Auditor's report on financial statement of Pavlodar Petrochemical plant JSC (Kazakhstan) for year 2004

/IRBIS, Galina Tsalyuk, July 4, 05/ - Pavlodar Petrochemical plant JSC (Pavlodar, hereinafter - company), whose common shares are included in the official "A" listing category of Kazakhstan stock exchange (KASE), has presented to KASE auditor's report made by KPMG Janat (Almaty) on the bank's financial statement for 2004, which was prepared in compliance with Kazakhstan accounting standards (KAS). Result of the bank's financial and economic activity in year 2004 is as follows, in accordance with audited statement (th. KZT, unless otherwise specified): -------------------------------------------------------- As of As of Indicator Dec 31, 03 Dec 31, 04 -------------------------------- ---------- ---------- Authorized capital (paid) 6,510,000 6,510,000 Shareholders' equity 6,881,207 7,009,681 Total assets 10,487,029 10,094,402 Net working capital 4,161,078 5,369,729 Accounts receivable 1,179,285 1,642,265 Advance payment on rent 1,497,110 45,707 Liabilities, total 3,605,822 3,084,721 Accounts payable 3,506,856 2,946,383 Volume of sales 25,387,303 20,177,410 Prime cost of sales 23,172,754 19,192,226 Net income for the year 114,633 128,474 -------------------------------- ---------- ---------- Calculated by audited statement: -------------------------------- ---------- ---------- Return on sales (ROS), % 8.72 4.88 Return on equity (ROE), % 1.67 1.83 Return on assets (ROA), % 1.09 1.27 Earnings per share (EPS), KZT 17.61 19.73 Book value of one share, KZT 1,057.02 1,076.76 -------------------------------------------------------- Audit of company's financial statement for 2004 was conducted by KPMG Janat in compliance with international auditing standards. In audit report of KPMG Janat written, that company's financial statement insufficiently opens its operations with connected parties. In the opinion of KPMG Janat, except above in the previous paragraph, financial statement in all essential aspects gives authentic notion about the company's position as on December 31, 2004, results of its activity and cash flow for the year, ended by the mentioned date, in compliance with KAS. Company's primary activities - petroleum refining, production and sale of oil products; designing and building of communication objects and power engineering objects; development and realization of scientific-technical projects in the sphere of informatization, communications, transport and power engineering; production and sale of chemically refined and desalted water, oxygen; building and repair-construction works. [2005-07-04]