Annual General Meeting of TAIF PSCís shareholders was held today to summarize TAIF Groupís and TAIF PSCís performance for 2014. Rustam Minnikhanov, Interim President of the Republic of Tatarstan, participated in the meeting.
Albert Shigabutdinov, General Director, TAIF PSC delivered a report of the results of TAIF Groupís and TAIF PSCís business for 2014. In the report, he mentioned that the past year was the most difficult yet the most successful for TAIF Group. Amidst the unfavorable geopolitical situation and a sharply aggravated economic crisis, all the efforts were focused on the optimization of costs, mobilization of internal resources, and the improvement of the efficiency in all business lines. The General Director emphasized that due to timely actions taken to minimize the impact of the global financial crisis on the Groupís business as well as maintaining their high efficiency TAIF Group has managed to reach the highest production and economic and financial indicators ever recorded over the entire period of its existence.
In 2014, TAIF Groupís aggregate financial and economic performance for revenue amounted to RUB 469 billion, which is the highest ever figure over the entire history of the Group. EBITDA amounted to RUB 68 billion, and the net profit Ė about RUB 45 billion. The total amount of taxes and charges paid by TAIF Group to all budget levels and non-budgetary funds made up RUB 82.6 billion, including RUB 14.6 billion paid to the consolidated budget of the Republic of Tatarstan. In the period since 2005 only, TAIF Groupís revenue has grown 5 times, EBITDA Ė 4 times, net profit - 3.5 times, and the taxes and charges paid Ė 6 times, including 3.4 growth of tax payments to the consolidated budget of the Republic of Tatarstan.
In 2014, TAIF Group companies focused their investment activity on the implementation of the projects of strategic importance for the economy of Tatarstan and the Russian Federation. The total investments made in the construction of new production facilities and modernization of those already existing, primarily in TAIF Groupís oil, gas and chemicals sector, equaled to RUB 38.9 billion. The share of TAIF Groupís companies in the manufacturing of petroleum products, petrochemicals, generation and distribution of electric power, gas and water across the Republic of Tatarstan amounted to 49%. RUB 6 billion was spent for the implementation of ecological and environmental protection means, RUB 2.6 billion - to social, charity and public projects implemented in Tatarstan, and RUB 2.8 billion Ė to social and cultural facilities maintenance. The aggregated social expenditures made up RUB 14.3 billion based on the 2014 performance. The average salary of more than 45 thousand employees of TAIF Group grew up to 37 thousand rubles a month year-on-year.
In order to secure performance of the social commitments by the government as related
to pension obligations, healthcare, and granting the support and social security to low-income
social groups, TAIF Groupís companies transferred RUB 5.6 billion to the Pension Fund, Social
Insurance Fund, and Medical Insurance Fund.
This is an anniversary year since on September 17 TAIF Group celebrates its 25th anniversary from the establishment of VTNPO* Kazan, based on which TAIF PSC was founded on August 11, 1995. During the 20-year period, TAIF Group's revenue has amounted to RUB 3.184 trillion, investments in fixed assets have exceeded RUB 345 billion, social expenses Ė RUB 146 billion, and the taxes and charges paid to the budgets of all levels have made up a record value Ė RUB 441 billion! In total, from 1995 to 2014, TAIF Groupís companies spent over RUB 1.1 trillion for the development of our country, including the development of the Group itself, social expenditures, labor remuneration, and all tax payments.
During the Annual Meeting, the annual report, the annual accounting statements including the income statement, and the profit distribution based the results of the fiscal year 2014 were approved, and a new Board of Directors of TAIF PSC was elected. At the meeting of the newly elected Board of Directors held after the shareholdersí meeting, following the proposal of Rustam Minnikhanov, Rustem Sulteev, First Deputy General Director, TAIF PSC was reelected as the Board Chairman, and the powers of Albert Shigabutdinov in the capacity of General Director were confirmed.
TAIF Group Press Center
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Head, TAIF PSCís Press Center