Volga-Dnepr Airlines' Annual Stockholders Meeting
Ulyanovsk, June 29, 2001. The Annual Stockholders Meeting of closed company "Volga-Dnepr Airlines" took place in the head offices with representative participation of the insurance company "NIK", a specialist in aviation risks, the ANTK named after Antonov (Antonov Design Bureau) and the ZMBK "Progress", designers and manufacturers of the AN-124-100 aircraft and its engines D18D, group of companies "KASKOL" and Mingosimuschestvo (Department on State Property).
In accordance with the Agenda, Alexei Isaikin, Director General, gave the Annual Report on the results of the Volga-Dnepr business activities in the year of 2000. In summing up the results of the year, Alexei Isaikin pointed out that the past year was the most successful in the history of the Company. The Annual Report was approved during voting.
The main concluding production and financial indices
| Indices | 2000 | 1999 | >|
| 1. | Sales volume, mln. US dollars | 135,0 | 109,6 |
| 2. | Air Cargo Operation Market Share | 60,1 | 53,2 |
| 3. | Total quantity of delivered cargo (thousands of tones) | 36,25 | 37,54 |
| 4. | Aircraft fleet: | ||
| An-124-100 | 10 | 9 | |
| IL-76 | 4 | 3 | |
| Yak-40 | 3 | 3 | |
| 5. | Hours flown: | ||
| An-124-100 | 8 838 | 7 907 | |
| IL-76T | 2 063 | 1794 |
The resolution was passed unanimously not to pay out the current year dividends in favor of their employment as investment into development of the Company and the fleet replenishment (into production of new aircraft). Based on the results of the audit, carried out by Ernst & Young, the Company Auditor, it was pointed out that the financial statements provide for reliable reflection of the company's assets, liabilities and the equity capital. The above documents were found in compliance with the Russian Law on Business Accounting, Tax Legislation and Rules of Drawing up of Accounts in the Russian Federation.
The Auditor's Report was approved by the Meeting and Ernst & Young were confirmed as the Auditor of Volga-Dnepr Airlines for the year of 2001.
The outlined policy of the main lines of the Company activities in 2001 was approved, namely
- Consolidation and development of the An-124-100 market positions
- Management structure development of the Company
- Further more effective marketing effort for An-124-100 operations
Realization of these lines is based on putting into practice restructuring of the Company's branch establishments, providing for centralization of the management functions and their transfer to the parent company (CC "Volga-Dnepr Airlines").
Viktor Tolmachiov, Technical Director was reelected the Chairman of the Board; Director General of Volga-Dnepr Airlines, Alexei Isaikin and President of "Kaskol" Group of Companies", Sergey Nedoroslev were elected the Deputies of the Chairman of the Board of Volga-Dnepr Airlines. The Board of Directors was formed in the membership of: Deputy General Directors, Vladimir Davydov and Sergey Shklyanik, Financial director of Volga-Dnepr Airlines, Constantine Zorine, Commercial Director of Volga-Dnepr Airlines, Valerie Gabriel, vice president of "Kaskol" Group of Companies", Sergey Evdokimov, General Designer of ANTK named after Antonov (Antonov Design Bureau), Piotr Balabuyev, General Designer of ZMKB "Progress" (Design Bureau), Fiodor Muravchenko, the First Deputy Governor of Ulyanovsk Region, Viktor Sidorchiev.
For further information, please contact:
PR Department
Volga-Dnepr Airlines
Phone: +7 095 245-57-93
Fax: +7 095 244-28-79
E-mail: Leon@msk.vda.ru
