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Financial Corporation "Sistema"

November 14, 2003

Sistema JSFC’s CFOs hold a workshop

Chief financial officers of the Sistema JSFC group of companies met for a workshop organized by the Corporation’s finance department on November 14. Held in the ROSNO insurance company’s conference hall, the workshop focused on three issues: preparation of the Corporation member companies’ finance and business plans for 2004 and a long-term five-year plan; tax planning in preparation of the 2004 budget; and use of lease schemes as a way to finance investment projects. Sistema JSFC First Vice President Alexei Buyanov said in his opening address that meetings of this kind are to be held regularly from now. “They allow working discussions to be held and solutions sought to urgent problems, unified approaches to the Corporation companies’ account keeping developed within shorter time frames to make them more transparent to investors,” Mr. Buyanov emphasized. The November 14 workshop was attended by 65 chief financial officers and finance department heads of the Sistema JSFC companies. Reports were given by A.Y. Bobrovsky, CFO of Sistema JSFC, A.F. Stepina, chief specialist at Sistema JSFC’s Finance Department, and spokespersons for the Invest-Svyaz Holding Company.

 

 

 

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