June 26, 2009
Today, the Annual Shareholders Meeting of PSC “TAIF” took place that summarized the results of the Company’s operation in 2008.
Albert Shigaboutdinov, General Director of PSC “TAIF”, made the speech on the 2007 results. In his report he said that despite the favorable situation on the Russian and world markets in the beginning of 2008, the world financial crisis significantly influenced the results of all TAIF GROUP companies operation during the last quarter.
In the year under report, TAIG GROUP remained focused on the large-scale projects of modernization of petrochemicals and gas complex. In 2008, the GROUP proceeded to completion of the first stage of strategic program of investment-driven development of TAIF GROUP petrochemical sector. This is fully integrated with the Presidential Program of development of oil, gas & petrochemicals complex of the Republic of Tatarstan for 1999-2003 and 2004-2008. This Program is aimed at fulfillment of the task of twofold increase of GDP, greater depth of refining of raw materials due to the implementation of new production facilities and upgrading of the existing ones. The realization of the Program results in the production of high profitable goods that meet the highest world requirements and are known for high level of refining.
As it was mentioned in the report made by the General Director of PSC “TAIF”, all scheduled tasks were 100 percent fulfilled by TAIF GROUP in due time. The necessary results were achieved, especially in the development of technologies to increase the depth of refining. These technologies offer great challenges in the development of mentioned sector not only of the Republic of Tatarstan, but of the whole country.
Total volume of investments in the construction and modernization of fixed assets of TAIF GROUP within the year under report was RUB 33.9 billion. This was done with own resources and resources borrowed from the leading Russian and foreign credit institutions.
Despite the disastrous results of the world financial crisis, efficient work of the TAIF GROUP companies during the first half of 2008 allowed them to reach the overfulfilment of almost all basic indicators as of the end of the year.
Following the 2008 results TAIF GROUP obtained the maximum results in the GROUP’s history. In 2008, the aggregated revenues increased by 52% y-o-y reaching RUB 292.4 billion; sales profit was RUB 29.7 billion; over RUB 34 billion were paid in the budgets of all levels; over 1 billion were spent on charity. The GROUP’s financial stability is guaranteed by high level of professionalism of over 48 thousand employees of TAIF GROUP.
In his report General Director of PSC “TAIF” raised the problems of OJSC “Kazanorgsintez”, as well. As he said, all Company’s projects were completed, the company was developing closer to the payback level, the high professional job positions were provided, as well as monthly of salary to employees and taxes to the budgets of all levels. The produced goods meet high demand both on the Russian and international markets. But some companies made attempts to make the Company’s operation more complicated using economical squeeze so that the Company will become a bankrupt. The most important task for today is the refinancing of OJSC “Kazanorgsintez” borrowings in the short-term perspective to avoid any losses for the banks-creditors and the Company’s partners.
Albert Shigaboutdinov expressed confidence that the actions realized by the management of the GROUP together with support provided by the government of the Republic of Tatarstan and the Russian Federation will help TAIF to come with honor out the crisis situation that spreads all over the world. Thus, the Company can reach better, large-scale, strategic results in the future if compared with the results of 2008.
The shareholders summarized the results of the year, approved the annual report, annual financial statements, including the income statement and distribution of profit for 2008, elected the Board of Directors. The Board of Directors remained unchanged. Rustem N. Sulteev was re-elected as the Boar Chairman by the new Board Meeting held right after the Shareholders Meeting.