Fanil Agliullin took part in the work of the regular meeting of the Board of Directors of TATNEFT PJSC
Regular meeting of the Board of Directors of PJSC TATNEFT named after V.D. Shashin took place today under the chairmanship of the President of the Republic of Tatarstan Rustam Minnikhanov.
The event took place at the Government House of the Republic of Tatarstan (Kazan).
The Board of Directors was provided with information on the results of the budget execution of TATNEFT PJSC for the first quarter of 2021. The meeting approved the budget for May 2021. Also, the Board of Directors heard information on the status of receivables and payables for 2020.
The meeting participants got acquainted with the results of the financial and economic activities of TATNEFT Group for 2020. Over the past year, the Company's activities were significantly affected by oil production restrictions under the OPEC + Agreement, a decrease in world prices for oil and oil products caused by a decrease in demand as a result of quarantine measures for coronavirus. At the same time, TATNEFT Group increased its output of oil products by more than 12%; the volume of sales of petroleum products through the retail sales network increased by 22%; tire production increased by 5%; heat supply increased by more than 15%. The key investment project of the Group was still the construction of facilities at the TANECO complex. To maintain financial stability, during 2020, the management of TATNEFT took a set of measures aimed at unlocking the potential and using promising management tools.
Also during the meeting, the Board of Directors was presented with an analysis of the financial and economic indicators of TATNEFT Group based on the consolidated financial statements in accordance with IFRS for 2020, which was audited by PricewaterhouseCoopers Audit. The consolidated financial statements in accordance with IFRS were published by the Company on March 31.
The Board of Directors considered the issue of dividends based on the results of 2020 and, in accordance with the dividend policy of TATNEFT PJSC, recommended the annual general meeting of shareholders to approve the payment of dividends, taking into account the previously paid interim for the six months of 2020: on preferred shares - in the amount of 2224% to the nominal share value; for ordinary shares - at the rate of 2224% to the par value of a share; or 22.24 rubles. for each preferred and ordinary share (taking into account the paid interim dividend for 6 months of 2020 in the amount of RUB 9.94 per share). The recommended amount of dividends is in line with the minimum target level stipulated by the Company's dividend policy. It was recommended to set the annual general meeting of shareholders on July 9, 2021 as the date for determining the persons entitled to receive dividends for 2020.
In pursuance of measures to ensure the non-proliferation of coronavirus infection and in accordance with federal legislation, it was proposed to hold the annual general meeting of shareholders of TATNEFT PJSC on June 25, 2021 in the form of absentee voting. Information on the holding of the annual general meeting of shareholders has been published as a material fact.
The Board of Directors also considered a number of other issues.
Forward-looking statements and disclaimers: This press release contains certain forward-looking statements and expectations that are forward-looking in nature. Any statement in this press release that is not historical fact is a forward-looking statement and includes known and unknown risks, uncertainties and other factors that could change the actual results, accomplishments and achievements set out in such projections. TATNEFT PJSC assumes no obligation to update such forecasts to reflect actual results, changes in assumptions or changes in factors affecting these statements. The amounts and percentages indicated or referenced in this press release may be given in terms of rounding and, accordingly, they may differ from the actual indicators and results contained in the accounting documents of the company. TATNEFT PJSC does not undertake any obligation to adjust or reimburse any amounts that may be the difference between those indicated in this press release and the corresponding reporting documents, and all payments are made by TATNEFT PJSC solely in accordance with the decisions of the competent management bodies society in the amount and in the manner specified in such decisions