General shareholder’s meeting of “AutoKrAZ”

21 March, 2014

General Shareholder’s Meeting of Public Joint-Stock Company “AutoKrAZ” took place on 21st of March 2014.

Shareholders of PJSC “AutoKrAZ” heard General Director Mr.Roman Chernyak and approved the report on financial and operating results in 2013 and main goals for 2014, Audit Committee’s report and findings on financial and operating results in 2013, annual financial statements of “AutoKrAZ”, Supervisory Board’s report on earnings, payment of dividends in 2013 and buildup of funds in 2014.

Based on the operating results for 2013 the earnings of “AutoKrAZ” amount to UAH 19,8m.

General Shareholder’s Meeting adopted a resolution to transfer 5 percent of earnings obtained in 2013 to reserve fund under laws of Ukraine, the rest of the amount will be used to cover losses from previous years. No dividends were paid for 2013 according to profit distribution policy approved by the Shareholder’s Meeting in the previous year. 

General Shareholder’s Meeting approved the following profit distribution plan for 2014: 5 percent to reserve fund, 95 percent to production development.

As for the company’s plans for 2014, according to the report by Mr.Chernyak all of them are aimed to improvement of production activities.

In spite of tensions caused by instability in political situation and growing economic crisis the company’s management and staff have to solve some problems, including but not limited to:

- to increase output and sales up to 1299 trucks, which will allow for dramatic improvement of financial situation and  intensify efforts for technical upgrade;

- to continue work on improvement of series trucks and speed up the process of entering mass production for new models, which will allow for new market development;

- to intensify efforts to improve quality of products throughout all the stages of production;

- to adhere to strict economy of all kinds of resources, which will allow for stabilizing expenditures level and increasing marketability of products in the markets;

- to implement manufacturing and energy-efficient technologies, which will allow for improving quality of products and reducing production costs;

- to optimize sales system and intensify search for new foreign markets;

- to intensify staff  training and continue work on improvement of business process  in all  the areas of company’s activities.

The company’s plans are quite realistic and the staff is determined to turn them into reality.

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