OREANDA-NEWS. July 27, 2012. The annual shareholders’ meeting of SOLLERS JSC took place.

The shareholders’ meeting of SOLLERS JSC approved the annual report and the annual financial statements of the Company based on the results of the previous financial year. It was also decided that based on the results of the financial year 2011 the profit is not distributed and the dividends are not paid out.

The shareholders’ general meeting elected Board of Directors of SOLLERS JSC in the amount of 9 people including: David Herman, Vadim Shvetsov, Richard Broyd, Patrick Gallagher, Seppo Remes, Nikolay Sobolev, Victor Khvesenya, Evgeny Yasin, Alexander Ikonnikov.

According to the Articles of association of SOLLERS JSC the Audit Commission includes three people and now it consists of the following elected representatives: Svetlana Krasnopolskaya (Head of the Financial budgeting and controlling department), Ilya Mitrokhin (Head of the Planning department) and Elena Nishanova (Head of the Department of consolidated reporting and investor relations).

The general meeting decided upon the amount of remuneration paid to the members of the Board of Directors of SOLLERS JSC for the period of discharge of their duties. Also they made a decision about reimbursement of expenses factually incurred in connection with their work in the Board of Directors.

Subsequent to the results of consolidated statements as per IAS standards the proceeds of SOLLERS Group in the reporting period increased by 26% and makes 69 531 million rubles as compared to 55 266 million rubles in the previous year. The Group’s EBITDA increased by 46% and reached 6 269 million rubles. Net profit of the Group made 4 694 million of rubles as compared to loss (1,241 million of rubles) in 2010. Besides, SOLLERS Group has declined by more than a third net debt, which was 13 877 million of rubles as of reporting date.