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VolgaTelecom

July 12, 2004

Report on the results of the annual general meeting of shareholders of OJSC "VolgaTelecom"

Open Joint Stock Company “VolgaTelecom”

Registered on 15.12.1993 by the Administration of Nizhny Novgorod city, registration ? 448
Mail address and location:
603000, Nizhny Novgorod city, M.Gorky sq., Post House
Phone: (8-8312) 33-20-47, Fax: (8-8312)30-67-68

Advises on the results of annual general meeting of shareholders held on June 22, 2004.

1. The Board of directors was elected with the structure of 11 persons:

Yurchenko Evgenyi Valerievich

 

The Chairman of the Board of directors,

Deputy to the General Director of OJSC “Sviayzinvest”

Andreev Vladimir Alexandrovich

Rector of Povolzhsky state academy of telecommunications and informatics

Bobin Maxim Victorovich

Chief of legal department of Moscow’s representation office of “NCH Advisors, Inc.”

Grigorieva Alla Borisovna

Deputy to the director – chief of the sector of the Department of corporate governance of OJSC “Sviayzinvest”

Degtyarev Valeryi Victorovich

General Director of OJSC “Tetrosviayz”

Dudchenko Vladimir Vladimirovich

Chief of analytical section of Moscow’s representation office of “NCH Advisors, Inc.”

Lyulin Vladimir Fedorovich

General Director of OJSC “VolgaTelecom”

Romskyi Georgyi Alexeevich

Deputy to the General Director of OJSC “Sviayzinvest”

Savchenko Victor Dmitrievich

Director of the Department of legal provision of OJSC “Sviayzinvest”

Fedorov Oleg Romanovich

Executive director, corporate finances of CJSC “Joint financial group”

Chernogorodskyi Sergey Valerievich

Director of the Department of joint-stock capital of OJSC “Sviayzinvest”

2. The Auditing committee was elected with the structure of 5 persons:

Belyaev Konstantin Vladimirovich

The Chairman of the Auditing committee,

OJSC “Sviayzinvest” chief accountant

Alekhin Sergey Imanovich

Chief expert of the Department of internal audit of OJSC “Sviayzinvest”

Degtyareva Elena Petrovna

Lead expert of the Department of communication of OJSC “Sviayzinvest”

Tikhonov Sergey Vladimirovich

Main specialist of the Department of internal audit of OJSC “Sviayzinvest”;

Frolov Kirill Victorovich

Deputy to the director of the Department of internal audit of OJSC “Sviayzinvest”

3. Approved size of dividends:

On one ordinary share  - 0,9186 ruble.

On one preferred share - 2,4510 rubles.

The beginning of dividends payment on each category of shares – since 15.07.2004.

The end of the time of dividends payment on ordinary and preferred shares – till 15.12.2004.                                                                 

4. Changes and addenda were introduced in the Charter and in the Provision on the Board of directors of the Company; changes were introduced in the Provision on the Management board and on the Auditing committee of the Company.

5. CJSC “Ernst & Young Vneshaudit” was approved as the Company’s Auditor for 2004.

In accordance with item 1 of article 92 of Federal law “On joint stock companies” the Company advises to its stockholders:

         1. The Company’s register is kept by CJSC “Registrator Sviyaz” (license ? 10-000-1-00258 of 01.10.2002 is issued by Federal Commission for the Securities Market)

Location: Moscow, B. Oleniya str., 15?

Phone, fax: (8-095) 933-42-21.

         2.  The date of the Company’s register closing for the annual general meeting – 03.05.2004.

The number of stockholders possessing voting shares and having the right to participate in the annual meeting - 17 286.

Accounting balance-sheet of OJSC “VolgaTelecom” for 2003 (approved by the annual general meeting on 22.06.2004).

 

 

As of the beginning of the report period

As of the end of the report period

 

Assets

 

 

1.

Non-current assets

13370555

17990554

2.

Current assets

2263911

3138837

 

Balance

15634466

21129391

 

Liabilities

 

 

3.

Capital and reserves

11269849

12954268

4.

Long-term liabilities

1073582

3394273

5.

Short-term liabilities

3291035

4780850

 

Balance

15634466

21129391

                                                                           

     Profit and loss statement for 2003 (approved by the annual general meeting on 22.06.2004).

 

 

For the report period

 

For similar period of the past year

1.

Proceeds of sales of goods, products, works and services

 

14677305

 

10967595

2.

Prime cost of sales of goods, products, works and services 

10471151

7796630

3.

Sales profit

4206154

3170965

4

Net profit

2009438

1241307

The ratio of net asset value and the charter capital amount was 802,8%.

The credibility of OJSC “VolgaTelecom” accounting statement is confirmed by audit company “Ernst & Young Vneshaudit”.

 

The Chairman of the meeting,

OJSC “VolgaTelecom” General Director
Lyulin V.F.

The secretary of the meeting
Pokrovskaya N.I.

 

 

 

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