Neusiedler Syktyvkar shareholders approved the amount of dividends of RUR 1,28 billion to be paid for 2003

Jun 01, 2004. /Lesprom Network/. Russian Neusiedler Syktyvkar shareholders approved an annual report and the amount of dividends for 2003 during an annual meeting held on May, 31 2004 in Komi Republic, Neusiedler Syktyvkar spokesperson told Lesprom.ru. The meeting was presided by member of the board Mark Bartolomi. The dividend on preference shares was set at RUR 3 per 1 share, ordinary shares – RUR 1,323 thousand per 1 share. The dividends on preference shares will be paid by July, 30 2004, the dividends on ordinary shares – by August, 31 2004. The undistributed profits in 2003 are estimated at RUR 1,413 million, the company’s earnings were estimated at RUR 10,476 million. Certain changes and additions were introduced in the articles of association. The new board of directors is composed of 5 members instead of 9: Gunter Hassler, Curt Mitterbok, Mark Bartolomi, Johann Perthold, Vulla Gordia Hauser. The company’s profits from its main products are distributed in the following way: paper – 73%, cardboard – 22%, other products – 5%. In 2004 cardboard and paper sales are expected to account for 96% of overall profits. Total planned investments in 2004 will reach EUR 33,8 million. The enterprises supplying timber to the enterprise will receive EUR 7 million. Investments in the social sector will top EUR 1,8 million. The investment in the enterprise are set at EUR 25 million. Overall cost of technical maintenance of the enterprise will reach EUR 13,9 million. ‘The company has all the possible grounds and sources in order to promote further increase of the enterprise’s profitability, as well as the increase of the workers’ benefit’ A. Samodelkin said. Besides, the company has signed a contract with a new auditor Deolit and Tush CIS, that was approved by the chairman of the board. Previously PricewaterhouseCoopers provided audit service to Neusiedler Syktyvkar. Deloit and Tush is one of the largest and oldest auditor companies in the world with a perfect reputation and a 15-year experience of operation in the CIS. The company also provides audit services to Neusiedler AG. According to Neusiedler Syktyvkar CEO Andrei Samodelkin, the enterprise has been constantly developing operation and boosting production. Neusiedler Syktyvkar is one of the largest paper producers in Russia with a capacity of 700 thousand tons of pulp and paper products/yr; the enterprise intends to boost production up to 1 million tons/yr. As Lesprom.ru reported earlier, in 2002 the majority stake (87,9%) of Syktyvkarsky timber-processing enterprise was acquired by Neusiedler AG (NAG), an affiliated company of Mondi, owned by Anglo American transnational timber industry corporation. NAG is one of Europe’s largest woodless non-covered paper owning production facilities in 5 countries: Austria, Hungary, Israel, Slovakia and Russia. Neusiedler Syktyvkar specializes in the production of office and offset paper, as well as the production of newsprint, cardboard for corrugated top-liner and kraft-liner