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ALROSA will not pay dividends suspending inefficient production

14 may 2009

On May 14, 2009 the Supervisory Board of ALROSA held its meeting in Moscow.

As Rough&Polished was told by the company, the Supervisory Board voted to approve the preliminary results of ALROSA’s business and financial activities in 2008, including the profit and loss statement.

The General Meeting of ALROSA shareholders was recommended to approve the following distribution of net profit obtained in 2008: 

Distribution of profit

 

Amount, RUR mn

Net profit,

of which:

1573.5

- capital investment

1475.3

 

- long-term financial investments

19.5

- allocation to reserve fund

78.7

Due to a sharp decrease in the net profit, the Supervisory Board recommended to the General Annual Meeting of ALROSA shareholders to take a decision not to pay dividends to the company’s shareholders for 2008 introducing appropriate amendments to the Articles of Incorporation of AK ALROSA (ZAO).

The members of the Supervisory Board discussed the matters related to correcting the look-ahead plan of ALROSA for 2009 taking into account additional measures to close payment-budget deficit in 2009.

Due to a variety of objective factors which have a substantial impact on business activities of the ALROSA Group, the Supervisory Board recommended to introduce the following amendments to the plan for 2009 with possible adjustment based on the results of the first six months of 2009: 

Diamond output including OAO ALROSA-Nyurba

USD 2103.7 mn

Diamond output by ALROSA

USD 1655.0 mn

Total diamond sales by ALROSA Group

USD 2631.4 mn

 

including:

 

               - rough diamonds

USD 2531.4 mn

               - polished diamonds

USD 100.0 mn

Revenues from sales of products (works and services)

RUR 81125.8 mn

Profit from sales of products (works and services) before taxes

RUR 1801.2 mn

ALROSA net profit

RUR 454.4 mn

Acquisition of material and technical resources

RUR 13199.3 mn

Capital construction

RUR 12730.6 mn

Prospecting and exploration expenditure

RUR 2606.1 mn

The Supervisory Board gave its consent for additional measures to close payment-budget deficit of ALROSA in 2009 in accordance with the decisions taken at the meeting of the company’s emergency operations headquarters on March 3, 2009. In particular, it was decided not to raise wages or pay bonuses for 2008 to the company personnel. The Board decided to cut the number of the company’s administration staff by 130 persons starting from July 1, 2009. The company will also stop mining at unprofitable diamond fields including Irelyakhskaya Rossyp, Vodorazdelnye Galechniki, Levoberezhnaya, Gornoye of the Mirny Mining-and-Processing Integrated Works, as well as at the Zarnitsa Minefield of the Udachninsky Mining-and-Processing Integrated Works. Mining will also be decreased at quarries Yubileyny of the Aikhalski Mining-and-Processing Integrated Works and Internatsionalny of the Mirny Mining-and-Processing Integrated Works. The ore-dressing facilities of the following inefficient seasonal diamond fields will also be stopped for the whole period of operation: Factory No. 15 of the Nyurbinski Mining-and-Processing Integrated Works, the dry-dressing plant of the Aikhalski Mining-and-Processing Integrated Works, dredging machine No. 202 and automatic sorting facility of the Mirny Mining-and-Processing Integrated Works. The personnel of these units will be put on a forced-outage mode or part-time working week.

The Board decided to convene the General Annual Meeting of ALROSA shareholders on June 20, 2009.

The Supervisory Board gave its consent for the decision of the ALROSA Tender Committee as to the winner of the contest for the right to audit the company and recommended to the General Annual Meeting of shareholders to approve OOO Finansovye I Bukhgalterskiу Konsultanty (FBK) as the company’s auditor.

The Board dismissed G.A. Yakovlev from the company’s Board of Directors due to his retirement and P.M. Glagolev due to terminating his work with this company; the Board also included V.K. Kolodeznikov, Vice-President of ALROSA and General Manager of ALROSA’s Representation Office in Yakutsk, into the company’s Board of Directors.

The members of the Board approved the working schedule of the company’s Supervisory Board for 2009.

The day before, on May 13, the company’s Board of Directors held its meeting in Moscow.

Fulfilling the assignment given by A.L. Kudrin, Chairman of the Supervisory Board, the Board of Directors discussed the possibility of increasing purchases of Russian-made industrial products to meet the needs of ALROSA. The members of the Board of Directors authorized the Engineering Service and the Department of Capital Construction to give preference to domestic products along the whole range of items buying in maximum quantities for the company’s programs of capital construction, technical retooling and repairs.