Audited financial statements of Charaltyn JSC (Kazakhstan) for 2003

/IRBIS, Galina Tsalyuk, September 29, 04/ - Karazhanbasmunai OJSC (Semipalatinsk), whose bonds are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, presented KASE auditor's report compiled by KPMG Janat (Almaty) on the company's financial statement for 2003. Audit was compiled according to international financial reporting standards. 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) 916,860 2,974,298 Shareholders' equity 917,831 1,617,723 Total assets 3,150,679 3,613,000 Net working capital -19,385 -201,405 Accounts receivable (net) 670,947 622,254 Liabilities, total 2,232,848 1,995,277 Accounts payable 80,601 821,115 Attracted credits 2,151,212 1,098,872 Sales volume 0 1,952,324 Cost of goods sold 0 1,472,699 Net income 6,841 11,053 Base and watered income per share, KZT 1.34 0.01 ------------------------------------------------- --------- --------- It's been calculated according to auditor's data: ------------------------------------------------- --------- --------- Return on sales (ROS), % - 24.57 Return on equity (ROE), % 0.75 0.68 Return on assets (ROA), % 0.22 0.31 Price earning ratio (P/E) - 437.50 Book value of a share, KZT 1.00 0.54 ----------------------------------------------------------------------- Audit of the company's financial statement was made in compliance with international auditing standards. Financial statements of the company and affiliated entities (the Group) were corrected in order to fulfill requirements of international financial reporting standards. Consolidated statements of the Group includes statements of Charaltyn JSC and two daughter companies with 100% participation stake: Dank LLP (gold production) and ASK LLP (commercial branch). Auditor reports that in 2002 the Group purchased control stake in "Char gold ore deposit" and reflected this deal in accounting statement at a true estimated cost (date of purchase) - KZT 1,515,969 thousand. Auditor has had no possibility to confirm true cost of the asset as of purchase date or any other date. Thus, auditor was not able to define precise value of capital costs of development of the deposit. In the auditor's opinion beside influence of the above-mentioned factors financial statements of the Group exactly in all essential aspects reflects the company's financial condition as of December 31, 2003, results of its financial and economic activity and cash flow for the year, which ended by the mentioned date. Company's primary activities - exploration works, extraction and testing of precious metals, including gold; purchasing, collection, processing and sale of geological and other information not prohibited by the legislation of the Republic of Kazakhstan, and other. [2004-09-29]