April 19, 2010
The Annual General Meeting of Shareholders of OJSC “Kazanorgsintez” dedicated to the results of the enterprise’s activity in 2009 was held. It was attended by the President of Tatarstan Republic Rustam N. Minnikhanov and the representatives of the ministries and departments of Tatarstan Republic.
A report on the results of the activity in 2009 was delivered by the General Director of OJSC “Kazanorgsintez” Mr. Leonid Alekhin. In the report, he noted that in connection with the world economic crisis the company ended the year with negative financial indicators. Losses from financial and operational activity for the reporting period amounted to RUB 2.1 billion. The main result of the year ended is that, thanks to the support of the Government of Tatarstan Republic and the Russian Federation, the issue of restructuring of the company’s loan portfolio was settled. The Sberbank of Russia gave a loan to the amount of RUB 20 billion against the security of the Russian Government to the amount of RUB 10 billion, and the main shareholder of the company – PSC “TAIF” – granted a loan to the amount of RUB 15 billion from its own resources.
In 2009, OJSC “Kazanorgsintez” continued expanding its production capacity. Thus, approximately 800 thousand tons of commodity output were produced to the amount of RUB 22.4 billion. Physical index amounted to 109% year-on-year. Sales revenue totaled RUB 22.5 billion. The main factors providing impact on the overall financial results were as follows: low prices on the commodities shipped, growth in energy prices, high prices on raw materials, both purchased and auxiliary, and foreign exchange loss.
The enterprise timely and fully executes payments to all-level budgets as well as wage payment.
The participants of the Meeting approved the Annual Report and the Annual Accounting Statements on the basis of the results of the financial year 2009. As there is no net profit at OJSC “Kazanorgsintez” on the basis of the results of the financial year 2009, it was decided that the dividends would be neither declared nor paid.
The participants of the Meeting elected the Board of Directors of OJSC “Kazanorgsintez” consisting of 10 persons, among them:
1. Sergey V. Alekseev – First Deputy General Director, OJSC “Svyazinvestneftekhim”
2. Leonid S. Alekhin - General Director, OJSC “Kazanorgsintez”
3. Evgeniy A. Grishin – State Councilor under the President of Tatarstan Republic for Economic Affairs.
4. Vladimir V. Presnyakov - Deputy General Director, PSC “TAIF”.
5. Rinat K. Sabirov – Councilor to Prime Minister of Tatarstan Republic for Oil, Gas and Chemical Complex Issues
6. Andrey V. Sarkin – Head of Corporate Governance, Property & Investments Department, PSC “TAIF”
7. Marat R. Safiullin – Minister of Economy, Tatarstan Republic
8. Rustem N. Sulteev – First Deputy General Director, PSC “TAIF”.
9. Dmitry I. Teslenko – Head of Finances and Economy Department, PSC “TAIF”.
10. Albert K. Shigaboutdinov - General Director, PSC “TAIF”.
The Shareholders’ Meeting appointed the Closed Joint-Stock Company “PricewaterhouseCoopers Audit” an auditor of OJSC “Kazanorgsintez”.
After the Annual General Meeting of Shareholders of OJSC “Kazanorgsintez” was over, the first meeting of a new Board of Directors took place. Following the proposal of the President of Tatarstan Republic Rustam Minnikhanov, new Board of Directors elected Albert K. Shigaboutdinov, General Director of PSC “TAIF”, as a Chairman of the Board of Directors. Also it affirmed the authority of the General Director of OJSC “Kazanorgsintez” Leonid S. Alekhin.