ALROSA Held Executive Committee Meeting
OREANDA-NEWS. June 28, 2010. The ALROSA Executive Committee held its regular meeting under the chairmanship of the Company’s President (CEO) Fyodor Andreev in Mirny, Republic of Sakha (Yakutia), reported the press-centre of ALROSA.
The Executive Committee discussed proposed adjustments to the Company’s plan and budget for 2010. Adjustments are required to be made due to a number of factors: growing core product (i.e. rough and polished diamonds) sales, anticipated indexation of employee wages and salaries, a necessary increase in expenses on repair and maintenance of core production facilities, lower interest rates and borrowed funds servicing costs, and some other factors.
Therefore the following adjustments were endorsed and submitted for approval to the Company’s Supervisory Board:
- larger volume of rough diamond sales for the ALROSA Group by USD 105.4 million, this including an increase by USD 40.0 million for ALROSA Co. Ltd., an increase by USD 13.0 million for OJSC ALROSA-Nyurba, an increase by USD 45.9 million for OJSC Almazy Anabara (Diamonds of Anabar), and an increase by USD 6.5 million for OJSC Severalmaz. Thus, in 2010 the adjusted aggregate volume of rough diamond sales is expected at USD 3,282.2 million, and the adjusted aggregate volume of polished diamond sales at USD 124.9 million;
- proceeds from sales of goods, works and services are to exceed the current target for 2010 by RUB 2,243.6 million and will altogether total RUB 94,617.5 million;
- costs of goods, works and services sold are to be increased by RUB 2,271.2 million and will total RUB 66,923.0 million;
- ALROSA expects its net profit in 2010 to increase by RUB 3,227.3 million and reach RUB 5,933.0 million.
The Executive Committee also reviewed the performance results of ALROSA’s subsidiaries and controlled companies in Q1 2010.
For the purpose of internal regulation of functioning of ALROSA executive bodies, a joint list of the corporate standing panels, committees and commissions and their official level and personal membership were approved.
The Regulations "On Indexation for Inflation of ALROSA Co. Ltd. Employee Remuneration" were endorsed. The document provides for a quarterly anticipatory adjustment for inflation of employee wages and salaries, effective from January 1, 2011.
The Regulations "On Budget Management in Joint Sock Company ALROSA" were approved.
The agenda also included the discussion of other miscellaneous current and prospective issues related to ALROSA operations.
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