OREANDA-NEWS. The annual meeting of shareholders took place at Mashinostroitelny Zavod (Elemash, Elektrostal, Moscow region). The shareholders summed up the results of the company’s financial activities in 2006, this including the annual financial statement, the profit and loss account, the profit distribution report, etc.

The key speaker was the director general of Elemash O.Krukov. He said that in 2006 the company fulfilled all of its contractual obligations. The income grew by 7,5% to 8,062bln RUR, the profit by 5,6% to 659mln RUR. The shareholder’s value grew by 49%.

The key task for 2007 is the fulfillment of the strategic development plans and the measures under the Production Development and Cost Reduction Program 2007-2009. This will allow the company to retain its competitive positions on the world fuel assembly market.

The shareholders elected the new Board of Directors: deputy head of department of Rosatom V.Fedoseyev, the vice presidents of TVEL A.Nikipelov and V.Konstantinov, the director general of Elemash O.Krukov, the executive director of TVEL V.Kalantyr, the advisors of the TVEL president V.Rozhdenstvensky and M.Solonin.

The auditor for 2007 will be Nexia Pacioli Ltd.

The shareholders decided not to pay dividends for 2006 but to spend the profit on production development.