07 June 2004 10:47
AEROFLOT TO PAY 43 KOPECKS PER SHARE FOR 2003
on Saturday to spend 12.2% of net profit on dividends for 2003, to be
paid at the rate of 43 kopecks per common share with a par value of 1
MOSCOW. June 7 (Interfax) - Shareholders in Russian flag carrier Aeroflot Russian Airlines decided at their annual
shareholders meeting
ruble, compared with 29 kopecks in 2002.
According to the main principles of Aeroflot's dividend policy, dividends should amount to not less than 10% of
net profit. Dividends for 2003 will be paid within 60 days of the AGM.
The shareholders also confirmed the company's annual report, balance sheet, profit and loss accounts and
distribution of profit in 2003.
Net profit to international accounting standards was up 41.8% to $126.7 million. Net profit to Russian standards
increased 24.4% to 3.978 billion rubles.
Aeroflot accounts payable increased from 7.006 billion rubles in January 1, 2003 to 7.718 billion rubles on January
1, 2004. Accounts receivable increased from 9.028 billion rubles to 9.524 billion rubles in the same period. The growth
in accounts receivable and payable was due to an increase in Aeroflot turnover, the company said.
Aeroflot's main expenditure in 2003 was on fuel and lubricants,
growth in price for which averaged 9% for the year, expenditure on
Aeroflot revenue in 2003 amounted to $1.586 billion, up from $1.434 billion in 2002. Company expenditure increased
from $1.327 billion in 2002 to $1.478 billion in 2003. Aeroflot sales profit amounted to $107.4 million in 2003 compared
with $106.4 million in 2002.
Poluboyarinov also said that there was serious growth in
expenditure connected with an increase in the cost of technical
Company Deputy General Director Mikhail Poluboyarinov told Interfax that growth in company profits last year was
largely due to an increase in non-sales expenditure
He said that Aeroflot saw a sharp drop in the volume of passenger flights in spring 2003 due to the war in Iraq and
SARS. However, he said that passenger demand recovered very quickly after the crisis and even surpassed the pre-crisis
indicators.
passenger services in airports, which increased 11% on average and also expenditure on navigation services, he
said.
servicing of Russian planes last year, particularly the cost of repairs.
Aeroflot shareholders decided to pay 485.4 million rubles in
bonuses to employees and to use 687.59 million rubles to set up a
Company shareholders, having discussed the distribution of profits, decided to pay out 485.316 million rubles in
dividends for 2003 and to pay 814.171 million rubles to cover capital investment carried out in 2003. It was decided to
use 100 million rubles the company's profit to invest in the charter capital of OAO Terminal.
In addition, 191.103 million will be spent on setting up a financial source for repaying a loan during the purchase
of an Il-96 in 2004.
Some of the company's profit - 474.67 million - will be used to create a financial source for paying an advance
to Airbus in connection with the restructuring of the company's fleet.
reserve to finance targeted programs and to cover unforeseen expenses.
Shareholders also decided to spend 2.273 billion rubles to finance capital investment in 2004. In particular,
Aeroflot plans to spent 670.55 million on acquiring five Tu-154 planes, 370,000 rubles on a land- water training
complex, 315.62 million rubles on the construction of a new office, 100 million rubles on the Sheremetyevo-3 project,
75.5 million rubles on new uniforms, 405.923 million rubles - on fleet modernization and 197.881 million rubles on
construction.
The company has charter capital of 1,110,616,299 rubles, in 1-ruble common shares. The state owns 51.17% of shares in
the airline, NRB - about 30% and private investors - about 10.62%.
[Interfax] |
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