Auditor's report on financial statement of GLOTUR JSC (Kazakhstan) for year 2004

/IRBIS, Galina Tsalyuk, May 18, 04/ - GLOTUR JSC (Almaty), whose securities are circulating in Kazakhstan stock exchange's (KASE) official "А" listing category, has presented to KASE auditor's report of BDO Kazakhstanaudit LLP (Almaty) made on company's financial statement for year 2004 prepared in compliance with Kazakhstan accounting standards (KAS). According to audited data consolidated result of company's financial and economic activity as of December 31 of 2004 is as follows (th. KZT, unless otherwise specified): -------------------------------------------------------------- as of as of Indicator Dec 31, 03 Dec 31, 04 -------------------------------------- ---------- ---------- Authorized capital (paid) 100 354,227 Shareholders' equity 2,279 1,323,109 Assets, total 210,337 2,411,122 Net working capital 66,273 119,937 Accounts receivable 59,050 780,625 Liabilities, total 208,058 1,088,013 Borrowed loans - 34,312 Accounts payable 207,276 1,048,560 Sales volume 1,487,355 3,799,443 Cost of goods sold 1,404,452 3,497,861 Net income of the period 2,217 11,214 -------------------------------------- ---------- ---------- Calculated by audited data: -------------------------------------- ---------- ---------- Return on sales (ROS), % 5.57 7.94 Return on equity (ROE), % 97.28 0.85 Return on assets (ROA), % 1.05 0.47 Earnings per 1 common share (EPS), KZT 22,170.00 31.66 Book value of 1 share, KZT 22,790.00 3,735.20 -------------------------------------------------------------- Audit of company's financial statement for year 2004 was performed by BDO Kazakhstanaudit LLP in compliance with international auditing standards. In auditor's opinion financial statement gives and impartial and reliable picture of company's financial condition as of December 31 of 2004, results of its financial and economic activity and cash flow and changes in equity capital for the period, which ended by the mentioned date, in compliance with KAS. Company's primary activities - production, sale and service of computing, telecommunication and other systems; development, designing, set up and introduction of software tools, telecommunication systems; system integration; working up and realization of projects "turnkey"; consultations and teaching; wholesale-retail trade; dealing and distributing; electronic and other equipment rolling and teaching its usage instructions, other activities. [2005-05-18]