General Meeting of Shareholders was held on March 30 2016 at “AutoKrAZ”.
“AutoKrAZ” shareholders heard and approved profit and loss statement for 2015 read by General Director, major business lines for 2016, profit and loss statement and findings prepared by Internal Audit Commission for 2015, the company’s annual accounting statements, report of Supervisory Board, profit report for 2015 and buildup reserves report for 2016.
In his statement General Director emphasized that the company’s earnings for accounting year amount to UAH 1 932 000 000, up 10 percent from the figure achieved in the previous year.
The company shipped to customers UAH 1 826 000 000 worth of vehicles, UAH 16m worth of trailers and semi-trailers (26 units), over UAH 63m worth of spare parts, UAH 27m worth of other products and services.
According to Financial Director’s report the company earned profit from operations for the accounting year due to efforts taken to rev up production and save resources. However, increase in exchange rate and the company’s financial liabilities negatively affected operating performance. Interests accrued on loan debts and currency exchange losses caused by quick growth in currency exchange rate exceeded considerably operating profit earned by the company. Therefore, “AutoKrAZ” reports loss for the accounting year.
General Meeting of Shareholders took the following decision: no reserves, dividend reserve fund and production development fund will be built up due to loss in 2015.
General Meeting of Shareholders approved the following profit allocation rates for 2016: 5 percent - reserves, 95 percent – production development fund. Offered profit allocation rates result from urgent need in technical upgrade as the company’s further development depends on it.
The plan for the current year read by General Director for the company’s shareholders provides for:
- increase in production and sales of KrAZ vehicles up to 1375 units with priority on strengthening defense potential of Ukraine;
- further works on extending the lineup of armored vehicles, entering cabover vehicles in mass production;
- adopting more austere measures to save all the types of resources to reduce production costs;
- finalizing implementation of ISO / TS 16949.
General Meeting of Shareholders took resolution on re-election of Supervisory Board members due to expired term of office in compliance with the company’s statute, new members of Supervisory Board have been elected.
