Audited financial statement of Karazhanbasmunai OJSC (Kazakhstan) for 2003

16.09.04 11:08
/IRBIS, Galina Tsalyuk, September 16, 04/ - Karazhanbasmunai OJSC (Aktau), whose bonds are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report made by Ernst & Young (Almaty) on the company's financial statement for 2003. Result of the company's consolidated financial and economic activity as of December 31, 2003 is presented by the following indexes, in accordance with the auditor's data (in th. KZT, unless otherwise specified): ------------------------------------------------------------------------------- Indicator 2002 2003 ------------------------------------------------------- ---------- ---------- Issued authorized capital (paid-up excluding withdrawn) 2,161,062 2,161,062 Shareholders' equity 14,179,111 17,705,952 Total assets 42,544,828 43,426,370 Net working capital 1,222,600 -1,768,46 Accounts receivable (net) 9,669,807 7,320,376 Liabilities, total 28,365,717 25,720,418 Attracted credits 15,757,877 14,772,242 Accounts payable 2,982,720 4,165,366 Issued bonds 3,112,000 Sales volume 34,754,442 39,935,182 Cost of goods sold 6,317,501 8,443,682 Net income 9,184,929 13,143,786 ------------------------------------------------------- ---------- ---------- It's been calculated according to auditor's data: ------------------------------------------------------- ---------- ---------- Return on sales (ROS), % 81.82 78.86 Return on equity (ROE), % 64.78 74.23 Return on assets (ROA), % 28.23 31.01 ------------------------------------------------------------------------------- Audit of the company's financial statement, which was made in compliance with Kazakhstan accounting standards, was conducted by Ernst & Young in compliance with Kazakhstan auditing standards. In the auditor's opinion the financial statement exactly in all essential aspects reflects the company's financial condition as of December 31, 2002 and 2003, results of its financial and economic activity and cash flow for the year, which ended by the mentioned date, in compliance with Kazakhstan accounting standards. According to notes to auditor report for 2002 financial documentation of Karazhanbasmunai OJSC for 2000-2001 were inspected by the republican tax authorities. By results of the inspection the tax committee of finance ministry filed a suit against the company over additional tax liabilities in amount of KZT 2.9 bn. and fines for KZT 447.3 m. The company has appealed against the suit. As a result, the tax authorities revised climes and lowered them. As of December 31, 2003, tax authorities claimed additional taxes and fine for KZT 880.0 m. The company still disagreed with claimed amounts and continued appeals. The company also considered that it has met all obligations and would win suit in a court. Thus, as of December 31, 2003, no provisions for possible tax suit were created. Company's primary activities: development of oil field Karazhanbas; extraction, preparation, handing over and refining of oil; introduction of thermal methods of oil recovery increasing; building of objects of wells construction and development; crude oil refinement and processing; building of objects of oil preparation; export; marketing and sale of hydrocarbons and hydrocarbon products. [2004-09-16]