Intergas Central Asia

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Contents

I. Introduction

1.1 General Characteristics of JSC "Intergas Central Asia"

1.2 Financial risks

1.3 Vision and purpose of the JSC "Intergas Central Asia"

1.4 Report on work done during the internship

II. Basic part

2.1 A description of the organization of work in practice

2.2 Organizational structure

2.3 Analysis of key markets

2.4 Analysis of Financial Statements

2.5 Financial and economic indicators

Conclusion

Appendix

List of references



I. Introduction

My internship took place at JSC "Intergas Central Asia" in the branch "South" in the department of accounting in the period from May 18 to June 12, 2015. I was working under the direction of accountant-general Amrieva Venera Abakirovna. During the internship, I was acquainted with the activities of the accounting department, with the organization of the company, its structure, technology, the basic functions of production and administrative units, constituent documents, with the company's accounting policies and internal regulations and the basic documents on accounting.

The resulting knowledge of practice and the data presented in the report.

The main purpose of the internship:

- To develop and consolidate practice of professional knowledge and skills derived from the theoretical training.

- The acquisition of practical skills in solving industrial, institutional, economic and other tasks corresponding to the profile of the organization;

- Private participation in the exercise of powers and performance of functional duties of a particular official;

- The acquisition of skills by modern computer technology for a variety of economic problems;

- Development of organizational skills, responsibility for the assigned work;

- Mastering the advanced experience and technology innovation;

- Acquaintance with the real industrial, technological and organizational processes that occur at the facility practice base;

- Practical skills of communication technologies and active participation in the communicative process actually occurring at the facility practice base.

JSC "Intergas Central Asia" was established and registered in accordance with the the legislation of the Republic of Kazakhstan with a registered capital of 3750 thousand. tenge. July 1, 1997 as a closed joint stock company. At the time of JSC "Intergas Central Asia" shareholder owning 100% of the total number of outstanding shares is the company Intergas International BV (Netherlands). 28 January 2005 in accordance with the legislation the company was re-registered corporation. 100% of shares of JSC "Intergas Central Asia" belongs to the sole shareholder of JSC "KazTransGas", created in accordance with the laws of the Republic of Kazakhstan.

JSC "National Company" KazMunayGas "is the sole shareholder of JSC" KazTransGas ". The sole shareholder of JSC "National Company" KazMunayGas "is the Government of the Republic of Kazakhstan in the person of JSC" National Welfare Fund "Samruk - Kazyna".

The mission of JSC "Intergas Central Asia"- the development of the gas transportation industry in the country to provide reliable and safe transportation and storage of natural gas for consumers in the Republic of Kazakhstan, maximizing income from the transit potential of Kazakhstan through the provision of high-quality carrier services in all systems of transmission and distribution pipelines located in the Republic of Kazakhstan in order to meet the interests and needs of all participants of the gas market.

The vision of the Company by 2022 - a highly efficient gas transportation company in the gas sector of the Republic of Kazakhstan.

The strategic goal of the Company is to increase the market value of the Company and assist in the modernization and diversification of the gas industry.

The report includes 3 sections. The first section contains general information about JSC "Intergas Central Asia":

*legal status of the company;

*objectives and scope of activities;

*organizational structure, etc.

The second section about financial indicators.

The third section provides a diary of practice that gives an idea of my daily activities during the internship. According to the results of practice outstanding performance, this is attached to the report.



1.1 General Characteristics of JSC "Intergas Central Asia"

financial risk market economic

The Republic of Kazakhstan is the largest gas transportation in Central Asia is an important part of the gas pipeline network in the CIS countries. Historically, the system of main gas pipelines in Kazakhstan is built as part of the former country's total gas transport system, focused on the transportation of natural gas of Central Asian republics in the CIS and other countries through the territory of Russia.

JSC "Intergas Central Asia" operates, carries out maintenance of trunk gas pipelines with the total length of the republic about 16 thousand km. Due to constant upgrade their bandwidth is constantly increasing. The company provides transportation of gas through the territory of Kazakhstan in the 14 main gas pipelines. Transporting gas is 21 compressor stations that have installed 278 gas compressor units of various types and models. One of the largest gas pipeline MG is "Central Asia-Center", which is the total length in one line performance is 4163 km.

The structure of JSC "Intergas Central Asia" also includes 3 underground gas storage (UGS), which installed 22 gas compressor units. The largest of them Bozoyskoe UGS (with an active storage capacity of 4 000 000 m3), located in Aktobe region. There are also Poltoratskoye UGS (with an active storage capacity of 350,000 m3), located in the South Kazakhstan region, as well as Akyrtobinskoe UGS (with an active storage capacity of 300,000 m3), in Zhambyl region. Underground gas storage facilities are designed to provide consumers with natural gas in the winter season as well as during periods of reduction of gas supplies.

The transmission system is operated by branches of JSC "Intergas Central Asia":

1. Management of the main gas pipelines "Atyrau" MG "Central Asia - Center" MG "Makat - North Caucasus."

2. Management of the main gas pipeline "Aktau" MG "Central Asia - Center" MG "Okarem-Beineu."

3. Management of the main gas pipeline "Uralsk" MG "Union" MG "Orenburg-Novopskov" MG "Central Asia - Center" MG "Karachaganak-Uralsk."

4. Management of the main gas pipelines "Aktobe" MG "Bukhara-Ural" pipeline "Janajol-October-Aktobe" pipeline "Kartaly-Ore-Kostanai", "Janajol-KS-13", "Beineu-Shymkent".

5. Control of the main gas pipeline "Southern" MG "Bukhara gas - Tashkent-Bishkek-Almaty" MG "Gazly-Shymkent", "Beineu-Shymkent", "Kazakhstan-China".

6. Management of the main gas pipelines "Taraz" MG "Bukhara gas - Tashkent-Bishkek-Almaty" MG "Amangeldy-CS-5", "Kazakhstan-China".

7. The Office of trunk pipelines "Kyzylorda": pipeline "Akshabulak- Kyzylorda", "Beineu-Shymkent".

8. Branch "Engineering and Technical Center" - technical diagnostics and repair of technical devices, equipment and facilities energy management, monitoring of skills, monitoring the technical condition of the objects of gas mains and the environment, prevention, testing and commissioning work at the facilities of transportation, underground storage and gas distribution.

9. Training Shymkent - preparation of new entry-level job skills training and retraining of workers second profession, training.

10. Management of rescue and recovery operations and special equipment. Annual report of JSC "Intergas Central Asia", page 5

Geographical location of the Republic of Kazakhstan defines it as one of the major players in the international transit and energy supplies, in particular natural gas. For Kazakhstan transit potential of the gas has an important strategic, geopolitical and economic importance.

Therefore, the development of transit capacities of gas transportation pipeline passing through the territory of our country, is a priority in the activity of JSC "Intergas Central Asia" in order to:

-Providing international transit of Central Asian and Russian gas to the world markets;

-More efficient use of existing assets of the pipeline system;

- The progressive integration in the Eurasian gas transmission system;

-Extension partnerships with supplier countries and consumers of hydrocarbons, which will have a positive impact on the economy, both Kazakhstan and its immediate neighbors in terms of transit and sale of its own gas.

JSC "Intergas Central Asia" also provides the following types of non-regulated services and other activities allowed by the Republic of Kazakhstan Agency for Regulation of Natural Monopolies in accordance with the Law of the Republic of Kazakhstan "On natural monopolies and regulated markets":

-Tranzit, gas exports;

-Maintenance and operation of trunk pipelines of other organizations, as well as objects of trunk pipelines owned by third parties, but located on the main gas pipeline company;

-Realization generated electricity;

-Providing services to dormitory employees and organizations performing contract work for the company;

-Providing services for meals in the dining employees and organizations performing contract work for the company. Annual report of JSC "Intergas Central Asia", page 7

Tariffs for international transit and transportation of gas for export are determined by taking into account the costs associated with the provision of services and income allocated for capital investments.

The basis of the Company's investment activity in the period from 2011 to 2014 is investing in its core production assets, are characterized by significant wear and require significant funding in order to maintain the necessary level of industrial safety of the entire class of the equipment used.

Activity of JSC "Intergas Central Asia" in the field of environmental protection in accordance with the Environmental Code of the Republic of Kazakhstan and generally accepted international principles:

- Ensuring stable economic development without harming the environment;

- Environmental protection measures;

- Implementation of energy saving technologies;

- Caring for people who have the right to a healthy environment.

One of the main activities of JSC "Intergas Central Asia" is also the maintenance and repair of trunk pipelines party organization on a contractual basis. To date, the Company operated MG "Janajol-KS-13" belonging to JSC "CNPC Aktobe", the objects of the linear part of the thread A and B MG "Kazakhstan China", owned by TOO "Asian Gas Pipeline" MG "Beineu-Bozoi Shymkent" owned by LLP "Beineu-Shymkent", and a number of gas distribution stations. Within the framework of contract works on the operation and maintenance of trunk pipelines, gas distribution stations in the normal mode, emergency training and elimination of emergency situations.

The introduction of the risk management system in JSC "Intergas Central Asia" is carried out in accordance with the model COSO «Corporate Risk Management -" Integrated Model "(2004). The company also introduced a system of internal controls and business processes are developed and approved by the risk matrix and process control. In order to systematize and unify risk management and internal control of JSC "Intergas Central Asia" it developed and approved the following internal documents:

-The Regulations on the risks.

- Glossary of risk.

-Regulation on the risk management system.

-Risk Management Policy.

-The procedure for risk management.

-Procedure for the identification and assessment of risks.

-The procedure for liquidity risk management.

-The procedure for the organization of insurance protection.

-Regulations on the internal control system.

Compensation of employees staff the branches of JSC "Intergas Central Asia" includes the base salary (monthly flat rate), additional payments and allowances to tariff rates and salaries (including regional and environmental factors), bonus and incentive payments. Annual report of JSC "Intergas Central Asia", page 29

The JSC "Intergas Central Asia" includes the following types of social

Support staff:

-Financial assistance;

-The targeted financial assistance;

-Benefits to pay for medical services;

-Create the necessary conditions for sports and recreational activities;

-One-time encouraging employees to be awarded state awards and promotions;

-Additional paid leave;

-Guarantees and compensation in the translation of the central staff to work in the branch, the branch employee in the Central Office or to another branch, as well as guest workers;

-Preferential spa vouchers and so on.

In accordance with the decision of the Government of the Republic of Kazakhstan № 362 of April 28, 2010 JSC "KazTransGas" acquired 100% shares of JSC "Intergas Central Asia", the company «Intergas International BV».

The number of outstanding shares amounts to 26,234,100 shares at par costs 750 tenge totaling 19,675,575,000 tenge. At the end of 2014, the number of outstanding common shares was 26,192,850 shares with a nominal value of 750 tenge and the number of outstanding preferred shares is 41 250 units with a par value of 750 tenge. Thus, the share capital of the Company is 19,675,575,000 tenge.

In the reporting period produced the third issue of shares of JSC "Intergas Central Asia" in the amount of 23,822,689 ordinary registered shares with a nominal value of 750 tenge each, registered by the National Bank of the Republic of Kazakhstan from 03.20.2014, the

The share issue carried out in book-entry form. Because of this issue placed the sole shareholder in the amount of 23,189,100 ordinary shares at par value of 750 tenge. The sole shareholder paid outstanding shares totaling 17,391,825,000 tenge. There were no significant transactions with shares and changes in the composition of shareholders of the Company in the reporting period was not.

The basic principles of the dividend policy of the Company - to maximize dividend income of the Sole Shareholder and maintenance of its investment activity.

At the end of 2012 dividends on common shares of the Company have not been paid since the net profit remained at the disposal of the Company and is aimed at investment activities. The Company paid dividends on preferred shares in accordance with the Charter of the rate of 7 to 50 tiyn tenge per preferred share for a total amount of 309 375 tenge. Annual report of JSC "Intergas Central Asia", page 34

At the end of 2013 JSC "Intergas Central Asia" were paid dividends on common shares in the amount of 6,462,424,420 tenge. Also paid dividends on preferred shares in accordance with the Charter of the rate of 7 to 50 tiyn tenge per preferred share for a total amount of 309 375 tenge.

At the end of 2014 JSC "Intergas Central Asia" was accrued dividends on common shares in the amount of 9,876,276,021 tenge. Also paid dividends on preferred shares in accordance with the Charter of the rate of 7 to 50 tiyn tenge per preferred share for a total amount of 309 375 tenge.

1.2 Financial risks

The Company is exposed to various financial risks, among which are the currency risk, inflation risk, credit risk, tax risk, the confirmation of VAT claimed for refund from the budget, as well as liquidity risk. The probability of occurrence and the degree of influence on the results of financial and economic activity of the company is constantly evaluated and measures are being taken to minimize them. Credit risks. Credit risk prone operations associated with the movement of material and money flows to contractors, starting with the financial institutions serving the financial flows of the company and ending with counterparties / debtors, providing a variety of services to the company. Effective cash management, the Treasury Department of JSC "Intergas Central Asia" to minimize credit risks.

Inflation risks. JSC "Intergas Central Asia" is its principal operations in Kazakhstan and uses KZT as the main currency for payments. Utility costs, costs associated with the payment of wages, the cost of goods / services / works are sensitive to inflation tenge.

Currency risk. Currency risk - currency fluctuations, which has a multidirectional impact on the operations of the company. A significant portion of the proceeds of JSC "Intergas Central Asia" is denominated in US dollars or linked to the US dollar. Part of the Company's expenses are denominated in a foreign currency, or otherwise significantly affected by fluctuations in exchange rates of foreign currencies against the tenge. Currently, much of the current cost of "Intergas Central Asia" is paid at prices set in tenge.

Tax risk. The tax system of the Republic of Kazakhstan is characterized by small volumes of law enforcement in relation to the recently adopted regulatory acts. It is also characterized by a risk of additional amounts of taxes and other mandatory payments, penalties and fines in the budget for anticipated tax audit issues based on wrongful interpretation of the legislation, the introduction of additional new taxes and payments to the budget. These factors complicate tax planning costs of the company. The central accounts of JSC "Intergas Central Asia" is developing actions to minimize this risk, based on participation in the work to improve the quality of both the Tax Code and amendments thereto. In addition, JSC "Intergas Central Asia" to defend their interests in the courts. However, JSC "Intergas Central Asia" continuously monitors changes in legislation of the Republic of Kazakhstan and considers them in their activities, thus minimizing the risks associated with these changes.

The risk of the confirmation of VAT claimed for refund from the budget. The actions of unscrupulous contractors, or their failure to act, as well as employees of tax authorities can lead to the failure of the tax authorities of the Republic of Kazakhstan to refund the amounts paid from the budget of VAT.

Liquidity risk. Factors such as a decline in international gas transit, violating the integrity of the gas transmission system, the revaluation of the US dollar, inflation and the termination of execution of the terms of the contract with OAO "Gazprom" may adversely affect the financial results of JSC "Intergas Central Asia". Annual report of JSC "Intergas Central Asia", page 46

1.3 Vision and purpose of the JSC "Intergas Central Asia"

The mission of "Intergas Central Asia" - the development of the gas transportation industry in the country to provide reliable and safe transportation and storage of natural gas for consumers in the Republic of Kazakhstan, maximizing income from the transit potential of Kazakhstan through the provision of high-quality carrier services in all systems of transmission and distribution pipelines located in the Republic of Kazakhstan in order to meet the interests and needs of all participants of the gas market.

The vision of the Company by 2022 - a highly efficient gas transportation company in the gas sector of the Republic of Kazakhstan.

The strategic goal of the Company is to increase the company's market value and assist in the modernization and diversification of the gas industry.

In order to achieve the strategic goal of the Company is necessary to carry out the following tasks:

-Provide The domestic market of Kazakhstan;

-the Development of transit and export potential of the Company;

-maksimizatsiya Profits and the costs of the Company;

-rendering Competitive, reliable and safe transportation services;

-an effective investment policy;

-effective management of the Company and its business units.

The absolute strategic priority for the Company is a socially responsible business practices, the development of local skills and the improvement of the management system.

The main objectives pursued in the implementation of the Strategy is to solve problems outlined in the Programme of Transformation of JSC "Samruk Kazyna", including improving the efficiency of investment and operating activities of portfolio companies to a level of not less than similar foreign companies through the establishment of 3 key performance indicators (adopted targets key indicators of the Fund):

1. Provision of growth in the value of assets.

2. The dividend yield for shareholders.

3. Creating value through the effective use of capital.

Company's efforts in this direction are related to the identification and realization of the growth potential of the company's value through:

-the concentration of resources in existing and new areas with high potential for value creation;

-optimization business, including the exclusion of assets and output of the projects that reduce the value of the company, including the withdrawal of the social assets;

-Significant increase in labor productivity;

-improving corporate governance.

In general, corporate development strategy is aimed at the diversification of activities and transportation directions, expanding and strengthening the Company's position as a national "technical" statement of the main gas transportation on the territory of the country, which also includes admission to the maintenance and operation of third-party gas-main pipelines while simultaneously, if possible, transfer the Company's ownership of assets in the gas transportation system of the country. In addition, the Company's development strategy is aimed at improving the efficiency of asset management, improving industrial safety, occupational safety, health and the environment.

The main purpose for the year 2015-2018:

-The organization ensure uninterrupted internal and external customers, safe operation of gas supply systems, continuous remote monitoring of transport and storage of marketable gas;

-Reducing the cost of gas transmission and increasing the profitability of the Company;

-Ensuring environmental sustainability and safety in the workplace.

The main tasks for the years 2015-2018:

-Expansion of JSC "Intergas Central Asia" in the direction of increasing the service facilities of other organizations (MG, GDS, etc.);

-Continuing to raise tariffs for international transport, as well as gas storage services to consumers of Kazakhstan taking into account social and macro-economic aspects;

-Improving the quality of the selection of gas from underground storage facilities "Bozoi" through the introduction of technology for gas purification;

-Completion of measures for the transfer of the concession assets to JSC "Intergas Central Asia";

-Completion of work on the establishment of reverse transport of gas through MG "Bukhara Ural" to ensure uninterrupted gas supply and transit potential of Kazakhstan. Annual report of JSC "Intergas Central Asia", page 70

1.4 Report on work done during the internship

In accordance with the curriculum, I do practical work at JSC "Intergas Central Asia" in Almaty branch of the "South" from May 18 to July 12, 2015. I was taken for practical training for the position of accountant trainee.

Together with the head of the practice, we made a plan of the work, which I successfully completed.

In the course of practical training I:

- Learn the basic accounting documents;

- Learn about the major programs for accountants;

- Learn the basics of conducting an advance report on business trip;

During practical training I was asked to fill the advance of the annual travel expense report. By sending an employee on a business trip, the organization pays his travel expenses. The Company recognizes accounting expenses the traveler only with relevant documents.

A special role in the modern accountant takes an electronic database, which is updated frequently and allows you to quickly and accurately find the required, samples of documents and other information.

During practice, I improved my skills with the electronic system, learn how to effectively use available resources (1С, SAP). At work, they helped me find answers to your questions in the course of business (for example, when completing the annual report travel expenses, I often have a mismatch surname or report card numbers). The experience of filling reporting travel expenses necessary for every accountant.

To perform the tasks in front of me, gave me the documents from the archive, some of the documents I sewed and all the information recorded in excel.

Also, I learned that every organization has the right to develop its accounting policies to determine the concrete forms, the technique of reference and organization of accounting.

Every owner is committed to improve the accounting system to monitor and improve its performance. During the period of practice I had to basically deal with expense reports for travel expenses. In this connection, I have received practical skills, how to be a balance of business travelers, that each travel expenses require different orders.



II. Basic part

2.1 A description of the organization of work in practice

UMG "South" was created July 6, 2003. Branch makes transportation of natural gas to industrial enterprises and localities of the southern and south-eastern regions of the Republic of Kazakhstan: South Kazakhstan and Almaty regions.

The operation and maintenance of UMG "South" is the gas transportation system, passing through the territory of South Kazakhstan and Almaty regions within the main gas pipeline "Bukhara gas - Tashkent-Bishkek-Almaty" (BGR-TBA), "Gazly-Shymkent" "Kazakhstan-China", "Beineu-Shymkent-Bozoi" a total length of 3427.14 km, which has 3 compressor (1DKS) stations, 28 pumping units, gas pipeline branches and 28 automated gas distribution station (AGDS) for gas supply potrebiteley South- Kazakhstan, Almaty regions and Almaty. To adjust the gas consumption to the main gas pipeline "BGR-TBA" and "Gazly-Shymkent", operates underground gas storage "Poltoratskoye" with an active storage capacity of 408 million cubic meters of gas. The composition of UMG "South" includes 3 Line production management: Akbulak, Poltoratsk and Almaty (picture 1).

Picture 1

pipeline system	gas pipeline	Year of commissioning	Length (km)	Current bandwidth (billion m3)	The actual amount of transportation (billion m3)	The level of load in 2014 (%)
Central Asian system	MG "CAC"	1967-1987	4048	60,2	19,225	31,9
	MG "CAC" 189	1973-1975	189	28	6,497	23,2
	"Makat-North Caucasus»	1987	370	22	12,701	57,7
	"Okarem-Beineu"	1973-1975	545	7,2	2,327	32,3
Ural system	"Soyuz"	1976	319	34,56	16,942	49
	"Orenburg-Novopskov"	1975	319	34,56	16,942	49
Aktobe System	Aktobe system "Bukhara-Ural"	1963-1964	1423,2	8,03	3,548	44,2
	"Bukhara-Ural"	1963-1964	85,8	21,9	15,571	71,1
	"Janajol-Aktobe"	2005	143	0,69	0,63	90,9
	"Janajol-COP 13"	2007	156	5,2	2,153	41,4
	"Kartaly-Ore-Kostanay	1965	227	1,6	0,871	54,4
Southern system	Southern system "Akshabulak-Kyzylorda"	2005	122	0,42	0,234	55,7
	"Gazly-Shymkent"	1988	314	4,38	0,515	11,7
	"Gas Bukhara-Tashkent-Bishkek-Almaty"	1961-1989	1585	5,8	4,487	76,8

Ш Note: This table shows the capacity and volume of transportation via pipelines separately taken.

Ш The total volume of gas transportation through MG "Intergas Central Asia" in 2014 amounted to 87.11 billion m3. Annual report of JSC "Intergas Central Asia", page 10,13

Information on the composition of the staff of the branches of JSC "Intergas Central Asia" (picture 2):



Picture 2

№	Branch	The number of full-time placement	Number of males	Number of women	Secondary education	Vocation education	High School
1	Сentral office	261	128	133	0	1	260
2	Atyrau	745	584	161	236	114	395
3	Aktobe	784	679	105	131	238	415
4	Ural'sk	635	528	107	64	230	341
5	Kyzylorda	142	117	25	0	24	118
6	South	695	582	113	147	139	409
7	Aktau	475	378	97	114	112	249
8	Taraz	331	283	48	71	78	182
9	Shymkent	42	27	15	4	6	32
10	ITC	350	285	65	55	37	258
11	UAVRiST	1415	1321	94	784	291	340
	Total	5875	4912	963	1606	1270	2999

Compensation of employees staff the branches of JSC "Intergas Central Asia" includes the base salary (monthly flat rate), additional payments and allowances to tariff rates and salaries (including regional and environmental factors), bonus and incentive payments:

-quarterly bonuses;

-Bonuses of the year;

-one-time bonuses for the holidays stipulated by the legislation of Kazakhstan (in accordance with the approved budget of JSC "Intergas Central Asia") rewarding women on the occasion of International Women's Day on 8 March;

-a one-time bonus payment (for the performance of critical tasks).

On the basis of the inflation rate, as defined in the corresponding period of regulatory legal acts of the Republic of Kazakhstan in accordance with the approved budget of JSC "Intergas Central Asia", the employees of the branches except leaders annual indexation of wages. Annual report of JSC "Intergas Central Asia", page 10, 11

Management of the main gas pipeline "South" is located in Almaty. Direct control of production technology in the areas of gas mains is carried out linearly and production control stations, compressor stations and underground gas storage facilities belonging to the department of main gas pipelines.

2.2 Organizational structure

In accordance with the Corporate Governance Code of the fundamental principles of corporate governance of JSC "Intergas Central Asia" are:

-principle to protect the rights and interests of shareholders;

-principle effective management of the Company's Board of Directors and the Management Board;

-Self-principle activities of the Company;

-principles transparency, objectivity and timeliness of disclosure of the Company's activities;

-principles legality and ethics;

-principles effective dividend policy;

-principle effective human resources policy;

-principle environmental protection;

-politico regulation of corporate conflicts and conflicts of interest;

-principle of responsibility.

In accordance with the Charter of JSC "Intergas Central Asia", approved by decision of the sole shareholder of JSC "Intergas Central Asia" 24 november2010 year, the company's management bodies are:

- Corporate Governance Bodies of JSC "Intergas Central Asia";

- The Board of Directors (management body) - the general management and control over the activities of JSC "Intergas Central Asia" and the effectiveness of corporate governance practices, and monitors, and, if possible, eliminating potential conflicts of interest at the level of officials and shareholders;

- The Management Board (executive body) - manages the current activity of "Intergas Central Asia";

- Internal Audit Service - body exercising control over financial and economic activity. Service is subject to and is accountable to the Board of Directors of JSC "Intergas Central Asia".

Organizational structure in JSC“Intergas Central Asia” branch "South" (Picture 3):

Picture 3

Employees of the Company - the main link in the recruitment of production activity of JSC "Intergas Central Asia". From their professional level depends on the efficacy and safety of production, increase productivity and quality of work, so their preparation and development of special attention.

The JSC "Intergas Central Asia" has developed several programs, the most important of which is an ongoing program for the development of the company's personnel, aimed at training and retraining.

Every year in order to strengthen the motivation the staff of JSC "Intergas Central Asia", to ensure trouble-free, high-performance and high technical reliability of the gas transportation system, improve the professional skills, the level of theoretical preparation of a contest "Best in Profession". The contest is held by 13 major trades and the results of the order of 6% of production personnel annually become winners.

Total for 2014 was organized 200 training activities, of which 84.5% is training and development within the Republic of Kazakhstan. The exception was the highly specialized programs for training and retraining of workers compressor stations for vibration diagnostics, etc., Are arranged only in the neighboring countries.

Every year in order to strengthen the motivation the staff of JSC "Intergas Central Asia", to ensure trouble-free, high-performance and high technical reliability of the gas transportation system, improve the professional skills, the level of theoretical preparation of a contest "Best in Profession".

2.3 Analysis of key markets

Natural gas - the only fossil fuel for which global demand is growing. The next quarter of a century is called "the era of gas": by 2040, the global demand for it will grow by more than 60% compared to 2010 and reach 5.34 trillion m3. China alone will consume more than 620 billion m3. Europe also will reduce the use of "blue fuel" at 50 billion m3 due to falling economic growth. The main suppliers of gas to foreign markets will continue to be Russia and the United States, although they can oust the players' first league ":

- China, Iran, Qatar, Saudi Arabia, Turkmenistan, Algeria, Australia, Indonesia, Norway and Canada.

Gas consumption will grow faster than consumption of other fossil fuels, as it is increasingly used as a cleaner alternative to coal in power generation and other industries, said British Petroleum. Demand for natural gas will grow by an average of 1.9% a year, and trade in liquefied natural gas - by 3.9% a year, and give 26% of the growth of world gas supplies until 2035.

The dynamics of the existing global energy consumption (picture 4):

Picture 4

Primary energy consumption in the world will increase in the years 2010-2040 by 40% (on average by 1.1% per year), which is three times less than the average annual GDP growth and much slower growth in consumption in the last 30 years. The structure of the world energy consumption will be more diversified and balanced: by 2040, there is a gradual alignment of the shares of individual fossil fuels (oil - 27%, gas - 25%, coal - 25%) and non-fossil (totaling 23%), indicating that the development fuel competition and improving the sustainability of energy supply. The greatest changes are linked to oil: its share in primary energy consumption in this period will be reduced from 32% to 27%. The share of coal to its highest rate of growth in the first decade of the XXI century will be reduced from 28% to 25% - mainly for environmental reasons. In the development of nuclear energy in our forecast adopted moderate optimism: it does not change the proportion (6%), with a marked increase in absolute figures. The highest growth rates in the forecast period are renewable energy sources (excluding hydro power, but considering biofuels) by 2040 they will have 13.8% of global energy consumption and 12.5% of electricity (compared to 10.9% and 3 7% in 2010). (picture 5). Annual report of JSC "Intergas Central Asia", page 16,17

Picture 5

But in terms of absolute volume growth in consumption and an increase in its share in the fuel basket will lead dioxide, which according to experts, will demonstrate the highest growth rates among all fossil fuels - at the level of 2.3% a year, he would be the most popular type of fuel in the coming 30 years.

It was about external market and in the domestic market gas sector oil and gas complex of the Republic of Kazakhstan it is one of the important component of the economy. For Kazakhstan, more promising energy carrier becomes natural gas. Projected reserves of natural and associated gas, taking into account prospective structures of Kazakhstan sector of the Caspian Sea, the Aral Sea area and other offshore blocks are estimated at 7.2-7.5 trillion. m3. According to British Petroleum proven natural gas reserves in Kazakhstan amount to 1.3 trillion. m3, which allows the country to borrow on the indicator 22 in the world and 3rd place in CIS after Russia and Turkmenistan. Meanwhile, the State Commission of the Republic of Kazakhstan approved the geological reserves of gas reserves of about 7.2 trillion. m3 of recoverable gas reserves at 3.9 trillion. m3, including associated gas - 2.6 trillion. m3, and natural (free) gas - 1.3 trillion. m3.

Gas reserves in the bowels of Kazakhstan are unevenly distributed: the gas potential of the country is concentrated in Western Kazakhstan (the territory of West Kazakhstan, Atyrau, Aktyubinsk and Mangistau oblasts), which accounts for over 98% of all stocks. The bulk of the gas reserves are concentrated in major developed or prepared for the development of oil fields Tengiz, Kashagan, the Royal and oil and gas - Karachaganak Janajol, Urikhtau. The share of only three fields: Karachaganak, Kashagan, Tengiz accounts for more than 73% of the gas reserves of the Republic. (picture 6). Annual report of JSC "Intergas Central Asia", page 17

Picture 6

The largest gas fields in Kazakhstan:

-Karachaganak field is one of the largest in the world with reserves of more than 1.36 trillion. m3;

-reserves Tengiz and Korolev fields account for more than 700 billion m3 of gas;

-geological gas reserves of the Kashagan field are estimated at over 2.8 trln.m3

With the development of new deposits increasing production and development commercial gas, which in turn leads to an increase of export potential and the saturation of the domestic gas market. The gas industry of Kazakhstan has considerable the potential for further development. The increase in annual gas consumption by 2016 will exceed 3.5 billion. m3, and domestic sales will reach 10 billion. m3 per year. In accordance with the long-term development of the country until 2030, approved by the Government of the Republic of Kazakhstan, the Concept of development of the gas industry of the Republic Kazakhstan till 2015 provides a qualitative change in approaches to use of available gas resources of the country. With the decision of problems of waste associated gas as a deterrent to further increase oil production the production, processing and sale of gas should be one of the main basic sectors of the economy.

The Republic of Kazakhstan is the largest gas transportation hub in Central Asia is an important part of the gas transportation system of the CIS countries. Historically, the system of main gas pipelines in Kazakhstan is built as part of the former the country's total gas transport system, focused on the transportation of gas Central Asian republics in the CIS and other countries through the territory of Russia. However, based on the principles of multi-vector in the supply of hydrocarbons domestic and foreign markets, Kazakhstan seeks to develop cost-effective routes of transit and export supplies of natural gas. Today, with the growth of gas the capacity of countries of Central Asia and the Caspian region intensified competition among block fuel supplies to customers worldwide. It is predicted that by 2015, the main directions of export of Kazakhstan gas and will become Russia and Western Europe. Annual report of JSC "Intergas Central Asia", page 17,18,19

2.4 Analysis of Financial Statements

In this part, I will try to determine how much the company is profitable and why increasing its profits, will be based on the financial statements of the company.

The financial statements analysis of JSC "Intergas Central Asia" presented in Tenge. Currency exchange rate for December 31, 2014 was approximately 182.35 tenge per $ 1.

Currently, between JSC "Intergas Central Asia" JSC and "Gazprom" signed a medium-term contract for the transportation of natural gas through the territory of the Republic of Kazakhstan, which determines the annual volume of gas pumping: Turkmen gas - 14.0 billion. M3, Uzbek gas - 14.0 billion. m3 of Russian gas - 52 billion. m3. The contract is valid from 01 January 2011 to 1 January 2016.

The volume of gas supplies to JSC "Gazprom" in 2014 (picture 7):

Picture 7

The volume of gas transportation for 2014 comprised 87 112 million m3. Transportation volumes decreased by 8% compared to the year 2013 - 94 697 million m3. The decline in transportation of gas due to the reduction in the transit of Russian and Central Asian gas in connection with the reduction of gas supplies to Gazprom counterpart. (picture 8) Annual report of JSC "Intergas Central Asia", page 30

Dynamics of production figures for the period of 2011-2014. (billion m3)



Picture 8

Through financial analysis, we can see that, in general, during the period from 2013 to 2014 (Appendix #1):

1)Assets increased by 3,67% or 203,483,124 tg.

2)Equity increased by 4,20% or 156,044,693 tg.

3)Long-term Liabilities increased by 3,5% or 56,553,818 tg.

4)Short-term Liabilities decreased by 1,8% or -4,115,387 tg.

5)Accounting Balance increased by 3,67% or 203,483,124 tg.

On 31 December 2014 the bulk of the assets comprise fixed assets, cash and cash equivalents of 1,096,556 tenge. On 31 December 2013 the fixed assets amount to 463,933,043 tenge and include machinery and equipment, vehicles, other fixed assets and construction in progress. On 31 December 2013 were due from credit institutions (long-term bank deposits) in the amount of 33,122,696 tenge. Long-term loans of the bank amount to 1,422,488 tenge. The basis of operation of the JSC "InterGas Central Asia" in the long-term liabilities, which is normal for a gas company. (Appendix #1).

As we can see the company's capital increase in 2014 and is 371,760,689, which exceeds the 2013 to 156,044,693 tenge (4,2%). The company's capital in 2014 is mainly occupied by dividends on common shares and 6,462,425 contribution from the parent company 208,429,320 tenge. (Appendix #2).

Profit from the production and sale of products depends on the revenues and expenses. In 2014, revenues increased by 15% or 4,357,938 tenge, but the cost of goods sold decreased by 1 %, so that gross profit increased by 14%. This suggests that revenues increased more than the cost of goods because profit increased. (Appendix#4).

Net income for 2014 exceeded 4 601 million tenge in comparison with the plan of 2014, due to the failure of the expenditure, as well due to the change of the US dollar relative to tenge.

The structure of the Company's cost of sales in 2014, occupies a major share of raw materials (12%), depreciation (29%), labor costs of staff (26%) and other costs of production nature (12.9). In 2014, cost of sales has not changed significantly as compared with 2013. (Appendix 3).

In the structure of general and administrative expenses of the Company's basic share takes compensation of employees (45%). General and administrative expenses in 2014 amounted to $ 10 441 million. Tenge, an increase of 570 million. Tenge in comparison with 2013 year. The increase in general and administrative expenses in 2014 compared to the last year may be associated with an increase in compensation of employees, depreciation, etc.

In 2014, financial expenses amounted to $ 7 148 million. Tenge, which exceeds 1 397 million. Tenge in comparison with the year 2013 - 5751 mln. Tenge. The increase of financial expenses in 2014 may be due to the effect of the devaluation of the tenge (in February 2014). (Appendix #4).

The structure of the Company's cost of sales in 2014, occupies a major proportion of Materials (12%), amortization of intangible assets (29%), labor costs of production staff (26%) and other costs of production nature (12.9%).

I can say that the “margin of safety” for the company's solvency in 2014 better than in 2013. This is means that company solvency, Sustainable and profitable (rentability).



2.5 Financial and economic indicators

Key economic and financial indicators of JSC "Intergas Central Asia" for 2013 and 2014 are presented in the following table (picture 9). Annual report of JSC "Intergas Central Asia", page 35

Picture 9

Net income for 2014 exceeded 4 601 million. tenge in comparison with the plan of 2013, due to the failure of the expenditure.

In comparison with 2013 year increase in net profit is due to:

-Increased tariffs on gas exports;

-increase of tariffs for domestic transportation of gas;

-strengthening of the US dollar against the tenge in view of the measure carried out by the National Bank of Kazakhstan tenge devaluation.

Dynamics of the structure of revenues from gas transportation, storage and marketing of gas and third-party maintenance of trunk pipelines for the period 2011-2014, is presented in the following table (picture 10): Annual report of JSC "Intergas Central Asia", page 35



Picture 10

During 2014 JSC "Intergas Central Asia" received income in the amount of 138 759 mln. tenge, which is higher than the index for 2013 is 27 719 million. tenge or 25%. Including income from operations amounted to 123,789 mln. tenge. Revenues from non-core activities amounted to taking into account financial income of $ 14,970 mln. tenge.

In the structure of operating revenues of the order of 66% of annual income the Company receives income from the provision of services of international transit gas pipelines of JSC "Gazprom". Under the contract, the condition of payment of Central Asian gas is based on the principle of requiring companies to provide gas transportation services OAO "Gazprom" within a given capacity, and OAO "Gazprom" undertakes to pay the offered facilities, even if they do not use, at a rate of 80% volume of provided facilities.

The total expenses of "Intergas Central Asia" for 2014 amounted to a total of 111 646 million tenge, which exceeds the same indicator of 2013 by 28 215mln. tenge, or 123%, including operating costs -70 367mln. tenge, or 99%, general and administrative expenses -10 441 mln. tenge, or 105%, financial expenses - 7 148 million tenge, or 124%, of non-operating expenses - 23 689 million tenge (picture 3,4). (Picture 11,12) Annual report of JSC "Intergas Central Asia", page 38

Picture 11

The cost structure for 2014

Picture 12

The cost structure of major share in the total expenditures of the Company covers the cost of production in $ 70 367 million. Tenge, which is 63% in 2014 versus 78% in 2013. Also, the share of spending on non-core activities in the total costs amounted to 21%, due to the formation of foreign exchange losses due to the devaluation of the tenge in February 2014. (Picture 12)

The return on assets (ROA) for 2014 remained at the same level compared with the fact that in 2013 and 2012. The return on sales before tax profit increased due to growth in operating profit in 2014 compared to the same period of 2013 and 2012. On the decline of assets turnover ratio has affected the growth of the value of assets due to the transfer of the concession assets to the balance sheet of the Company (picture 13). Annual report of JSC "Intergas Central Asia", page 43

Picture 13

As at 31 December 2014 bank loans and long-term financial obligations for the bonds of JSC “Intergas Central Asia” are as follows (picture 14): Annual report of JSC "Intergas Central Asia", page 44

Picture 14

In accordance with the loan agreement dated August 15, 2005 «Trinkaus & Burkhardt KGAA» and «CITIGroup Global Markets Deutschland AG & CO.KGAA» provided a loan in the amount of 44,763,860 euros Companies in dollar terms that is part of the cost of the contract for the development, supply of equipment and construction of the compressor station "Supporting Enterprise" CAC "in the Mangistau region, signed between« MAN TURBO AG »and the Company. According to the loan agreement "Nabq Bank Plc» acts as a financial agent.

JSC "Intergas Central Asia" pays a loan of twenty consecutive equal semi-annual installments starting from 30 September 2007. The remuneration is calculated on a six-month LIBOR plus 0.3% per annum and is payable semi-annual installments. Additionally, paid commitment fee of 0.1% per annum is charged on the undrawn amount of the loan.

Credit ratings of JSC "Intergas Central Asia" the world's leading rating agencies (picture 15). Annual report of JSC "Intergas Central Asia", page 46

Picture 15



Conclusion

At the end of the externship, I've gained the ability to apply theory in real life: familiarize myself with the basic accounting documents and the structure of the accounting, methods of doing their requirements.

"InterGasCentralAsia" is one of the rarest companies which is using SAP programme apart from 1C. This tells us that this company is considered as a large company which has a huge cash flow and information.

In writing this report,the financial statements of the company were used in order to analyze the company's financial situation. After analyzing the company's financial condition I came to the following conclusions:

- The volume of capital investments from its own funds reached 34,967 mln. tenge, in 2014.

-The Total amount of investment interest in maintaining the current level of production was 98% or 34 146 million. tenge.

- Net income exceeded by 4 601 mln. Tenge, in 2014.

- Revenue in 2014 is equal to 138,759 mln. Tenge, which is higher than in 2013 by 27 719 million. tenge or by 25%

- Revenue from gas transportation increased by 18.9%

- General expenses increased by 123% or 28 215mln. tenge

-The residue of Bank loan is $ 11,547,761

Taking everything into consideration, I can draw the following conclusions:

Based on these data, we can say that the company JSC "InterGazCentralAsia" use its full potential and is at the stage of growth. The credit rating of the company is stable.

In my opinion, "Rated debt securities" of "InterGazCentralAsia" are the liquid securities on the KASE, as the main financial indicators of the company continue to grow and show a positive trend.

As far as I can assume, in the long-run the company has prospects and potential for further growth in the transportation of gas if the absence of negative factors is taken into account.

During the practical training I have received practical skills of economic and financial knowledge. People who were with me, treated me with understanding, supported and helped in my unsolvable questions. Leader has been very good to me. I also learned to be more dedicated and disciplined.

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