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KamAZ

April 22, 2004

Board of Directors of KAMAZ Inc. 2004

On the agenda of the regular meeting of Board of Directors of KAMAZ Inc. held on April 16 there were considered some issues of arranging of an annual shareholders meeting and Business Plan results during the first Quarter of 2004.

Upon results of the 1st Q of 2004 the Group of KAMAZ Inc. organizations has gained a net profit valued USD75,6 million. Capitalization is steadily growing and in March 2004 it made USD394 million.

A three-month finance and economic plan targets have been exceeded. The Group of KAMAZ Inc. organizations has marketed over 6,6 billion rubles worth products, which exceeded the business plan indicators by 7% and 1st Q of 2003 targets by 18%. As per the latest data, KAMAZ has delivered to its customers 5 909 trucks and 9 200 cars. These figures exceed targets set for 2004 by 6% and 7% accordingly, and 2003 volumes for the same period by 27% and 3% accordingly. Production of spare parts for trucks has increased by 8% and for cars – by 3%, products of diversification have exceeded the target volumes by 12% and 19% accordingly. KAMAZ subsidiaries located outside of Tatarstan have also reached the parent company’s level. Thus, “Avtopritsep-KAMAZ” Inc. (trailers and semi-trailers) from Stavropol has realized its business plan in general, whereas “NefAZ” Inc. (buses and coaches) from Neftekamsk has overfulfilled it by 17%.

Group of KAMAZ Inc. organizations keeps on increasing its Russian truck market share. In March it reached 39%.

Sales profit within these three months has been improved by 2,6%. There was a forecasted loss for the 1st Q but instead KAMAZ earned 75,6 million rubles as net profit. This is slightly less than net profit in 2002 (78,4 million rubles) and made 82% of the 2003 net profit (92,5 million rubles).

Capitalization level of KAMAZ Inc.’s is steadily growing. In March 2004 it made USD394 million. At the end of 2003 it was equal to USD283 million.

At this meeting Board of Directors has initially approved results of 2003 and the Annual Report and Balance Sheet. Besides, the Company owners decided not to pay dividends this year but instead to channel profit to the emergency fund of KAMAZ Inc.

There were also considered some organizational moments of the annual shareholders meeting, which this year is to take place on May 28.

 

 

 

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