/IRBIS, Galina, Tsalyuk, July 1, 04/ - KazTransOil JSC (Astana) has presented to KASE the auditor's report made by Ernst & Young (Almaty) on the company's consolidated financial statement for 2003, which was made in compliance with Kazakhstan accounting standards (KAS).

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

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Indicator 2002 2003

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Authorized capital (paid)          32,884,575   32,884,575
Shareholders' equity              138,731,637  146,190,935
Total assets                      183,482,412  188,665,966
Net working capital                51,732,764   41,351,322
Accounts receivable (net)          13,149,272   10,083,030
Total liabilities                  44,750,775   42,475,031
Borrowed loans (excluding bonds)    3,216,658    2,129,574
Accounts payable                    9,856,496   14,468,102
Bonds issued                       28,008,000   21,633,000
Income from sales                  54,168,714   58,424,521
Cost of goods sold                 28,955,088   33,328,722
Net income                         13,737,595    9,303,647
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Calculated According to audited statement:
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Return on sales (ROS), %                46.55        42.95
Return on equity (ROE), %                9.90         6.36
Return on assets (ROA), %                7.49         4.93
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Audit of the company's financial statement was made by Ernst & Young in compliance with Kazakhstan auditing standards.

The financial statement for the year 2003 comprises financial statements of KazTransOil JSC and belonging to it by 100% subsidiary company KTO Service CJSC, which was founded by KazTransOil JSC in 2003.

In the auditor's opinion, the consolidated financial statement represents the impartial and objective picture about the company's consolidated financial condition as of December 31 of 2003, consolidated revenues and expenditures and cash flow for the year, which ended by this date, in compliance with KAS.

Company's primary activities: rendering services on oil transportation, including oil transportation by pipeline, sea and railway traffic, and services on transportation of products of oil refining and water through the system of own pipelines, services on unload and load of oil products.

[2004-07-01]