OREANDA-NEWS. On 03 April 2008 was announced, that a general meeting of shareholders of Motor Sich JSC took place. This is a major event for the working collective of the engine-builders. The activities of all subdivisions within the accounting period were evaluated in the course of preparation to the meeting. Subject to analysis were not only the achievements but also the plans that were impossible to fulfill to any reason. In this case the significant tasks are included into a plan for the next year.

The meeting was attended, apart from the engine-builders, by the physical and legal bodies who have obtained the shares of Motor Sich JSC and are naturally interested in the circumstances at the factory, growth of the volume of production and selling of salable produce, relations with Russian partners.

Motor Sich today is a transparent company, open for the shareholders, potential investors and creditors that fully conforms with the rules of civilized market.

The Chairman of the Board of Directors Vyacheslav Boguslayev has noted a successful advance of Motor Sich to the market of capital when delivering his report on the economical state of the joint-stock company during 2007 and main directions of its production and financial-and-economical activity in 2008. The level of demand for the company’s shares on the world money market exceeded the offer out and away, it has allowed to adequately assess the value and invite the the necessary funds.

We have confidently reached the level of shipment of salable produce equal to 1 billion 622,2 mln. UAH, we have transferred the amounts to all-level budgets and out-of-budget funds equal 169.2 mln. UAH, including transfers to the local budget in the amount of 169.2 mln.UAH. We have received 207.1 mln. UAH of net profit, which is one of the most tangible results over the passed years.

Motor Sich JSC has maintained its aviation profile. The aviation equipment makes 84.9% in the structure of manufactured salable produce.

The problem of providing young families with housing remains to be currently important. The government is unfortunately unable to solve the problem yet.

Vyacheslav Boguslayev said that it is in our plans to build houses in order to keep the young people and career employees working at the factory.

Concerning plans for 2008, by now already we have firm orders to provide the growth of production by 114%. By the end of the year this figure will traditionally grow bigger.

At present we develop a strategic business plan of production development until 2015. It comprises, first of all, the programs of increasing sales of the produce and expansion of its production, modernization and productionizing new types of products, improvement of quality and reduction of the first cost of produce, reduction of internal expenditures and provision of the production facilities with highly-skilled personnel.

Decisions have been taken by the meeting regarding issues of the agenda, in the end V.A. Boguslayev has assured the people present that the factory, which celebrated its centennial last year is now steadily developing and this is our course for many years to come.

The speaker was asked questions and gave substantial answers to them.