Auditors' report on consolidated financial statements of KAZKOMMERTSBANK OJSC (Kazakhstan) for 2002

/KASE, April 26, 04/ - KAZKOMMERTSBANK OJSC (Almaty), whose securities are circulating in Kazakhstan stock exchange's (KASE) official "А" listing category, presented KASE auditors' report prepared by Deloitte (Almaty) on the bank's consolidated financial statements for 2002. Financials for 2002 were prepared in compliance with International Financial Reporting Standards (IFRS). According to the auditor's data, the following describes bank's financial position and results of its activities as of December 31 of 2002 and 2003 (in th. KZT, unless otherwise specified): ------------------------------------------------------------------------- Index 2001 2002 ------------------------------------------------- ----------- ----------- Issued authorized capital (paid) 3,499,688 4,018,930 Weighted average issued shares, units 294,182,278 325,817,299 Shareholders equity 32,065,788 45,578,892 Total assets 274,761,298 434,241,157 Sum of liquid assets 91,955,095 141,362,097 Issues and loans to clients (net) 175,248,585 283,062,443 Issues and loans to banks (net) 43,451,143 38,582,824 Indebtedness before banks 242,614,270 383,957,640 Indebtedness before clients 54,662,867 76,221,919 Bonds issued 141,371,975 151,589,416 Revenues from operating activity 30,316,786 98,233,366 Operating expenses 17,506,245 20,518,614 Net income 7,955,983 8,969,071 ------------------------------------------------- ----------- ----------- It's been calculated according to auditor's data: ------------------------------------------------- ----------- ----------- Return on equity (ROE), % 24.88 19.22 Return on assets (ROA), % 2.90 2.02 Earnings per share (EPS), KZT* 25.94 25.89 Book value of one share, KZT* 109.00 139.89 ------------------------------------------------------------------------- * - calculated as weighted average number of shares. Deloitte audited statements in compliance with International Standards on Auditing. Accounting journal entries and accounts of bank's foreign subsidiaries were correspondingly corrected in order to bring it in compliance with international accounting standards. The bank's consolidated financial statements comprises financial statements of the following daughter companies in which the bank owns 100% stake of issued shares: Kazkommerts Securities OJSC (Almaty, brokerage house), Kazkommerts Invest JSC (Almaty, financial services), Kazkommerts International B.V. (Rotterdam, the Netherlands, SPV for borrowing capital at international capital markets), as well as IC Kazkommertspolis OJSC (Almaty, insurance. 65.0% of shares issued), Kazkommertsbank Kyrgyzstan (Bishkek, banking activity, 73.97% of shares issued). Financial statements of bank's daughter companies Kazkommerts Capital - 2 B.V. and Kazkommerts Finance B.V. were ignored in consolidation of group's financial statements because of immateriality of operations. In the auditor's opinion, the consolidated financial statement exactly in all significant aspects reflects consolidated financial position of KAZKOMMERTSBANK OJSC and its consolidated daughter companies as of December 31 of 2002 and 2003, consolidated results of their activity and cash flow for each year, which ended by the mentioned dates, in compliance with IFRS. [2004-04-26]