Jsc Halyk Reg S Regulatory News (HSBK)

28 Dec 2007 14:35

JSC Halyk Savings Bank Kazakhstan28 December 2007 28 December 2007 Joint Stock Company 'Halyk Savings Bank of Kazakhstan' Re-issue of Financial Statements Joint Stock Company 'Halyk Savings Bank of Kazakhstan' (Halyk Bank) (LSE: HSBK)re-issued consolidated financial statements prepared in accordance withInternational Financial Reporting Standards (IFRS) and published today oncorporate website: 1. Consolidated financial statements for years ended 31 December 2006,2005, and 2004 dated 1 December 2007 re-audited by Deloitte (Audited Re-issuedConsolidated Financial Statements). Previously published consolidated financial statements dated 15 March 2007 wereaudited by Ernst & Young LLP. The need for re-issue and audit arose as a resultof appointment of Deloitte LLP earlier in 2007 as an external auditor of HalykBank. (Ernst & Young performed audit of Halyk Bank's consolidated financialstatement from 2002 to 2006). Audited Re-issued Consolidated Financial Statements do not contain any materialchanges to the financial statements dated 15 March 2007 audited by Ernst &Young, except for change in methodology of calculation of basic and dilutedearnings per share. Please refer to Note 25 'Earnings Per Share' of AuditedRe-issued Consolidated Financial Statements dated 1 December 2007 for furtherdetails. Deloitte provided unqualified audit opinion to the Audited Re-issuedFinancial Statements. Re-calculation of the basic and diluted earnings per share in the AuditedRe-issued Financial Statements also affected calculation and presentation ofbasic and diluted earnings per share in the interim condensed consolidatedfinancial information for six months ended 30 June 2007 dated 17 August 2007 andin the interim condensed consolidated financial information for nine monthsended 30 September 2007 dated 12 November 2007 (both reviewed by Deloitte).Changes in the calculation of basic and diluted earnings per share for years2004, 2005, and 2006, and interim nine months period ended 30 September 2007 aresummarised in the table below: Year ended Year ended Year ended 9 months ended 30 31December 2004 31December 2005 31December 2006 September 2007Previously published Basic 10.50 20.24 27.29 33.92 Diluted 10.50 20.24 27.29 33.92Re-calculated Basic 9.98 17.24 27.99 31.31 Diluted 9.98 7.66 18.07 25.96 In addition, there are several changes of clarifying and technical nature madeto Audited Re-issued Financial Statements. Both Audited Re-issued Financial Statements and previously published financialstatements are available on website of Halyk Bank at: http://eng.halykbank.kz/financials/reports/consolidated_financial_statements_for_years_ended_31_december_2006_2005_and_2004_dated_1_december_2007_re_audited_by_deloitte and http://eng.halykbank.kz/financials/reports/consolidated_financial_statements_for_the_year_ended_31_december_2006respectively. 2. Updated interim condensed consolidated financial information for ninemonths ended 30 September 2007 dated 1 December 2007 and reviewed by Deloitte(Updated Interim Financial Information). The following significant changes were made in the Updated Interim FinancialInformation compared to previously published interim condensed consolidatedfinancial information for nine months ended 30 September 2007 dated 12 November2007 and reviewed by Deloitte (Previous Interim Financial Information): - Net income number revised from KZT 33,444 million to KZT 32,444million as a result of elimination of dividends paid by JSC 'Accumulated PensionFund of Halyk Bank' to Halyk Bank (shareholder of 85% of common shares ofAccumulated Pension Fund) from consolidated earnings of Halyk Bank. Thisdouble-counting error of intra-group dividend payment occurred in PreviousInterim Financial Statements as a result of technical mistake at the time ofconsolidation of the financial statements at group level. - Basic and diluted earnings per share re-calculated following there-calculation and analytical presentation of basic and diluted earnings pershare in the Audited Re-issued Financial Statements as discussed above. - Both Updated Interim Financial Information and Previous Interim FinancialInformation are available on web-site of Halyk Bank at http://eng.halykbank.kz/financials/reports/node_1604 and http://eng.halykbank.kz/financials/reports/condensed_interim_consolidated_financial_information_unaudited_for_the_nine_month_ended_30_september_2007respectively. These changes do affect the preliminary interim un-audited consolidatedfinancial results of Halyk Bank for year-to-date 31 October 2007 (10 months of2007) previously disclosed in the investor presentation on 19 November 2007(please refer to the table below for updated figures), but do not affectmanagement projection for net earnings for full year 2007 of "above KZT 40billion". 3. Halyk Bank also announces top-line preliminary interim un-auditedconsolidated financial results for year-to-date 30 November 2007 (11 months of2007) summarised in the table below: In millions of Kazakhstani Tenge 30 November 2007 31 October 2007 30 September 20072 (11 months) (10 months) (9 months) Total assets 1,491,144 1,446,118 1,407,998Cash and cash equivalents 173,231 182,929 172,744Total loans 1,001,752 955,902 905,102Total liabilities 1,331,923 1,289,429 1,255,057Net income, YTD 39,146 36,537 32,444 Total deposits (unconsolidated) 896,703 3 781,834 1 749,608Retail deposits (unconsolidated) 376,258 3 358,080 1 351,668 1. as of 15 November 2007, unconsolidated 2. as per Updated Interim Financial Statements 3. as of 15 December 2007, unconsolidated - ENDS - For further information please contact: Dauren Karabayev daurenk@halykbank.kz +7 727 259 88 66Assel Atinova asela@halykbank.kz +7 727 259 04 30Zhanar Kairbayeva ZhanarKai@halykbank.kz +7 727 244 77 65 Financial Dynamics London: Paul Marriott paul.marriott@fd.com +44 (0)20 7269 7252 David Cranmer david.cranmer@fd.com +44 (0)20 7269 7217 Moscow:Leonid Solovyev leonid.solovyev@fd.com +7 495 795 06 23 This information is provided by RNS The company news service from the London Stock Exchange