Auditor's report on financial statement of AES Ust-Kamenogorsk HS JSC (Kazakhstan) for year 2004

/IRBIS, Galina Tsalyuk, June 29, 05/ - AES Ust-Kamenogorsk HS JSC (Ust-Kamenogorsk), whose bonds are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report made by Deloitte & Touche (Almaty) on the company's financial statement for year 2004 prepared in compliance with Kazakhstan accounting standards (KAS). Result of the company's financial and economic activity in year 2004 is as follows, based on audited statement (th. KZT, unless otherwise specified): --------------------------------------------------- as of as of Indicator Dec 31, 03 Dec 31, 04 --------------------------- ---------- ---------- Authorized capital (paid) 2,922,546 2,922,546 Shareholders' equity 4,186,774 4,673,381 Total assets 5,133,950 5,606,155 Net working capital 326,733 437,848 Accounts receivable 347,730 301,452 Liabilities, total 947,176 932,774 Floated bonds 598,396 603,062 Accounts payable 288,040 205,235 Sales volume 3,297,414 3,305,769 Cost of goods sold 2,591,825 2,594,816 Net income for the year 426,180 403,311 --------------------------- ---------- ---------- Calculated by audited data: --------------------------- ---------- ---------- Return on sales (ROS), % 21.40 21.51 Return on assets (ROA), % 8.30 7.19 Return on equity (ROE), % 10.18 8.63 --------------------------------------------------- Audit of the company's financial statement for year 2004 was made by Deloitte & Touche in compliance with Kazakhstan and international 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 of 2004, results of activity and cash flow for the year, which ended by the mentioned date, in compliance with KAS. Company's primary activities - production of electrical energy, production of heat energy, purchase of electrical energy for sale, designing, assembling, servicing of fire-guard signaling means; educational services for special preparing of security guards. [2005-06-29]