Auditor's report on consolidated financial statements of Astana-finance JSC (Kazakhstan) for 2004

/IRBIS, Galina Tsalyuk, April 21, 05/ - Astana-finance JSC (Almaty) , whose securities are circulating in the official "A" listing category Kazakhstan stock exchange Inc. (KASE), has presented to KASE auditor's report, which was made by Deloitte & Touche (Almaty) on the company's consolidated financial statements for 2004, prepared in compliance with international accounting standards (IAS). According to auditor's report the result of the company's consolidated financial and economic activity as of December 31, 2004 is as follows (th. KZT, unless otherwise indicated): ----------------------------------------------------------- As of As of Indicator Dec 31, 03 Dec 31, 04 ------------------------------------- ---------- ---------- Authorized capital (paid) 1,876,343 1,828,675 Weighted average shares, units 1,876,343 1,828,675 Shareholders' equity 2,447,162 2,633,586 Total assets 21,388,463 31,404,227 Loans to clients (net) 6,011,114 10,602,991 Floatations and loans to banks (net) 805,655 936,426 Building objects 4,932,473 6,894,011 Accounts receivable (net) 4,359,778 5,503,924 Total liabilities 18,516,178 28,247,825 Borrowed loans (excluding bonds) 8,934,415 14,730,775 Issued bonds 5,195,150 7,505,470 Accounts payable 4,257,149 5,597,635 Net interest income before reserves 441,962 254,000 Net non-interest income 2,235,731 2,854,979 Operational expenses 1,934,396 2,310,541 (Formation)/reimbursement of reserves (242,674) (177,858) Net income 249,907 324,110 Earnings per share, KZT* 133.19 177.24 ------------------------------------- ---------- ---------- Calculated by auditor's data: ------------------------------------- ---------- ---------- Return on equity (ROE), % 10.21 12.31 Return on assets (ROA), % 1.17 1.03 Price-earnings ratio (P/E), % - 5.64 Book value of one share, tenge* 1,304.22 1,440.16 ----------------------------------------------------------- * - calculated by auditor per weighted average number of shares. Audit was conducted by Deloitte & Touche in compliance with international auditing standards. The consolidated financial statement was correspondingly corrected in order to bring it in conformity with IAS. The consolidated financial statement comprises financial statement of Astana-finance JSC and following daughter companies, in which the company owns 50% and more of total number of floated shares or has 100% stake of participation (hereinafter - Group): Atyrau-Nedvizhimost OJSC (Atyrau, building, 100.0%), Kymis-Kaskyr LLP (Astana, protection services, 100.0%), Standard Leasing Corporation (Astana, leasing operations, 100.0%), Astana-Nedvizhimost JSC (Astana, building, 80.0%), Astana Gas Service JSC (Astana, natural gas sale, 91.35%), Akzhaiyk-Nedvizhimost JSC (Uralsk, building, 70.0%), AREK CJSC (Akmola oblast, transfer and distributing of electrical power, 50.39%) and Ecoton + OJSC (Astana, production of building materials, 50.0%). In the opinion of Deloitte & Touche the consolidated financial statement for sure in all essential aspects represents the financial position of the Group as of December 31 of 2004, and also results of its activity and cash flow for the year, which ended by this date, in compliance with IAS. [2005-04-21]