolidated financial statement exactly in all significant aspects reflects the Group's financial situation by December 31, 2002, and the 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 and other regulative executive legislation that control issuer's activity.
Without carrying in reservations in his opinion, auditor also notes that according to the letter of the Minister of Finance of the Republic of Kazakhstan, the Group disclosed the treatment of the revaluation capital as a part of sold production in the report about financial and economic activity, whereas, as a general rule, this reserve is treated as a movement in capital accounts (Disclosure note #19 to consolidated financial statemnts). If the Group had treated revaluation capital as movement in capital accounts, then net would have been lowered by 3.4 bn tenge.
Principal activity of the company - fulfilling of functions of the national operator on export and import of uranium its compounds, nuclear fuel for atomic power stations, special equipment and technologies, materials of double usage.
[2003-09-12]