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Company News

18 June 2005

Aeroflot–Russian Airlines annual stockholders meeting approved Aeroflot operating results for 2004

Aeroflot–Russian Airlines annual stockholders meeting approved the annual report, annual accounting reports including the Company’s P & L, and also profit distribution including paying out dividends according to operating results of 2004 financial year. There was approved Aeroflot Auditing Commission’s decision as regards to the results of auditing the Company’s annual accounting reports and data adequacy in Aeroflot annual report for 2004.

Summing up the airline company’s operating results of the last financial year the stockholders meeting noted stable development of the company according to all the indicators this resulted in increased dividends. 375 million rubles were transferred to federal and municipal budgets as taxes; this amounted to more than 300,000 rubles per an employee, or 58% in the industry. Capitalization increase was 78.6% (+602 million USD).

The annual stockholders meeting approved financial results for 2004.

  2004 2003 +/- by 2003
Retained earnings 6.33 billion rubles 4 billion rubles + 58%
Dividend payment 777.431 million rubles (70 kop. per a stock) 485.3167 million rubles (43 kop. per a stock) + 60%

The state will get more than 398 million rubles as dividends.

New members were elected to the Board of Directors and Auditing Commission, Aeroflot auditor is approved.

According to the preliminary results 11 candidates were elected to the Board of Directors from 15 persons:

- Antonov Vladimir Nikolaevich – First Deputy Director General;
- Butrin Mikhail Robertovich – National Reserve Corporation Ltd. Deputy Director General;
- Grechukhin Igor Nikolaevich – Department Director of the Ministry of Economic Development of Russia;
- Dushatin Leonid Alekseevich – National Reserve Corporation Ltd. First Deputy Director General;
- Ivanov Viktor Petrovich – RF President's Advisor;
- Kopeikin Mikhail Yuryevich – Deputy Chief of RF Government Administration;
- Okulov Valery Mikhailovich – Aeroflot Director General;
- Tikhonov Alexander Vasilyevich – Russia’s Transportation Ministry Department Director;
- Uvarov Alexey Konstantinovich – Federal Agency Department Head on Federal Property Control;
- Fyodorov Alexey Viktorovich – FSB Department Official;
- Shablin Vladimir Nikolayevich – AKB National Reserve Bank Vice President.

According to the preliminary results Aeroflot Director General Valery Okulov had the most votes among the elected members to the Board of Directors.

The following persons were elected to the Company’s Auditing Commission consisting of 5 members:

1.Galimov Nokolay Anasovich - Russia’s Transportation Ministry Department Deputy Director;
2.Goryachev Vladimir Sergeevich Rosaviation Deputy Department Head;
3. Dunaikina Zinaida Nikolaevna – Aviation and Corporate Security Department Head;
4.Mironova Vera Grigoryevna - Rosaviation Department Head;
5.Tarasov Alexey Yevgenyevich - National Reserve Corporation Ltd. Law Department Head.

Vneshaudit was approved as Aeroflot auditors for 2005.

Final conclusions of the meeting are to be published according to Federal Law on Joint-stock Companies.

Aeroflot–Russian Airlines (RTS: AFLT) is the largest Russian Company. The state owns 51 per cent of its stocks. It was established in 1923. It controls 11 per cent of home and 39 per cent of international market of air carriages of Russia. Net income amounted to 6 330.143 million rubles (219 million USD) in 2004. According to its financial indicators it is in the list of 25 top airline companies of the world (according to ATW). In 2004 Aeroflot transported 6.862 million passengers. There are 90 airliners in its fleet. Its headquarter is located in Moscow in Sheremetyevo Airport. It is going to build its own terminal Sheremetyevo–3 by 2007. Apply for detailed information about the airline company on its web–sites www.aeroflot.ru, www.aeroflotbonus.ru

Public Relations Department