DENIS ERSHOV RE-ENTERS PETROL
Denis Ershov and Mihail Mogilevski are the new members of the Petrol AD Supervisory Board. The changes were voted at the general meeting of the company held on May 31. Mitko Sabev remains Chairman of the Supervisory Board.Denis Ershov, born in the Russian town of Chelyabinsk on April 12, 1966, is currently a citizen of Lithuania. In the early 90s, he was vice president of one of the biggest exporters of Russian crude oil at the time, CONEX. In the end of 1991 he established the Naftex group, of which Petrol is a part. Ershov was a member of the Naftex Bulgaria Holding (now Petrol Holding) supervision until October 2003.In August 2000, he was expelled from Bulgaria with the argument that he was a threat to the country's national security. On June 23, 2004, the Sofia City Court declared the order that prohibits him from entering the country void. On November 10, 2004, the Supreme Administrative Court confirmed the decision of its colleagues.Mihail Mogilevski was born in Moscow on July 29, 1967. Currently, he is an Austrian citizen. He ran the PXU - Europe Corporate Development and took part in a number of projects related to the oil business.It also became clear on the general meeting that Petrol was going to pay 90% of its 2004 profit (BGN13MN) as dividends. The profit per one share amounts to BGN0.119. The remaining BGN1.4MN will be allocated as reserves. Dividend rights will be given to everyone who bought shares of the fuel distributor no later than June 10.The Petrol shareholders authorized the company managers to carry out transactions under art. 114 of the Law on Public Offering of Securities. Representatives of the company explained that assets of the distributor would be contributed to various of its subsidiaries.The Petrol joint-stock company ended the first quarter of 2005 at a consolidated profit amounting to BGN1.2MN. A year ago the profit amounted to BGN1.3MN. Its operating revenues reached BGN270.7MN, compared to BGN172.6MN for the first three months of 2004. Its expenses amount to BGN269.3MN. According to the consolidated budget, Petrol's fixed assets are worth BGN210.5MN. The company's receivables amount to BGN141.2MN, of which BGN52.9MN owed by related enterprises and BGN82.2MN - by customers and suppliers. Its long-term liabilities reach BGN78.5MN and the short-term ones - BGN173.6MN. The retained profit amounts to approximately BGN26MN.