07 June 2004 10:45
GAZ TO PAY 2003 DIVIDENDS ONLY ON PREFERREDS
NIZHNY NOVGOROD. June 7 (Interfax) - Shareholders of the Gorky Automotive Works (GAZ) decided at an AGM on Saturday
to pay out dividends for 2003 worth 1.10 rubles per preferred share and to waive dividends on common shares.
GAZ paid out dividends for 2002 at 14.36 rubles per preferred share.
GAZ saw output of 35.6 billion rubles in 2003, up 19% in current
prices and 3.5% in constant prices. GAZ produced cars worth 29.13
The shareholders decided to use the remainder of retained earnings worth 16.29 million rubles to develop production,
an Interfax correspondent at the meeting reported.
GAZ saw sales revenues increase 11% to 36.68 billion rubles in 2003, production costs rose by 5% to 30.81 billion
rubles, and gross profit grew by 56% to 5.88 billion rubles. Sales profit fell 0.3% to 3.16 billion rubles. Pretax
profit grew 14% to 429.15 million rubles. Net profits dropped twelve-fold to 17.76 million rubles in 2003.
Company payables fell 36% to 3.75 billion rubles and receivables dropped 41% to 6.21 billion rubles in 2003.
billion rubles in 2003, an increase of 25% in current prices.
GAZ produced a total of 201,399 vehicles in 2003, up 2% against 2002, including 56,783 cars, a drop of 14%, 108,317
trucks, a rise of 8% and 36,299 mini vans, up 13%.
The shareholders elected a new eleven-member board of directors, which includes General Director of GAZ Alexei
Barantsev, Director of the Ruspromavto Department Mikhail Barbashov, Director of the Ruspromavto Department Dmitry
Belykh, Mayor of Nizhny Novgorod Vadim Bulavinov, Director of the Ruspromavto Department Margarita Dmitriyeva, President
of Firma TSS Vyacheslav Kosmachyev, President of GAZ Nikolai Pugin, Director of Ruspromavto Development Alexander Titov,
Governor of the Nizhny Novgorod region Gennady Khodyryev, Deputy Economic and Financial General Director of GAZ
Vyacheslav Shmatov, and General Director of Ruspromavto Alexander Yushkevich. Nikolai Pugin was reelected as chairman of
the board.
Shareholders approved Metroek as the auditor for 2004 and elected an internal audit commission.
GAZ has charter capital of 7.093 million rubles divided into 5.64 million common and 1.45 preferred shares with a par
value of 1 ruble. Ruspromavto owns about 60% of GAZ.
[Interfax] |
RUSSIA IN FACTS
