30 September, 2003

General Meeting of the Shareholders of KCM 2000 SA, Plovdiv

The regular General Meeting of the Shareholders of KCM 2000 SA, Plovdiv was held on 30.09.2003.

Highlights in the work of the GM were:

• Report-analysis on the financial and economic status of the company as of 31.12.2002; approval of the annual financial statement of the company; balance sheet and profit and loss account of the company for the year under review 2002;
• Report by the certified public accountant who has audited the financial statement of the company for 2002 and election of a certified public accountant for the current year 2003.
• Approval and confirmation of all the actions and decisions made by the members of the Board of Directors during the period under review 2002 and their exoneration from responsibility.
• Reelection of the present Board of Directors for the next term of office.

The Chairman of the Board of Directors of KCM 2000 SA and Executive Director of KCM SA As. Prof., Dr., Eng. Nikola Dobrev stressed in its report-analysis that in 2002 the company had continued its active work for the realization of the tasks from the Strategic Development Program approved in 2002.

During the year under review priority was given to ensuring trouble-free fulfillment of the terms under the agreement with the Privatization Agency for the purchase of 21 600 000 shares of KCM SA representing 80% of the capital of the company. Overfulfillment of the investment program for the 3 year period of post privatization control was reported for. The investment commitment under the contract being USD 8 000 000 KCM 2000 SA has invested for the said period USD 10 000 000.

The restructuring process of KCM SA was also controlled strictly. After submitting the final report-analysis to the Post Privatization Control Agency, the Board of Directors of KCM 2000 SA considers that all the commitments under the deal, with the exception of the outstanding installments to the Privatization Agency, have been fulfilled.

The capital owned by the company has increased by BGN 5 947 th. and by the current period it amounts to BGN 14 919 th. The company reports for a net profit to the amount of BGN 5 970 th. for 2002.

Finalizing the third year of its existence KCM 2000 SA also reports for a successful realization of the tasks set by the shareholders:

• Strict performance of the agreement with the Privatization Agency;
• Successful development of KCM SA as a basic production structure;
• Successful restructuring of the human resource and management structure in KCM SA which imparts it the image of a modern production, investment and trade company;
• Establishing KCM 2000 SA as a successful privatization company of a big production unit, which conducts the policy of sustainable development.

The General Meeting of the Shareholders of KCM 2000 SA voted to use the net profit for 2002 for the payment of the annual installment under the privatization deal and investment in KCM SA's programs.

The Meeting approved the auditor's report for certification of the book-keeping activity of the company for 2002 and reelected Mrs. Maria Dimitrova Georgieva to be the chartered accountant of the company for 2003, too.

The present members of the Board of Directors were reelected for the next term of office.

Back