Khanty-Mansiysk. An extraordinary shareholders’ meeting of UTair (UTair Aviation JSC) will be held on December 26, 2003. The corresponding decision was made on Monday, November 24, 2003, by the airline’s Supervisory Board. At this meeting, the Supervisory Board also gave a preliminary approval to the UTair annual report.
Participants of the extraordinary meeting are expected to approve the company’s annual report and annual accounting statements, including profit-and-loss statements for 2002. They will also consider profit distribution for 2002 and dividend payments.
UTair shareholders considered similar issues at a meeting on June 18, 2003, however, at that time, the company did not have a conclusion from its audit and compliance committee (which was terminated) and the auditor’s conclusion. An agreement with the auditor was terminated due to significant violations of the agreement by the auditor.
After the auditing of UTair’s financial statements by the new auditor, RSM Top-Audit, a conclusion was drawn up confirming that the UTair Aviation accounting statements substantially reflected the financial situation in the company as of December 31, 2002 and financial results for January 1 to December 31, 2002 inclusively.
Taking into consideration the auditors’ proposal and the auditing results, the airline has prepared an annual report and annual accounting statements, including profit-and-loss statements for 2002.
UTair’s net profit reached 61.771m rubles in 2002, which was 17m rubles higher than the profit approved in June 2003.