JSC  "Rīgas  kuģu būvētava" was held on July 22, 2003. The shareholders

approved  the  Annual  Report for 2002, discharged the Management Board

and  Supervisory Board members from liability for 2002 operations, made

changes  to the Supervisory Board and Management Board. The agenda item

regarding  amendments  to  the  Charter  was  not discussed, since only

54.68%  of shares were blocked for the meeting, which is not sufficient

for taking decisions of this category.



In  the  past  year  the  company sales amounted to LVL 20,567,482 (LVL

19,889,706  in  2001),  and  net profit was LVL 594,947 (LVL 677,120 in

2001).  The company repaired 120 vessels. The building of vessel bodies

has retained in the same level since1998 and is 46 bodies per year. The

Company  has  invested  USD  1.2 million to modernise the technological

equipment and in repairs.



A  new  Management  Board was elected: Vasilijs Meļņiks, Igors Komarovs

and  Aivars  Stolders.  The  new  Supervisory  board  members are Jānis

Davidovičs,  Larisa Artemenko, Anatolijs Ustinovs, Sergejs Goļicins and

Gundars Staģis.



The  AGM  approved the dividend payment at total amount of LVL 233,442,

or  LVL  0.02  per  share. The remaining profit will be invested in the

Company development.