Siberia Airlines holds annual general stockholders

25.06.2004

  1. Determining the agenda of the Annual stockholders meeting.
  2. Approving the Annual report, the annual accounting statements, including the profit and loss accounts of the Company for the year 2003.
  3. Distributing the Company's revenues and expenses by the results of 2003, including dividend payment (announcement).
  4. Approving the Company's revised charter.
  5. Approving the Provision on the General stockholders' meeting.
  6. Approving the Provision on the Company's Board of Directors.
  7. Approving the Provision on the Company's directorate.
  8. Approving the Provision on the Auditing Commission.
  9. Determining the number of the Board members.
  10. Electing the Board members.
  11. Electing the members of the Auditing Commission.
  12. Approving the Company's auditor.

First deputy C.E.O. Alexander Vindermut reported on the results of the Company's business and financial activities for the year 2003. The report contained the figures of Siberia Airlines business operations for the reporting period:

Characteristic Value Change from 2002
Number of passengers, thousand people 3 397 +30%
Mail and cargo carried, tons 21 020 +17%
Number of flights 24 082 +21%
Total aircraft hours in flight 80 610 +11,4%
Seat occupancy rate, % 79,4 +9%
Enplaned traffic rate, % 75,4 +8%
Passenger turnover, million passenger kilometers 9 248 +24%
Cargo turnover, million ton kilometers 895,7 +23%

Siberia Airlines revenues from selling services in 2003 totaled 11,178.3 million rubles, 34.8% more than in 2002. The cost of services sold in 2003 amounted to 9,397.6 million rubles, 33.4% more than in 2002. By the results of the Company's operation in 2003, Siberia Airlines received the total profits in the amount of 28.7 million rubles. The gross profit from the main types of activities amounted to 1,780.7 million rubles, 530.7 million rubles more than in 2002.
This result was achieved despite the adverse influence of the following factors. In 2003, the service rates in the Russian airports and abroad rose. Throughout 2003, the average airport dues for takeoffs and landings and for the passengers commercial services increased by 15%. The average cost of aviation fuel rose by 9% in Russia and by 5% in foreign airports.
The Company made considerable payments to the budgets of various levels and to the off-budget funds. During the 12 months of 2003, Siberia Airlines paid taxes, duties and dues to the budgets of all levels excluding VAT in the amount of 496.2 million rubles versus 453.0 million rubles in 2002.
Throughout 2003, Siberia Airlines made payments and bore social expenses, supporting various socially significant organizations, people with special needs and pensioners. The total sum of such expenses in 2003 amounted to 62,694,000 rubles.
The meeting passed a decision not to pay stock dividends by the results of 2003. The stockholders voted for the approval of the Annual report, the consolidated balance sheet and the profit and loss account for the year 2003 and passed a solution to increase the number of the Company's Board members from 7 to 9 persons.
The Company's stockholders approved of the Company's revised Charter and the provisions on the General stockholders meeting, the Company's Board of Directors, the Company's directorate and the Auditing Commission.
By the majority of votes, the Novosibirsk auditing firm Audit-Garant Ltd. was approved as the Company's auditor for the year 2003. The new Board of Directors was elected at the meeting, consisting of nine members: A.V. Gribkov, Chairperson of the Board of Directors of Gamma Cosmetics OJSC, V.A. Zhmulev, head of the Siberian interregional branch of the Russian Financial Investment Fund, A.A. Koshkin, C.E.O. of Sibmost OJSC, I.B. Kuznetsov, C.E.O. of Firma Factor Ltd., T.I. Lomovtseva, legal advisor of Portfolio Investments Ltd., T.R. Surinov, C.E.O. of Rosaviaconsortium OJSC, V.F. Filev, C.E.O. of Siberia Airlines, N.V. Fileva, Deputy C.E.O. in finance, economics and commerce of Siberia Airlines, V.V. Sharov, representative of the Russian Ministry of Transport. Albert Alexandrovich Koshkin, doctor of technical sciences, was re-elected to be the Company?s Chairperson of the Board of Directors.


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