At the end of what has been an exceptional year for us, we convened our annual general meeting on 7 April, ultimately attended by a plethora of executives, managers and delegates associated with our organization. Throughout the course of affairs, the participants deliberated on the results of our 2022 consolidated financial statements, which were published in the days prior. This document was prepared pursuant to International Financial Reporting Standards, otherwise known as IFRS, and was audited accordingly. It was later unanimously approved by a vote of our stakeholders, in conjunction with the corresponding director’s report. Perhaps the most notable development on the day itself was the approval of Anatoliy Nazarov, Gennadiy Safonov and Valentin Sushkov as the latest members of our board, after both Eduard Rudakov and Andrey Uraev announced their respective retirements two months ago. Consequently, we now have a new Chief Operations Officer, Company Secretary and a new independent director in what is the most significant change to the constitution of our leadership since 2015. Similar motions were also passed in relation to the reelection of the other representatives within our management body, and to adapt the composition of our audit committee in accordance with this transformation. On the contrary, our shareholders resolved to appoint a new external auditor on the recommendation of our administration, following the dissolution of its predecessor in May last year. At the culmination of this event, our Deputy Chief Executive Officer, Aleksandr Filyurin, issued these remarks:
“Well, obviously it has been a very eventful year for us, although probably not quite as eventful as we thought it would at this time last year. We have obviously done a good job in minimizing the impact of everything that has been going on, which is actually a very big achievement. Now, there are a lot of people that have helped us do this, but I think it is best to just thank everyone who works for Rusneftegaz for the incredible efforts that they made last year. I would also like to congratulate Andrey and Eduard on their retirement and thank them for everything that they have done for us over the past few years. From a personal perspective, it has been really great working with both of them; they’re both smart, funny, intelligent boys, and I am sad to see them go. To be honest, they have both really helped us turn it around here, and I hope that they can now enjoy more time on the golf course instead of in our offices. Now, I would also like to congratulate Anatoliy on his appointment as Chief Operations Officer, Valentin on his appointment as our new company secretary and Gennadiy on his appointment as one of our new independent directors. It is obviously going to be a big set of changes for us, but I am confident that it will be absolutely fine. They’re obviously a bit younger, but they’ve all got good brains in their heads, which is the most important bit. To be honest, they’re all excellent candidates, and I am looking forward to working with them over the next few years to help this company grow even more.”
As per previous congresses, all those involved opted to forego a dividend for another year, with consensus amongst attendees that it is in the best interests of Rusneftegaz to continue to reinvest all funds we accrue. Such a decision allows us to further expedite our revised 2020-2024 investment plan; the implementation of such has been delayed as a direct consequence of the coronavirus pandemic. Although the contents of our fiscal reporting disclose that we achieved record revenues and profits during the last financial period, there remains a great degree of uncertainty pertaining to our immediate future. As a result, our management believes it is currently too difficult to competently project how we shall fare in the weeks and months ahead, due to the ongoing volatility in both the valuations of the commodities and currencies we transact in. This has been exacerbated by an ever-deteriorating geopolitical situation, which is not showing any signs of abating in the short term. It is the intransigent belief of many in our organization, including our leadership, that reliable projections will be problematic until this matter is suitably resolved. Despite this, there is no reason to believe that our turnover will significantly diminish in 2023, with our company beginning its transition into new markets and territories with strong prospects for forthcoming growth. Similarly, while the events of the past year have undermined our global expansion plans, we remain determined to realize these projects in full, with our executives having no intention of reducing the scope of our ambition. Such aspiration has been the foundation of our success over the past two decades, and we wholeheartedly think that it is fundamental to our progress from this moment onward.
Upon consideration of the broader state of affairs, our board of directors remains wholly positive regarding our future. At present, not all trends are favorable in the immediate term, but there are numerous reasons to be optimistic for the rest of this year. We still to maintain sufficient resources to circumvent any issues that our entity may face and retain the capability to be proactive to any and all problems that may arise. We frequently demonstrated such skills last year, particularly when it was necessary for us to respond as quickly as possible to changes in circumstances, such as when we comprehensively enhanced our cybersecurity within a seventy-day timeframe, or when we executed amendments to our trading strategy in response to the geopolitical challenges of the past year. Likewise, we also have a talented pool of personnel, who have been crucial to many of our achievements. As a consequence of this, our organization hosted an awards ceremony at the end of November to mark these individual accomplishments. The major prizewinners on the evening itself were Artem Shaparov and Artur Denisov, who were chosen as employee and young employee of the year, respectively. Both of whom have registered an excellent personal performance throughout the last twelve months, with the former project managing technical projects in the field, with the latter making outstanding progress since he first joined Rusneftegaz in 2021. On this basis, should we continue to have the services of an extraordinary workforce at our disposal, whilst simultaneously maintaining our ability to be both pragmatic and plan strategically, we are well-equipped to prosper in the years and decades ahead. All queries pertaining to the outcome of our annual general meeting must be directed via the conventional channels of telephone and email for a prompt reply. We necessitate your cooperation and understanding with this matter.