/IRBIS, Galina Tsalyuk, May 13, 04/ - 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 (Almaty), performed on the company's financial statements for 2003, prepared in compliance with International Financial reporting Standards (IFRS).

According to audited financial statement the result of the company's financial and economic activity as of December 31, 2003 and 2002 is as follows (in th. KZT, unless otherwise indicated):

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                                             As of     As of
Account                                  Jan 1, 02 Jan 1, 03
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Authorized capital (inflation adjusted)     24,021    24,021
Shareholders' equity                     8,787,887 8,747,302
Total assets                            10,034,624 9,844,528
Net working capital                      2,655,263 2,836,143
Accounts receivable                        685,413   781,424
Total liabilities                        1,246,737 1,097,226
Accounts payable                         1,048,496   936,751
Attracted credits                          198,241   160,475
Sales volume                            10,325,995 8,692,990
Cost of goods sold                       8,054,111 7,836,498
Net income                               1,202,796    82,559
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It's been calculated by auditor's data:
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Return on sales (ROS), %                     22.00      9.85
Return on equity (ROE), %                    13.69      0.94
Return on assets (ROA), %                    11.99      0.84
Book value of one share, KZT              8,143.72  8,106.11
Earnings per share (EPS), KZT             1,225.80    765.07
Price earnings ratio (P/E)                    4.42      5.36
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Audit was performed by Deloitte in compliance with International Standards on Auditing. The company's financial statements were corrected with the purpose of bringing it to conformity with IFRS.

The company maintains 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 IFRS.

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

[2004-05-13]