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):
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Indicator 2002 2003
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Issued authorized capital (paid-up excluding withdrawn) 2,161,062 2,161,062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
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It's been calculated according to auditor's data:
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Return on sales (ROS), % 81.82 78.86
Return on equity (ROE), % 64.78 74.23
Return on assets (ROA), % 28.23 31.01
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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]