AvtoVAZ posts 2002 preliminary results

According to preliminary estimations, AvtoVAZ income in 2002, calculated in accordance with Russian accounting standards, amounted to 4-5bn rubles ($127m-158m), AvtoVAZ chief Vladimir Kadannikov declared at a news conference today. He pointed out that income was larger, if calculated in accordance with International Accounting Standards.

Kadannikov noted that the company manufactured products worth 92bn rubles ($2.91bn) in 2002. In 2003 this figure is set to be 97.7bn rubles ($3.09bn).

AvtoVAZ needs to invest $1.15bn in production in the next five years, he admitted stressing that the company would attract loans on the domestic market. He also did not rule out that at the beginning of 2004 AvtoVAZ might issue Eurobonds.

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