Sollers not planning dividends for 2010
MOSCOW. April 5 (Interfax) - The board of directors at OJSC Sollers, part of the Sollers automotive group, has scheduled the company's annual shareholders meeting for June 24 and is recommending that shareholders vote to waive dividends for 2010, company materials say.
The list of shareholders eligible to take part in the meeting will be established by the shareholder register as of May 9. The agenda for the meeting contains the standard items.
"The recommendation to the general shareholders meeting is not to distribute profit and pay dividends for 2010's results," the materials said.
Sollers official spokesperson Zoya Kaika did not specify the company's net profit for 2010 but said "the company's main task now is reducing its net debt".
Sollers also did not pay dividends for 2008 and 2090. The company paid dividends at 16 rubles per share for the first half of 2008. The total payment came to around 550 million rubles.
The group's IFRS sales revenue for 2009 came to 34.74 billion rubles compared to 61.63 billion rubles for the previous year. IFRS losses for 2009 came to 50.11 billion rubles, up from 376 million rubles for 2008. The Sollers Group interns to publish its IFRS results for 2010 at the end of April.
Sollers, formerly Severstal-Auto, manages the Ulyanovsk Automotive Plant, Zavolzhsky Motor Plant , Sollers-Naberezhniye Chelny, Sollers-Elabuga and Sollers-Far East. The company also has an engine manufacturing joint venture with Fiat Powertrain Technologies. Sollers produces UAZ, Fiat, Isuzu and SsangYong models in Russia.
The group increased sales of cars and light commercial vehicles by 37% to 93,000 units last year, including 55,411 UAZ vehicles sold (up 42% from 2009).
