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Hurricane Hydrocarbons Ltd. Consolidated statements of cash flow years ended December 31st (expressed in thousands of U.S. $) 2001 2000 1999 Cash provided by (used in): Operating activities Netincome ........................................................... 169,340 154,930 8,513 Items not affecting cash: Depletion and depreciation ......................................... 34,254 14,680 2,891 Ceiling test write-down ............................................. — — 2,100 Othernon-cashcharges............................................. 418 907 3,463 Minority interest ................................................... 1,927 9,980 — Futureincometax.................................................. (11,285) (1,051) — Cashflow ............................................................. 194,654 179,446 16,967 Changes in non-cash operating working capital items (Note 18) .............. (48,396) 31,532 28,472 Cash flow from operating activities ...................................... 146,258 210,978 45,439 Financing activities Short term debt ................................................... 51,557 1,000 — Common share dividends (Note 12) ................................... (31,830) — — Redemption of series 5 warrants ..................................... (9,425) — — Redemption of series 5 corresponding convertible securities ............. (3,878) — — Long term debt (Note 18) ........................................... (5,083) (173,860) (907) Change in long term receivables ..................................... — 1,393 — Proceeds from issue of share capital, net of share issuance costs .......... 685 26,743 — Preferred share dividends ........................................... (25) (51) (54) Funds provided by (used in) financing ................................ 2,001 (144,775) (961) Investing activities Capitaladditions................................................... (102,732) (16,977) (15,196) Long term investment (Note 5) ...................................... (40,000) — — Acquisition of ShNOS, net of cash acquired (Note 3) .................... — (37,229) — Cash acquired on proportionate consolidation of Kazgermunai (Note 6) . . — 16,638 — Purchaseofpreferredsharesofsubsidiary............................. (13) (85) — Funds used for investing ................................................ (142,745) (37,653) (15,196) Increase in cash ...................................................... 5,514 28,550 29,282 Cash and cash equivalents position, beginning of year ................ 59,298 30,748 1,466 Cash and cash equivalents position, end of year ...................... 64,812 59,298 30,748 F-23
Hurricane Hydrocarbons Ltd. Notes to consolidated financial statements (expressed in United States dollars, tabular amounts in thousands of dollars) 1 Significant Accounting Policies Principles of consolidation Hurricane Hydrocarbons Ltd. (“Hurricane”, the “Corporation” or the “Company”) is an independent integrated oil and gas corporation, operating in the Republic of Kazakhstan, engaged in the acquisition, exploration, development and production of oil and gas, refining of oil, and the sale of oil and oil products. The consolidated financial statements of Hurricane have been prepared in accordance with generally accepted accounting principles in Canada and include the accounts of the Corporation, which is incorporated under the laws of Alberta, together with the accounts of its subsidiaries which are incorporated under the laws of Canada, Cyprus, England, Netherlands and Kazakhstan. These financial statements have been reconciled to U.S. GAAP in Note 21. On August 28, 1996, the Corporation entered into a Share Sale-Purchase Agreement (the “Agreement”) with the Republic of Kazakhstan for the purchase of 100% of the issued common shares of OJSC Hurricane Kumkol Munai (“HKM”), a state owned joint stock company, operating in the South Turgai Basin, located in South Central Kazakhstan. As more fully explained in Note 3, effective March 31, 2000, the Corporation acquired 88.36% of the common shares of OJSC Shymkentnefteorgsyntez (“ShNOS”). Accordingly, the consolidated financial statements for the year ended December 31, 2000, as presented, include the operations of ShNOS as at and for the nine months ended December 31, 2000. Joint ventures As more fully explained in Note 6, certain of Hurricane’s activities are conducted jointly with others through incorporated joint ventures. Accordingly, these consolidated financial statements reflect Hurricane’s proportionate interest in such activities. Foreign currency translation Foreign currency amounts, including those of foreign subsidiaries, are expressed in United States dollars using the temporal method as follows: (a) Monetary assets and liabilities—at the rate in effect at year end; (b) Other assets and liabilities—at historical rates; and (c) Revenues and expenses—at the average exchange rates during the period, except for provisions for depletion and depreciation, which are translated on the same basis as the related assets. Gains or losses resulting from such conversions are charged to operations, except that gains or losses on conversion to United States Dollars of long-term monetary assets and liabilities are deferred and amortized over the remaining useful lives of the assets or liabilities. Cash and cash equivalents Cash and cash equivalents include term deposits with original maturity terms not exceeding 90 days. Inventories Inventories of crude oil, oil products and other inventories are recorded at the lower of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads, which have been incurred in bringing the inventories to their present F-24
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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
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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 and 186: Comments by auditor for U.S. reader
Page 187: Hurricane Hydrocarbons Ltd. Consoli
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
Page 237 and 238: ‰ preparing and implementing new
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THE ISSUER Hurricane Finance B.V. S
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JPMorgan - KASE

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