Our annual general meeting was held on 6 April following the publication of our 2017 financial statements; the results of such were approved in addition to our director’s report. These were prepared in accordance with the latest iteration of International Financial Reporting Standards, otherwise known as IFRS, and have been audited. All the resolutions proposed prior to the congress were passed unanimously, including the re-election of the board of directors, motions to reappoint our independent auditor and to retain the existing composition of our audit committee. Foremost, our leadership can disclose a positive economic performance for the twelve-month period, although as per the past four years, there will not be a dividend paid for last year. This is to facilitate our ongoing business strategy, which has significant capital requirements, and will ultimately ensure all projects are completed on schedule. Our current policy of maximizing the investment of our earnings into useful assets will be continued into 2018, as such policies have and will continue to result in greater profits in the future. That said, it should be noted for posterity that adequate levels of liquid cash will be maintained regardless of the amount of funds used. At the culmination of the event last week, our deputy Chief Executive Officer, Aleksandr Filyurin, gave this statement in response to the developments that unfolded:
“I would like to once again thank our staff for their amazing efforts over the last twelve months; they are responsible for the continued success of this company, and we are forever indebted for their work. Overall, the last year has been immensely positive for this company; we continue to go from strength to strength in all areas of our business. We’re making excellent progress in our investment program, which is on track to be finished on schedule in a couple of years. We’re also making inroads with our international expansion plans, and I am hopeful that we should be able to provide an update on that in the near future. To be honest, I think that everything is going to plan so far, and we are now at the point where we are starting to see the results of our work. We are obviously investing very large sums of money each year to try to make this company more competitive, and fortunately we can start seeing the results of that in the results that we have just announced. We should continue seeing that over the next few years too, and I am quietly confident that we are going to be announcing record revenues and profits every year now for the next few years. There is a lot to be positive about at the moment, and I hope that there is still going to be a lot to be positive about for a long time to come.”
Presently, we foresee the majority of our growth deriving from energy production, and thus forecast strong revenues in our electricity division next year. This is largely as a result of the investment we have made during the previous three years, and our firm intends to concentrate on investing funds in increasing turnover in this particular unit accordingly. This sector also maintains a symbiotic relationship with our research into hydrogen power, which can be created through the use of electrolysis, and is considered a lucrative opportunity that may yield great results for us someday. Whilst our company adamantly believes that oil and gas is entrenched and will continue to be utilized for the remainder of this century in spite of the messages from environmental propagandists, the board of directors wishes to ensure that we maintain the ability to be adaptable and will therefore support petroleum extraction, coal-fired generation and investments in alternative technologies long into the future. However, it must be noted that contingency plans remain in place to repel any aggressive inclinations against the fossil fuel industry or the Russian Federation, although it is privately hoped that this will not be necessary. Nevertheless, the outlook for our corporation remains wholly positive, with all key indicators suggesting that Rusneftegaz has the capacity to significantly improve our fiscal and operating performance in both the short and long term. Any queries regarding our annual general meeting may be directed via the usual channels, such as by telephone or by email. We necessitate your cooperation and understanding with this matter.