Today TAIF PSCís Annual General Meeting of Shareholders was held where the results of TAIF Groupís business activity in 2012 were summarized. The President of the Republic of Tatarstan Rustam Minnikhanov attended the meeting.
The report on the results of TAIF Group and TAIF PSC in 2012 was delivered by the General Director of TAIF PSC Albert Shigabutdinov.
General Director informed the shareholders of the problems TAIF Group faced in the reporting year and mentioned the issues requiring continuous focus and urgent solution in the soonest possible time. Notwithstanding the challenges TAIF Group had to overcome, in 2012 the Group achieved the highest performance ever recorded in its history.
TAIF Groupís consolidated revenue amounted to RUB 452.2 billion; EBITDA grew by 24.8% y-o-y having reached RUB 84.0 billion. Consolidated net profit across TAIF Groupís enterprises reached RUB 59.4 billion. In the reporting year, TAIF Group paid RUB 67.6 billion of taxes and charges to all levels of budget and non-budgetary funds including RUB 15.9 billion paid to the consolidated budget of the Republic of Tatarstan. RUB 25.7 billion were invested in the implementation of the investment projects of strategic significance not only for Republic of Tatarstan but also for the entire Russian Federation. RUB 6 billion were allocated for environmental protection activities in the reporting year, ca. RUB 3.4 billion Ė for labor protection and industrial safety, and the expenses related to charity, sponsorship, social and cultural area as well as energy tariffs subsidizing exceeded RUB 10.7 billion. The total TAIF Groupís investments in the social sphere of the Republic of Tatarstan including the taxes paid amounted to RUB 36 billion. The average salary of 45 thousand employees of TAIF Group increased by 14%, if compared to the previous year, and amounted to RUB 32 thousand per month.
TAIF Group managed to achieve such a strong performance owing to a detailed elaboration and professional management of all the investment programmes implemented as well as the colossal investments that have reached cumulatively RUB 283 billion since 1995.
In the reporting year, for the first time in Russia, TAIF-NK refinery complex, which is a part of TAIF Group, fully switched to a 100% production of a EURO-5 ecological standard diesel fuel enabling the motor transport to reduce hazardous emissions and improve the environmental conditions in the republic. In addition, in November 2012 the company launched a globally unparalleled investment project that would allow reaching the Tatarstanís crude conversion depth up to 95% in terms of light products yield. Successful implementation of this project will be a watershed event not only for Tatarstan and Russia but also for global oil refining industry.
The major tasks set by the republicís government and the shareholders to TAIF Group were fulfilled last year.
Albert Shigabutdinov, General Director, TAIF PSC, announced also top-priority issues to be addressed today as well as the strategic goals and tasks on which TAIF Group works.
At the meeting, the Annual Report, the annual accounting statements including the income statement and profit appropriation based on 2012 performance, were also approved and the Board of Directors of the parent company Ė TAIF PSC Ė was re-elected. At the new Boardís meeting held after the shareholdersí meeting, Rustem Sulteev, First Deputy General Director, TAIF PSC, was re-elected as the Boardís Chairman following the proposal of the President of the Republic of Tatarstan.
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