Audited financial statements of ROSA JSC (Kazakhstan) for 2004

/IRBIS, Galina Tsalyuk, May 16, 05/ - ROSA JSC (Pavlodar, the Company), whose securities are circulating in the official "A" listing category of Kazakhstan stock exchange (KASE), provided KASE with auditor's report of Ernst & Young company (Almaty), made on financial statements of the company for 2004, prepared according to international financial reporting standards (IFRS). According to audited financial statements and consolidated results of economic activity of the company as of December 31, 2004 is presented by the following indexes (in th. USD, unless otherwise specified): --------------------------------------------------------------------- Indicator 2003 2004 ------------------------------------------------- --------- --------- Authorized capital (paid minus omitted) 100,000 500,000 Weighted average number of common shares 900,000 2,900,000 Shareholders' equity 1,303,089 1,779,190 Total assets 3,434,932 3,663,338 Net working capital -735,709 740,185 Accounts receivable (net) 513,247 926,627 Liabilities, total 2,131,843 1,884,148 Borrowed loans (including eurobonds) 1,210,939 288,444 Accounts payable 484,586 131,847 Issued bonds - 1,051,886 Volume of sales 1,362,448 1,542,405 Cost of goods sold 844,014 932,740 Net income 29,463 86,101 Basic earnings per share, KZT 21.63 26.24 ------------------------------------------------- --------- --------- It's been calculated according to auditor's data: ------------------------------------------------- --------- --------- Return on sales (ROS), % 38.05 39.53 Return on equity (ROE), % 2.26 4.84 Return on assets (ROA), % 0.86 2.35 Price-Earnings Ration (P/E) - 20.53 Book value of share, KZT 1,303.09 329.48 --------------------------------------------------------------------- Audit was performed by Ernst & Young company according to international standards on audit. In accompanying notes to the financial statement Ernst &Young says: "As discussed in Note 12 to the financial statements, at December 31, 2004, the Company had not been able to meet repayment schedules for certain funds borrowed from ATF Bank. At the same time the Company has not defaulted on coupon payments with respect to issued debt securities". In the opinion of Ernst & Young the financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2004 and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. ROSA JSC produces and markets beer and non-alcoholic beverages in the Republic of Kazakhstan. [2005-05-16]