JPMorgan - KASE
JPMorgan - KASE JPMorgan - KASE
To the Shareholders of Hurricane Hydrocarbons Ltd. Independent auditors’ report We have audited the consolidated balance sheets of Hurricane Hydrocarbons Ltd. (the “Corporation”) as at December 31, 2001 and 2000, and the consolidated statements of income and deficit and cash flow for each of the three years in the period ended December 31, 2001. These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on these financial statements based on our audits. With respect to the consolidated financial statements for the year ended December 31, 2001 and 2000 we conducted our audits in accordance with Canadian generally accepted auditing standards and United States generally accepted auditing standards. With respect to the consolidated financial statements for the year ended December 31, 1999, we conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Corporation as at December 31, 2001 and 2000, and the results of its operations and cash flows for each of the three years ended in the period December 31, 2001 in accordance with generally accepted accounting principles in Canada. (signed) Deloitte & Touche Almaty, Kazakhstan February 28, 2002, except for Note 22, as to which the date is June 27, 2002 F-19
Comments by auditor for U.S. readers on Canada-U.S. reporting differences To the Shareholders of Hurricane Hydrocarbons Ltd. In the United States, reporting standards for auditors require the addition of an explanatory paragraph (following the opinion paragraph) when there is a change in accounting principles that has a material effect on the comparability of the Corporation’s financial statements, such as the change described in Note 1 to the financial statements. Our report to the shareholders dated February 28, 2002 is expressed in accordance with Canadian reporting standards, which do not require a reference to such a change in accounting principles in the auditor’s report when the change is properly accounted for and adequately disclosed in the financial statements. (signed) Deloitte & Touche Almaty, Kazakhstan February 28, 2002, except as to Note 22, as to which the date is June 27, 2002 F-20
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Comments by auditor for U.S. readers on Canada-U.S.<br />
reporting differences<br />
To the Shareholders of<br />
Hurricane Hydrocarbons Ltd.<br />
In the United States, reporting standards for auditors require the addition of an explanatory<br />
paragraph (following the opinion paragraph) when there is a change in accounting principles<br />
that has a material effect on the comparability of the Corporation’s financial statements, such as<br />
the change described in Note 1 to the financial statements. Our report to the shareholders dated<br />
February 28, 2002 is expressed in accordance with Canadian reporting standards, which do not<br />
require a reference to such a change in accounting principles in the auditor’s report when the<br />
change is properly accounted for and adequately disclosed in the financial statements.<br />
(signed)<br />
Deloitte & Touche<br />
Almaty, Kazakhstan<br />
February 28, 2002, except as to Note 22, as to which the date is June 27, 2002<br />
F-20
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