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President of Tatarstan attended TAIF PSC Annual General Meeting of Shareholders


The 2012 operational results of TAIF Group and its holding company have been summarized.

Today the President of Tatarstan Rustam Minnikhanov attended TAIF PSCís Annual General Meeting of Shareholders where the operational results of TAIF Group and its holding company for 2012 were summarized.

TAIF Groupís highlights according to the results of the past year are as follows. Consolidated revenue amounted to over RUB 452 billion. Aggregate net profit amount exceeded RUB 59 billion while net profit generated by TAIF PSC only amounted to RUB 12 billion. In 2012, the Group paid RUB 67.7 billion of taxes and charges to all budget levels and non-budgetary funds including the consolidated budget of the Republic of Tatarstan Ė almost RUB 16 billion. RUB 25.7 billion was allocated to the implementation of investment projects. Total TAIF Groupís investments to the social sphere of Tatarstan taking into account the taxes paid amounted to RUB 36 billion. Average salary of the Groupís employees, with their number totaling over 45 thousand persons, grew by 14 per cent and amounted to RUB 32 thousand per month.

As Albert Shigabutdinov, General Director, TAIF PSC noted that the main tasks set by the government of the republic and the shareholders to the Group have been fulfilled.

As far as the results of QI current year are concerned, according to Albert Shigabutdinov they proved to be inferior to that y-o-y. ďThe year is difficult, much harder than we expected. All possible efforts are being carried out and I believe that everything we have promised to the President of Tatarstan and the shareholders must be fulfilled,Ē TAIF PSCís General Director said. Based on his words, the current year performance is planned at the level of those of the last year.

When evaluating the results of TAIF Groupís business the President of Tatarstan Rustam Minnikhanov commented that its share in the republicís economy amounts to 32 per cent and also pointed at its heavy social load.

ďWithout such companies, we would not have been able to do many things. Itís clear that their earnings do not come easy at all. Today the oil refining and petrochemical market is highly competitive. Work must be very professional and competent. A RUB 452 billion revenue cannot be generated easily. Itís a very thorough and well-coordinated work with investment programmes and attraction of investments,Ē the President noted.

In the course of the shareholdersí meeting held today, in particular, the annual report and annual accounting statements were approved, a profit allocation issue was considered (by the shareholdersí decision, RUB 3.345 billion was allocated for dividend payment that is 26.5 per cent of TAIF PSCís net profit).

A new TAIF PSCís Board of Directors was elected, in which slight changes occurred. As proposed by the President of Tatarstan, Rustem Sulteev, Deputy General Director, TAIF PSC was re-elected as the Chairman of the holding companyís Board.



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