RUSSIAN SEA GROUP ANNOUNCES THE CHANGE IN FINANCIAL YEAR-END AND OF AUDITOR OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR 2010
OJSC "Russian Sea Group" (the "Company" or the "Group"), a leading Russian consumer food company, specializing in the production, sale and distribution of branded ready-to-eat fish and seafood products; and the sale and distribution of chilled and frozen fish and seafood products, today announces the change in financial year-end from 30 June to 31 December and the change of auditor of the consolidated financial statements for 2010, reports www.megafishnet.com with reference to Russian Sea.
The Board of Directors approved the decision to change the financial year-end for the consolidated financial statements, prepared in accordance with IFRS, from June 30 to December 31, in order to facilitate better analysis of the Group's financial results for the shareholders and investors.
The review report and consolidated interim financial statements of the Group, prepared in accordance with IFRS, for the six months ended June 30, 2010 will be issued by the end of September 2010.
The audit opinion and consolidated financial statements of the Group, prepared in accordance with IFRS, for the 18 months ended December 31, 2010 will be issued by the end of April 2011.
The Board of Directors of the Group recommended "Deloitte &Touche" as the auditor of the consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditor was proposed by the audit committee to the Board of Directors as a result of a tender. The approval of the auditor is planned for the General Shareholders Meeting on July 30, 2010.