On June 25, 2003 annual shareholders’ meeting took place at «Leningradsky Metallichesky Zavod» ("Power Machines Group"). Shareholders elected Board of 7 members. Most of them represent the company’s major shareholder «Power Machines Group».
New Board of directors include: Evgeny Yakovlev, General Director of «Power Machines Group»; Victor Shevshenko, General Director of «Leningradsky Metallichesky Zavod»; Alexander Raskatov, Finance Director of «Power Machines Group»; Pavel Skitovich, Vice-President and Corporate Issues Director of «Power Machines Group»; Andrey Likhachev, General Director of «Lenenergo» company; Maxim Naumchenko.
Shareholders approved annual and financial reports of «Leningradsky Metallichesky Zavod» for 2002, including profit and losses report. Gross profit stood at 4,328 mln rubles showing 76% rise against 2001. Net profit stood at 1,020 mln that is 65 times more than the year before. In 2002 payable accounts saw 11% increase and reached 520 mln rubles, receivable accounts saw 4% fall and stood at 2,630 mln rubles. By the end of 2002 authorized capital of «Leningrad Metal Works» stood at 1,025,314 rubles divided into 25,632,850 ordinary shares traded at 0.04 ruble each.
Shareholders decided against paying of 2002 dividends and to channel the available money for technical upgrade, reconstruction and modernization of «Leningradsky Metallichesky Zavod».
«Rosexpertiza» was selected as the auditing company.