Joint Stock Company Uzbek Metallurgical Plant (RSE: UZMK), a leading manufacturer of iron and steel products in Uzbekistan (hereinafter UZMK), announces the results of its Annual Shareholder Meeting (AGM) (
  UZMK held its Annual Shareholder Meeting (AGM) on the 30th June 2022. The respective agenda for the meeting was announced on the 7th June 2022:
 The company’s Executive Management presented UZMK operational and financial results for the calendar year 2022 highlighting that the approved for the year business plan has been achieved.
  The company’s Supervisory Board presented the results of its activities for the year and made several proposals to AGM for approval.
   Based on these proposals, the AGM has approved the following:
1. Company’s 2022 financial results;
2. Company’s 2022 corporate governance report;
3. Final dividend in the amount of UZS 683.35 per ordinary share and UZS 300 per preferred share. This amount was approved following dividend declared for the 9 months 2022 results in the amount of UZS 528.62 per share. As a result, the total dividend payout for 2022 is slightly above 60% of net income (calculation provided is based on the National Accounting Standards) translating into 14.6% yield per ordinary share and 12.6% yield per preferred share based on 30th June 2023 stock prices;
4. The decision to leave in use the company's dividends that were not claimed by shareholders for three years (for 2019) to use the funds in the company's investment activities;
5. New edition of the company’s Charter where the main difference with the previous version is the new number of shares outstanding factoring all recent share issues;
6. New edition of company organizational structure where the main difference with the previous version is the change in responsibilities of Supervisory Board members for UZMK various department;
7. New edition of the Supervisory Board provisions where the main difference with previous version is the definition of Board Members’ responsibilities and the insurance of those responsibilities;
8. Composition of the Revision Committee;
9. Prolongation of the agreement with the Chairman of the Executive Board.
   Additional inquiries should be addressed to:
   Usmanova Yulduzhon –
  JSC Uzmetkombinat (JSC UZMK) is the leader of ferrous metallurgy in Uzbekistan, counting its history from 1944. Its manufacturing plant has an installed annual capacity of more than 1 million tons of rolled products and is implementing a large-scale investment program to increase capacity to 2.5 million tons per year during 2021-2025. The enterprise employs more than 12,000 people. Its products are sold in all regions of the country and are exported to various countries of the world, including Europe. More than 80% of the company's shares are owned by the Uzbekistan state. A significant portion of the company’s shares is traded on RSE "Toshkent". Common and preferred shares of the company have the status of highly liquid, and the market capitalization of the company exceeds UZS 4 trillion (approx. USD 350 million).
   This release contains forward-looking statements that reflect the current views of JSC Uzmetkombinat management regarding future events. They are generally denoted by the words "expect", "anticipate", "intend", "estimate", "aspire", "plan", "will", "forecast" and comparable expressions, and usually contain information that refers to expectations or goals regarding economic conditions, sales revenue, or other criteria for the success of an enterprise. Forward-looking statements are based on current plans, estimates and expectations within the current legal and regulatory environment and are therefore only valid as of the date indicated. Therefore, such statements should be considered with caution. Such statements are subject to numerous risks and uncertainties (such as those described in publications), most of which are difficult to estimate and are generally beyond the control of JSC Uzmetkombinat. Relevant factors include the consequences of prudent strategic and operational initiatives, including the acquisition or disposal of companies (interests in them) or other assets. If certain risks and uncertainties arise, or if the assumptions on which the statements are based prove incorrect, the actual results of JSC Uzmetkombinat may differ materially from those expressed or implied in these statements. Uzmetkombinat JSC cannot give any guarantee that expectations or goals will be achieved. Uzmetkombinat JSC, despite existing legal obligations, disclaims any responsibility for updating forward-looking statements to reflect new information or future events or other conditions or circumstances.
    In addition to key figures prepared in accordance with IFRS and NAS, respectively, JSC Uzmetkombinat presents key non-GAAP measures such as EBITDA, EBIT, net debt and net financial liabilities that are not a component of accounting rules. These key figures should be considered as a supplement to, but not as a substitute for, data prepared in accordance with IFRS. Non-GAAP key figures are not subject to IFRS or any other generally applicable accounting rules. When evaluating the net assets, financial position and performance of JSC Uzmetkombinat, these additional indicators should not be used in isolation or as an alternative to key indicators presented in the consolidated financial statements and calculated in accordance with relevant accounting principles.
    Rounding differences can occur in relation to percentages and figures.