Auditor's report on financial statement of Temirbank JSC (Kazakhstan) for 2003

/IRBIS, Galina Tsalyuk, May 5, 04/ - Temirbank JSC (Almaty), whose securities are circulating in the official "А" listing category of Kazakhstan stock exchange Inc. (KASE), has presented to KASE auditor's report made by PriceWaterhouseCoopers (Almaty), which was made on the bank's consolidated financial statement for 2003 prepared in compliance with international accounting standards (IAS). Result of the bank's consolidated financial and economic activity as of December 31 of 2002 and 2003 is presented by the following indexes (th. KZT, unless otherwise specified): ------------------------------------------------------------------ Indicator 2002 2003 ------------------------------------------ ---------- ---------- Authorized capital (paid) 1,900,000 3,077,500 Shareholders' equity 2,930,735 4,398,452 Total assets 22,891,880 28,818,895 Total of liquid assets 6,133,174 10,312,643 Offerings and loans to banks (net) 3,123,065 3,875,443 Loans and advances to clients (net) 15,370,579 16,589,865 Liabilities, total 19,961,145 24,420,443 Issued bonds 1,664,588 1,982,288 Indebtedness to banks 6,147,581 8,774,189 Indebtedness to clients 10,214,482 12,178,559 Total revenues 4,015,046 4,501,922 Total expenses 3,733,641 4,211,505 Net profit 281,405 290,417 ------------------------------------------ ---------- ---------- Calculated according to audited statement: ------------------------------------------ ---------- ---------- Return on equity (ROE), % 9.60 6.60 Return on assets (ROA), % 1.23 1.01 Book value of one share, KZT 1,542.49 1,429.23 Earnings per share (EPS), KZT* 148.84 94.68 Price earnings ratio (Р/Е) 6.72 10.72 ------------------------------------------------------------------ Earnings per share (EPS) and price earning ratio (P/E) for 2003 have been calculated without dividends on privileged shares, which had not been determined by auditing date. 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 IAS. The bank's consolidated financial statement comprises financial statement of daughter companies, in which the bank owns 100% of issued shares: - Temir Capital B.V. (Rotterdam, Netherlands), 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 2003, and also consolidated results of its activity and cash flow for the year, which ended by the mentioned date, in compliance with IAS. [2004-05-05]