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10 Consolidated financial statementS 74 Annual report 2012 KazMunaiGas Exploration Production JSC
Independent Auditors’ Report To the shareholders and management of Joint Stock Company KazMunaiGas Exploration Production We have audited the accompanying consolidated financial statements of Joint Stock Company KazMunaiGas Exploration Production and its subsidiaries (“the Company”), which comprise the consolidated statement of financial position as at 31 December 2012 and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects the financial position of Joint Stock Company KazMunaiGas Exploration Productionand its subsidiaries as of 31 December 2012, and their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards. Paul Cohn Audit Partner Evgeny Zhemaletdinov Auditor / General Director Ernst & Young LLP 75
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Annual report 2012
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CONTENTS Company overview Financial
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Financial and operational highlight
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THE OIL AND GAS INDUSTRY OF KAZAKHS
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The Kashaghan field was one of the
Page 11 and 12:
Tyumen Tyumen Anzhero Anzhero Sudzh
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L. Kiinov Chairman of board of dire
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A. Nurseitov Chief Executive “Our
Page 18 and 19:
ABOUT THE COMPANY Chief Executive
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ABOUT THE COMPANY BOARD OF DIRECTOR
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Section 2 number section 2012 title
Page 25 and 26: obligations. KMG EP owns a 35 % sta
Page 27 and 28: in the field back in the 1980s and
Page 30 and 31: OPERATIONAL ACTIVITY Production and
Page 32: 4 COMPANY DEVELOPMENT In 2012 the f
Page 35 and 36: New projects and prospective deals
Page 38 and 39: SOCIAL RESPONSIBILITY Social policy
Page 40: 6 HEALTH, SAFETY AND ENVIRONMENT US
Page 43 and 44: sound and effective equipment for p
Page 45 and 46: CORPORATE GOVERNANCE INFORMATION CO
Page 47 and 48: of independence stated in the respe
Page 49 and 50: The Management Board, in turn, is r
Page 51 and 52: The Audit Committee periodically re
Page 53 and 54: -- The structure of the interaction
Page 55 and 56: A corporate UK Holder will generall
Page 57 and 58: The following document is intended
Page 59 and 60: projected depth of 1500 m each, in
Page 61 and 62: Transport Routes The Company delive
Page 63 and 64: The difference between the benchmar
Page 65 and 66: For further details please refer to
Page 67 and 68: CCEL CCEL’s key financial and ope
Page 69 and 70: Borrowings The table below shows th
Page 71 and 72: RISK FACTORS The Company is subject
Page 73 and 74: Financial risks, their probability
Page 78 and 79: Consolidated Financial Statements C
Page 80 and 81: Consolidated Financial Statements C
Page 82 and 83: Notes to the Consolidated Financial
Page 106 and 107: INFORMATION FOR SHAREHOLDERS SHAREH
Page 108: NOTES 106 Annual report 2012 KazMun
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