Monday, 02. July 2012.
Regular session of Shareholders’ Assembly held
On the regular session of Shareholders’ Assembly,held on Friday, June 29, 2012, financial reports for HIP-Petrohemija for 2011 were adopted, as well as the report of the independent auditor on the performed audit of the financial reports and the report of Supervisory Board related to the financial reports for the last business year. The report on the business of the company is also adopted, for 2011, whereas for the independent auditor of the financial reports of HIP-Petrohemija for 2012 is chosen the audit company Deloitte d.o.o. from Belgrade.
The president of Supervisory Board and special adviser of the Director General, Milan Teofilović, presented the Report of Supervisory Board related to the financial reports of the Company for the last year, where the total loss of Petrohemija in 2011 of 11,2 billion dinars is stated. Bad financial result is, according to Teofilović, the consequence of unsolved, many years, systematic problems that follow the business of Petrohemija, and are expressed through technical and technological obsolence of the plants, inability to use the full capacity of the base facility, high share of imported raw materials around 60%, lack of necessary current assets, unfavourable structure of financing and high level of indebtedness. By the majority vote, Shareholders’ Assembly has adopted the report of Supervisory Board.
The Shareholders have adopted the Financial reports of Petrohemija for 2011 and the report of the independent auditor on the performed audit of financial reports. On this point of the Agenda, the explanation was given by Executive Director of Financial Affairs, Zdravka Mijović, whereas the opinion of the audit company Deloitte d.o.o. Belgrade, the authorized auditor of that company, Aleksandar Đurđević, introduced to Shareholders’ Assembly.
Shareholders’ Assembly has adopted the Business report of Petrohemija for 2011. “The increase of the business loss in 2011 related to 2010, above all is the consequence of the increase of instability of European and global economic trends and weakening of demand and polymere price, especially of the second quarter, and up to the end of the year“ – said the adviser of Director General, Aleksej Ageev. In the Business report is emphasized that the strategic aims up to 2020, the restructuring of the company and arrival to the threshold of profitability up to 2014, strategic and industrial cooperation between Petrohemija and NIS, realization of the investment projects through the increase of capacity of HDPE and LDPE and construction of the plant for processing of propylene in polypropylene and optimization of production and administrative costs in order to achieve competitiveness.
For the auditor of the financial reports of HIP-Petrohemija for 2012, Shareholders’ Assembly chose the audit company Deloitte d.o.o. Belgrade.
At the end of the session, representatives of the petrochemical union representatives called the shareholders to help, considering the bad situation in which Petrohemija is, and to make maximum, by using their knowledge and influence, especially on the Government, which will be soon formed, for the purpose of finding the solution for Petrohemija, in order to move upwards.