Auditor's report on financial statement of Aluminium of Kazakhstan JSC for year 2004

/IRBIS, Galina Tsalyuk, September 2, 05/ - Aluminium of Kazakhstan JSC (Pavlodar), whose shares are circulating in Kazakhstan stock exchange's (KASE) official "B" listing category, has presented to KASE auditor's report of Global Audit LLP (Almaty) made on the company's financial statement for year 2004, which was prepared in compliance with Kazakhstan accounting standards (KAS). According to auditor's data result of the company's financial and economic activity for year 2004 is as follows (th. KZT, unless otherwise indicated): ---------------------------------------------------------- as of as of Indicator Dec 31, 03 Dec 31, 04 ---------------------------------- ---------- ---------- Authorized capital (paid) 5,834,811 5,834,811 Shareholders' equity 27,114,213 32,777,823 Total assets 33,678,313 38,442,107 Net working capital 10,977,478 12,246,916 Accounts receivable 7,647,410 7,803,881 Total liabilities 6,564,100 5,664,284 Accounts payable 2,317,194 2,147,613 Borrowed loans (including leasing) 3,850,674 3,374,000 Sales volume 31,022,066 38,175,365 Cost of goods sold 22,896,354 26,032,381 Net income for the year 3,772,156 5,771,784 ---------------------------------- ---------- ---------- Calculated by audited data: ---------------------------------- ---------- ---------- Return on sales (ROS), % 26.19 31.81 Return on equity (ROE), % 13.91 17.61 Return on assets (ROA), % 11.20 15.01 Earnings per 1 share (EPS), KZT 70.23 105.04 Book value of 1 share, KZT 464.70 561.76 ---------------------------------------------------------- Price earnings ratio (P/E) was not calculated because of absence of market deals in company's shares by the mentioned dates. Audit of the company's financial statement for year 2004 was made by Global Audit LLP in compliance with Kazakhstan auditing standards. In the auditor's opinion the financial statement in all essential aspects gives an impartial and objective description of the company's financial condition as of December 31 of 2004, and also results of its business activity, cash flow and changes in equity capital for year 2004 in compliance with KAS. Company's primary activity - production and sale of aluminum, alumina and fluorides; extraction and concentration raw material containing aluminum; generation of heat and electrical energy. [2005-09-02]