Today, the Annual General Meeting of TAIF JSC Shareholders was held to summarize the performance of TAIF Group and TAIF JSC for 2018. The meeting was attended by Rustam Minnikhanov, the President of the Republic of Tatarstan.
Albert Shigabutdinov, Director General, TAIF JSC delivered a report on the performance of TAIF Group and the Company for 2018. Summing up the results of the year, he highlighted the correctness of the chosen strategy aimed at maximizing the efficiency of the existing production facilities and making large-scale investments by TAIF Group's companies in completely new, innovative projects that are of great importance not only for the economy of the Republic of Tatarstan, but also for the Russian Federation.
In the reporting year, TAIF Group earned consolidated proceeds in the amount of RUB 878.4 billion. RUB 61.6 billion was paid to the budgets of all levels and extra-budgetary funds, including RUB 17.4 billion paid to the budget of the Republic of Tatarstan. RUB 59.5 billion was invested in the construction of new and modernization of the existing production facilities.
TAIF Group's companies have successfully implemented large-scale measures aimed at improving the environmental situation in the republic and enhancing industrial and labor safety in the Group. The expenses for these purposes in 2018 amounted to RUB 13.7 billion.
The Group continued to provide significant support to the development programs in the field of education, culture and sports in the Republic of Tatarstan, along with projects aimed at the revival and preservation of cultural and historical heritage of Tatarstan and Russia.
The total expenses of TAIF Group for charity and social projects not associated with the production activities amounted to RUB 21.8 billion in 2018, while the overall spendings for these purposes since the Group's foundation have exceeded RUB 253.3 billion, including RUB 173.9 billion spent on a gratuitous, sponsorship basis.
In the context of the ongoing sanctions pressure, the companies of TAIF Group in 2018 signed strategically important agreements on project implementation with major foreign companies, including Siemens and Bio-on S.p.A, Italy, which was a party to the contract on joint implementation of a bioplastics production project to be built in Tatarstan, signed in October of the reporting year in the presence of the President of the Russian Federation Vladimir Putin and Prime Minister of Italy Giuseppe Conte.
In 2018, Nizhnekamskneftekhim PJSC, a TAIF Group company, and a consortium of Western banks arranged by Deutsche Bank AG signed 15-years loan agreements covered by Euler Hermes, Germany's export credit agency, for EUR 1,047 million to finance the construction of the EP-600 Grassroots Olefin Complex and a new 495 MW power plant.
Albert Shigabutdinov highlighted that 2030 TAIF Group Development Strategy provides for the implementation of more than 30 major projects, with investment to the total amount of approximately RUB 1.5 trillion in the current macroeconomic parameters of the Ministry of Economic Development of the Russian Federation.
The company's annual report, annual financial statements including the income statement and profit distribution based on the results of 2018 were approved and a new Board of Directors of TAIF JSC was elected during the meeting. At the meeting held by a newly elected Board of Directors after the conclusion of the Annual Shareholders' Meeting, following the proposal of Rustam Minnikhanov, the President of the Republic of Tatarstan, Rustem Sulteev, Deputy Director General for Production and Commerce, First Deputy, was re-elected as the Board Chairman. Ruslan Shigabutdinov was elected Director General of TAIF JSC. Albert Shigabutdinov was appointed Advisor for Development to Director General, TAIF JSC.
TAIF JSC Press Center