On June 27, 2003 annual shareholders’ meeting took place at «Electrosila» ("Power Machines Group"). Board of 7 members was elected.
New Board of directors include: Evgeny Yakovlev, General Director of «Power Machines Group»; Ravil Urusov, General Director of «Electrosila»; Gennady Vinogradov, Chairman of «Electrosila» trade union; Pavel Skitovich, Vice-President and Corporate Issues Director of «Power Machines Group»; Igor Klochko, Sales Director (nuclear energy) of «Power Machines Group»; Sergey Kiyashko and Maxim Naumchenko.
Shareholders approved annual and financial reports for 2002, including profit and losses report. Gross profit stood at 2,722.9 mln rubles showing 37,1% rise against 2001. Net profit stood at 28.1 mln showing 85,6% shrinkage because of extra credits steered for production development and shifts in accounting policy of the enterprise and national tax policy. In 2002 production reached 2,835.8 mln rubles with 30% increase against previous year production. Investments in production reached 449 mln rubles. In 2002 average salary rose 37.2% up to 9 648 rubles monthly.
Shareholders decided against paying of 2002 dividends and to channel the available money for technical upgrade, reconstruction and modernization.
«Rosexpertiza» was selected as the auditing company.