Today,  on  18 June, the ordinary general meeting of Public Joint Stock

Company  Grindeks  shareholders  took  place.  In  this general meeting

issues  on the approval of the 2003 Financial Statements and release of

the  Board  from  responsibility  as  well  as  the distribution of the

profits  from  the  previous business year were addressed. Shareholders

also  decided  on the approval of the budget and activity plan for this

year, and elected sworn auditor for the year 2004.

Registered  shareholders  represented  67.3  %  of  the company's share

capital,  which  provides  a  sufficient quorum to decide on all issues

included in the agenda of this general meeting.

1.  In  respect  to the first issue of the agenda regarding approval of

the  2003  Financial  Statements  and  release  of  the  Board from the

responsibility the following decisions were taken:

1.1.  Approve the audited Financial Statements of PJSC Grindeks for the

year 2003 and acknowledge the report by sworn auditor Irina Saksaganska

(Certificate No.41) on the 2003 Financial Statements of PJSC Grindeks.

1.2.  Approve  the  audited  Consolidated  Financial Statements of PJSC

Grindeks  for  the  year  2003  and acknowledge report by sworn auditor

Irina   Saksaganska   (Certificate  No.41)  on  the  2003  Consolidated

Financial Statements of PJSC Grindeks.

1.3.  Release  Valdis Jakobsons, Vitalijs Skrivelis, Janis Romanovskis,

Jelena  Borcova  and  Erika Pleisa, who executed the tasks of the Board

Members  during  2003  from responsibility for the business activity of

PJSC Grindeks in the year 2003.

1.4.  Pay  out  bonuses to Council Members for the activity in the year

2003 within the limits of the budget for the year 2004.

2.  In respect to the second issue of the agenda regarding distribution

of  profits  from  the  business  year 2003, the following decision was

taken:

Allocate the profits of PJSC Grindeks for the business year 2003 in the

amount   of   1,344,266  LVL  for  strengthening  the  development  and

competitiveness of the Company.

3.  In  respect  to the third issue of the agenda regarding approval of

the  budget and activity plan for the year 2004, the following decision

was taken:

Approve  the activity plan and the budget of PJSC Grindeks for the year

2004 with the following indicators included in this budget:

Net turnover - 24 005 763 LVL,

Profit before taxation - 2 936 930 LVL,

Profit after taxation - 2 465 790 LVL,

Investment volume - 1 384 210 LVL.

Budget  and  activity  plan  for  2004 available -   here.

(97.71 KB) 

4.  In  respect to the fourth issue of the agenda regarding election of

sworn  auditor  of  PJSC  Grindeks  for  the  year  2004, the following

decision was taken:

Approve   sworn   auditor  Irina  Saksaganska  (Certificate  No.41)  of

Deloitte&Touche  Audits  Ltd. as the sworn auditor of PJSC Grindeks for

the  year 2004 and conclude a contract with Deloitte&Touche Audits Ltd.

(License No. 43) for the audit of Financial Statements and Consolidated

Financial Statements for the year 2004.

5.  Any  issues  under Miscellaneous the fifth point of the agenda were

not reviewed.



Information prepared by:

Jana Semerikova, Head of the Public Relations Section of PJSC Grindeks

Tel.: 7083448; 9277837; email: jana_semerikova@grindeks.lv