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ANNUAL GENERAL MEETING OF NEFAZ PTC

29 May 2018

On Friday, May 25, the Annual General Meeting took place at NEFAZ PTC, a subsidiary of KAMAZ in Bashkiria.

Yury Gerasimov, First Deputy Director General of KAMAZ PTC – Executive Director, Chairman of the Board of Directors of NEFAZ PTC, Andrey Savinkov, Deputy Chief Designer of KAMAZ PTC – Chief Vehicle Designer, Sergey Zuykov, Director General of NEFAZ PTC took part in the event. Besides, deputies director general responsible for various areas, heads of subdivisions of the automobile plant, shareholders of NEFAZ PTC were present in the hall.

The results of the Company's activity in 2017 were announced at the meeting. In 2017, the volume of shipped products, goods and services made RUB 12 bn 193 mn. The business plan is 107.6% executed. For the reported period of work, net profit was gained in the sum of RUB 44 mn 356 thous.

For a year, 9,263 dumping units, 3,826 freight towed vehicles, 584 tank vehicles, 720 passenger buses and 409 crew compartments were shipped. The products sold in 2017 are the following: dumping units – 28%, freight towed vehicles – 26%, tank vehicles – 5%, passenger buses – 33%, crew compartments – 2%, spare parts and other products – 6%.

In 2017, the volume of investments in the development of production made RUB 93 mn. The means were allocated to purchase a set for laser cutting of pipes and shapes, introduce a robotic unit painting outside surfaces of dumping platforms, create production capacities for manufacturing of KAMAZ-5299 bus chassis and 4500 KAMAZ-6580, -65801, -65802 dump trucks of the new lineup. Besides, new products were developed (R&D), preproduction was carried out, an energy saving program was implemented, information technologies were developed, new welding equipment was purchased.

According to the results of the Annual General Meeting, an annual report and annual accounting statements are approved. A decision is taken to allocate proceeds gained by the Company in 2017 to pay remunerations to the members of the Company's Auditing Commission and to cover previous years' losses. It was also decided not to announce and pay dividends on shares of NEFAZ PTC for the mentioned period.

During the event, the Company's Board of Directors was elected. Andrey Anisimov, Head of the Subsidiaries Department of AO Regionalny Fond, Andrey Vinkov, Chief Analyst of PJSC Chelyabinsk Pipe Plant, Yury Gerasimov, First Deputy Director General of KAMAZ PTC – Executive Director, Andrey Ignatyev, Director General of KAMAZ TFK JSC, Andrey Maksimov, Deputy Director General of KAMAZ PTC – Financial Director, Andrey Savinkov, Deputy Chief Designer of KAMAZ PTC – Chief Vehicle Designer, Ilmir Shakirov, Deputy Director General of AO Regionalny Fond, became its members. Members of the Auditing Commission are also elected and the auditor is appointed.

In a closing speech, Yury Gerasimov, Chairman of the Board of Directors expressed satisfaction with the results of NEFAZ's activity in 2017 and mentioned a great contribution of the workers to performance improvement and production of reliable vehicles with the best price-quality ratio.

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