TAIF PSC summarizes the result of 2013
Annual General Meeting of TAIF PSC’s Shareholders was held today to summarize the performance of TAIF Group and the holding company for 2013. The meeting was attended by Rustam Minnikhanov, President of the Republic of Tatarstan.
Albert Shigabutdinov, General Director, TAIF PSC, delivered a report of the results of TAIF Group’s and TAIF PSC’s business for 2013. In the report, he informed the shareholders about the decrease in global prices on the products manufactured by the Group along with the increase in excises and export customs duties that impacted the reduction of TAIF Group companies’ revenue. In order to limit the losses, all possible actions were taken aimed to expand high quality oil product and polymer production and sales volumes.
Aggregate revenue across TAIF Group’s companies in the reporting year amounted to RUB 443 billion, EBITDA – to RUB 57 billion, and the aggregate net profit made up RUB 35 billion. In the reporting year, TAIF Group’s companies paid about RUB 79 billion of taxes and charges to all budget levels and non-budgetary funds that exceeded the y-o-y figure by 16%, including over RUB 17 billion paid to the consolidated budget of the Republic of Tatarstan. The total amount of taxes and fees earned and paid by TAIF Group for the period from 2000 through 2013 has reached a huge level – RUB 357 billion, while for social expenses – RUB 120 billion. At the same time, the overall investment expenditures of TAIF Group’s companies on the projects of an enormous significance for the economy of the Republic of Tatarstan and the Russian Federation for 1995 – 2013 have exceeded RUB 306 billion including RUB 23.4 billion spent in 2013.
At the time being, TAIF Group manufactures over 50% of all the petrochemical products in the Russian Federation that are of high quality and meet all the environmental standards.
In the reporting year, RUB 4.9 billion were spent for environmental protection and environment-related activities, ca. RUB 4.4 billion – for occupational health and safety, RUB 16.9 billion – for social expenses, and RUB 9 billion including RUB 3.5 billion of voluntary expenses - for compensation of heat energy tariffs growth to the population in view of the cross-subsidizing liquidation. Average salary of 45.2 thousand TAIF Group’s employees amounted to RUB 33 thousand per month that is by 31% above the republican level.
Albert Shigabutdinov announced the priority issues that must be addressed today as well as the strategic goals and tasks, on which TAIF Group works.
During the Annual Meeting, the annual report, annual accounting statements including the Income Statement, and the profit distribution upon the results of the fiscal year 2013 were approved, a new Board of Directors of the holding company – TAIF PSC – was elected, and Albert Shigabutdinov was re-elected in the capacity of General Director for another 5-year term. At the meeting of a newly elected Board of Directors held after the Shareholders’ Meeting Rustem Sulteev, First Deputy General Director, TAIF PSC, was reelected as the Board Chairman following the proposal of the President of the Republic of Tatarstan.
Press-center of TAIF Group
Head of TAIF PSC’s Press Center
Tel. +7 (843) 277-94-48