Auditor's report on financial statement of KRTD ZANGAR OJSC (Kazakhstan) for 2003

/IRBIS, Galina Tsalyuk, May 7, 04/ - KRTD ZANGAR OJSC (Almaty), whose securities are circulating in the official B listing category of Kazakhstan stock exchange Inc. (KASE), has presented to KASE auditor's report made by Deloitte & Touche (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) 8,326 233,923 Total assets 5,378,387 5,359,162 Equity capital 1,502,108 1,878,106 Net working capital -241,766 -309,806 Accounts receivable 3,335,390 3,486,337 Liabilities, total 3,876,279 4,573,619 Attracted loans 3,436,710 3,128,821 Accounts payable 266,048 183,751 Sales volume 1,057,179 1,099,298 Cost of goods sold 258,424 225,006 Net profit 262,268 396,388 ------------------------------------------ --------- --------- Calculated according to audited statement: ------------------------------------------ --------- --------- Return on sales (ROS), % 75.56 79.53 Return on equity (ROE), % 17.46 21.11 Return on assets (ROA), % 4.88 7.40 Earnings per share (EPS), KZT* 349.53 19.91 Book value of one share, KZT 1,804.14 80.29 ---------------------------------------------------------------- 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 Deloitte & Touche 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: - Zangar Securities LLP, Zangar Service LLP (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. Operating activity - lease of commercial premises, wholesale and retail trade activity. [2004-05-07]