OREANDA-NEWS. June 20, 2007. An annual shareholders’ meeting of JSC Mashinostroitelny Zavod (MSZ), the city of Elektrostal, Moscow Region, was held on June 8. The meeting approved financial results of the 2006 operations, including the annual book balance, income and loss statement and income distribution.

MSZ’s Director General O. Kryukov presented on the key agenda item to say that in 2006 the Joint Stock Company Mashinostroitelny Zavod had met all contractual commitments and delivery schedules. The plant’s income in 2006 increased by 7.5% to make RUR8.0623bn with a net profit increase of 5.6% (RUR659m) as compared to the preceding year. The plant’s shares’ market value boosted 49% last year.

In his presentation O. Kryukov pointed out main targets for 2007 as meeting strategic development indicators set forth for the plant and implementing measures under the Productions Development Program and Cost Reduction for 2007-2009 as planned. When productions grow, this will help to retain competitiveness in the world market of nuclear fuel assembly fabrication.

At their meeting, the shareholders elected a new Board of Directors to include Rosatom’s Deputy Department Head V. Fedoseev, TVEL’s Vice Presidents A. Nikipelov and V. Konstantinov, MSZ’s Director General O. Kryukov, TVEL’s Executive Director V. Kalantyr, as well as TVEL’s President’s Advisors V. Rozhdestvensky and M. Solonin.

JSC Nexia Pacholi was approved as the auditor for 2007 activities.

The general shareholders’ meeting decided against paying dividends upon MSZ’s shares for 2006 but channel the revenues to productions development.