JPMorgan - KASE

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Hurricane Hydrocarbons Ltd. Consolidated statements of income and deficit years ended December 31st (expressed in thousands of U.S. $) 2001 2000 1999 Revenue Crudeoil ............................................................ 252,981 301,216 153,047 Refinedproducts ..................................................... 328,958 203,728 — Processing fees ....................................................... 11,008 11,884 — Interestandotherincome ............................................. 10,109 6,373 2,196 603,056 523,201 155,243 Expenses Production ........................................................... 43,040 35,302 34,443 Royalties ............................................................ 35,504 33,709 16,652 Transportation ....................................................... 50,237 25,152 17,016 Refining ............................................................. 20,562 12,583 2,197 Crude oil and refined product purchases ................................. 78,788 48,100 — Selling .............................................................. 19,277 7,728 — General and administrative ............................................ 55,204 44,565 35,039 Interestandfinancingcosts ............................................ 19,530 18,708 23,874 Depletion and depreciation ............................................ 34,254 14,680 4,991 Foreign exchange loss (gain) ........................................... 1,453 (2,266) 7,647 357,849 238,261 141,859 Income before unusual items ........................................... 245,207 284,940 13,384 Unusual items Defense costs related to potential takeover .............................. 5,546 — — Gain recognized on sale of assets ....................................... — — (12,800) Waiver fees and debt restructuring costs ................................. — 20,373 — Income before income taxes ........................................... 239,661 264,567 26,184 Income taxes (Note 14) ................................................ Current provision ..................................................... 79,679 100,708 17,671 Futureincometax .................................................... (11,285) (1,051) — 68,394 99,657 17,671 Net income before minority interest ................................. 171,267 164,910 8,513 Minority interest ...................................................... 1,927 9,980 — Net income ......................................................... 169,340 154,930 8,513 Deficit, beginning of year ........................................... (18,887) (192,827) (201,286) Common share dividends (Note 12 and 13 h) ............................. (209,168) — — Premium on redemption of series 5 warrants (Note 13 b) .................. (7,626) — — Futureincometaxrestatement(Note1) ................................. — 19,061 — Preferred share dividends .............................................. (25) (51) (54) Deficit, end of year ................................................. (66,366) (18,887) (192,827) Basicnetincomepershare(Note17) .................................... 2.12 2.19 0.19 Dilutednetincomepershare(Notes1and17)............................ 2.02 2.12 0.19 F-21
Hurricane Hydrocarbons Ltd. Consolidated balance sheets as at December 31st (expressed in thousands of U.S. $) 2001 2000 Assets Current Cash and cash equivalents ........................................................ 64,812 59,298 Accounts receivable (Note 7) ...................................................... 52,287 35,714 Inventory (Note 8) ............................................................... 29,946 20,808 Prepaid expenses ................................................................ 17,319 10,230 Current portion of future income tax assets (Note 14) ................................ 5,766 4,540 170,130 130,590 Long term investments (Note 5) ....................................................... 40,000 — Futureincometaxassets(Note14) .................................................... 29,444 19,470 Capitalassets(Note9) ............................................................... 332,896 264,466 Total assets ....................................................................... 572,470 414,526 Liabilities Current Accounts payable and accrued liabilities ............................................ 48,758 59,802 Short term debt (Note 10) ........................................................ 52,557 1,000 Prepayments for crude oil and refined products ..................................... 7,422 11,974 Debtandaccruedinterest(Notes2and11) ......................................... — 24,006 108,737 96,782 Long-term debt (Note 12) ............................................................ 277,767 82,048 Provision for future site restoration costs ............................................... 3,148 1,750 Future income tax liability (Note 14) ................................................... 24,988 25,075 414,640 205,655 Minority interest .................................................................... 25,599 23,724 Preferredsharesofsubsidiary ......................................................... 91 104 Shareholders’ Equity Share capital (Note 13) ........................................................... 198,506 203,930 Deficit ......................................................................... (66,366) (18,887) 132,140 185,043 Total liabilities and shareholders’ equity ........................................... 572,470 414,526 APPROVED BY THE BOARD OF DIRECTORS (signed) BERNARD ISAUTIER Director (signed) ROBERT KAPLAN Director F-22
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Offering Circular Hurricane Finance
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Moscow RUSSIA SAMARA Ufa OMSK RUSSI
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Š Š you have made certain acknowl
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Unless otherwise indicated, all ref
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Notice to New Hampshire Residents N
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Offering Memorandum Summary This su
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have a network of sales, storage an
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Š our QAM pipeline construction pr
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a senior intercompany loan to HKM.
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Organizational Structure The follow
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Nine Months Ended Year Ended Decemb
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Year Ended December 31, 2001 Nine M
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construction of the plant, anticipa
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Inadequate infrastructure could adv
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fully prohibit us from doing so. In
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Kazakhstan’s foreign investment,
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subsoil user and the Kazakhstani go
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In general, estimates of economical
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thereon and any other amounts owed
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Selected Historical Consolidated Fi
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Management’s Discussion and Analy
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(11,642 tonnes per day) in Septembe
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Adoption of Certain Accounting Stan
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The following table sets out the so
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The total royalty and tax expense f
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perform a quarterly ceiling test. T
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The increase in FCA differentials p
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In addition, we incurred production
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plan. The CCAA plan was implemented
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Royalties Royalties increased from
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Cash is managed centrally through t
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Š completion of the gas utilizatio
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Competitive Strengths We believe th
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Š refurbishing and recommissioning
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The daily business of Kazgermunai i
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Kumkol North. We have a 50% interes
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are currently five producing wells.
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Estimated Reserves and Present Wort
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The following table sets forth a re
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The following tables show our avera
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amended in April 1999, required Kaz
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price we paid for the shares of HKM
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expenditures or investments. The ag
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Several investments with high profi
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In addition, we have opened new rou
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On January 8, 2003, the President o
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As a result of these discussions, H
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Management Directors and Senior Man
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and managerial positions. In 1992,
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approved by our shareholders in Nov
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Related Party Transactions Set fort
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Indebtedness of Directors and Senio
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Prepayments HKM may voluntarily pre
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guarantees any Indebtedness of an O
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will also (i) make such withholding
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The Change of Control Offer will re
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shown on the most recent balance sh
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(a) no Default or Event of Default
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Disqualified Stock and will not per
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transaction are at least equal to t
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in HKM or HOP respectively, from th
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Restricted Subsidiary sell, assign,
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(2) reduce the rate of interest on
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Issuer may, at its option and at an
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(g) waive a redemption payment with
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issue date of the Notes within the
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Exchange of Global Notes for Defini
Page 135 and 136: Luxembourg or their respective dire
Page 137 and 138: the Company or to a Guarantor, (e)
Page 139 and 140: “Consolidated Net Income” means
Page 141 and 142: excluded, and (iii) the Fixed Charg
Page 143 and 144: shall be deemed to make an “Inves
Page 145 and 146: or is liquidated into, the Company
Page 147 and 148: Value, as appropriate, of such prop
Page 149 and 150: “Wholly Owned Restricted Subsidia
Page 151 and 152: Sale, Redemption or Retirement of t
Page 153 and 154: Tax on Income and Capital Gains A h
Page 155 and 156: Plan of Distribution Subject to the
Page 157 and 158: Pre-Issue Trades Settlement It is e
Page 159 and 160: Regulation S Notes By purchasing no
Page 161 and 162: The issuer’s principal activities
Page 163 and 164: Lengesskoe Shosse, Shymkent, Yuzhna
Page 165 and 166: 4 The issue of the notes was author
Page 167 and 168: Hurricane Hydrocarbons Ltd. Interim
Page 169 and 170: Hurricane Hydrocarbons Ltd. Interim
Page 171 and 172: 3 months ended September 30, 2002 U
Page 173 and 174: 3 months ended September 30, 2001 U
Page 175 and 176: 9 months ended September 30, 2001 T
Page 177 and 178: Repayment Long term debt principal
Page 179 and 180: 14 Net Income Per Share The income
Page 181 and 182: accordingly no compensation cost ha
Page 183 and 184: Management’s Report All informati
Page 185: Comments by auditor for U.S. reader
Page 189 and 190: Hurricane Hydrocarbons Ltd. Notes t
Page 191 and 192: accordance with current legislation
Page 193 and 194: In addition the Corporation has now
Page 195 and 196: Upstream Downstream Eliminations Co
Page 197 and 198: The crude oil sales elimination of
Page 199 and 200: The Canadian Notes contained certai
Page 201 and 202: Interest expense Interest expense f
Page 203 and 204: 14 Income Taxes The Corporation and
Page 205 and 206: investments or other items that may
Page 207 and 208: 19 Related Party Transactions Durin
Page 209 and 210: Consolidated Balance Sheets The app
Page 211 and 212: Legal Proceedings The Corporation h
Page 213 and 214: Non-FCA sales ................ Oil
Page 215 and 216: APPENDIX B: The Republic of Kazakhs
Page 217 and 218: Under the Constitution, the Preside
Page 219 and 220: International Organizations and Int
Page 221 and 222: The Kazakhstan Economy Overview Kaz
Page 223 and 224: Principal Sectors of the Economy Hi
Page 225 and 226: Oil and Gas For Oil and Gas see Ann
Page 227 and 228: Public Finance Introduction Fiscal
Page 229 and 230: The exchange rate regime adopted in
Page 231 and 232: The following table sets forth data
Page 233 and 234: (This page has been left blank inte
Page 235 and 236: Exports General In 2001, the export
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‰ preparing and implementing new
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THE ISSUER Hurricane Finance B.V. S
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