KAMAZ Stockholders’ Meeting
On 25 June KAMAZ stockholders’ annual meeting took place in Naberezhnye Chelny.
In his report Sergey Kogoghin, Director General of OJSC KAMAZ summed up the results of the company’s work in 2009. He noted that KAMAZ had successfully worked in 2009 trying to overcome the consequences of the global financial crisis. The total volume of the 14-40 tonne GVW truck market in Russia decreased 3.2 times as much (by 69%), as compared with 2008. At the same time, having sold 25.9 thousand units of automotive equipment (3.9 thousand of them were exported) KAMAZ managed to keep the falling yield on the level of 45.4%, and the company’s sales share in the Russian market increased from 28% to 55%.
The demand for trucks would have decreased even more without supportive measures implemented by the RF Government in good time. Public vehicle purchasing programs were very important for the company. 60.5 billion roubles of budgetary funds were allocated for them in 2009. About 23% of them were spent to purchase KAMAZ production.
A decision to prolongate a validity term of heightened rates of entrance custom duties on commercial vehicles became another effective step to defend the automobile market and domestic manufacturers. Other measures of the state support – provision of state guarantees, subsidizing of interest rates on export credits and measures to stabilize the situation in the labour-market – also exerted their significant positive influence upon the financial and economic condition of automobile enterprises.
As far back as at the end of 2008 KAMAZ planned a number of crisis-management measures for 2009 which included, firstly, a program of sales activization in the free market, secondly, cost saving along all the lines of activity, and thirdly, optimization of a circulating capital at the expense of reduction of the redundant rest of end products and unfinished production reserves. As a result, the company managed to maintain a positive cash flow from operations, to avoid payment defaults and continue financing its most important investment projects.
The company sets itself the following tasks for 2010: to increase the realized production volume to 27 thousand vehicles and consolidated proceeds of the KAMAZ Group to 66 billion roubles with EBITDA profitability of no less than 7.0%.
Even in today’s difficult situation the KAMAZ Group undertakes to strengthen positions of the Russian leading truck producer well-known in the global automobile market. The main tasks are to keep the company’s development potential and make it an adaptive, effective, global company able to produce competitive products in its segments. Developed and adopted was a large-scale investment program. Implementation of its projects will enable to develop a diversified model line by 2013 which will be based on modern components produced by the KAMAZ Group in partnership with global producers.
In a long-term prospect (to 2018) the company’s main strategic aim will be to completely build an adaptive, effective and global company.
By means of a cumulative voting the participants of the meeting elected new members of the company’s management representative bodies – the Board of Directors and the Auditing Committee of OJSC KAMAZ. The results of the election will be published in July.
Friday, 25 June 2010
P&SP Launches New Cab Painting Line
On 25 June a new cab painting line will be launched at the Press and Stamping Plant of KAMAZ which is the last action in realization of the company’s large-scale investment project.
Sergey Chemezov, Director General of Russian Technologies State Corporation, Chairman of the Board of Directors of OJSC KAMAZ; Ildar Khalikov, Prime Minister of the Republic of Tatarstan; Hans-Joachim Strese, Vice President of Dürr Systems GmbH of Components plan to participate in the solemn ceremony opening the painting line produced by Dürr (Germany). They will be welcomed by Sergey Kogoghin, Director General of OJSC KAMAZ and Gamil Zaripov, Director General of Kama Press and Stamping Plant OJSC at the plant.
KAMAZ’s investment project intended for creation of the modern production line for painting of KAMAZ truck cabs has been realized step-by-step during 4 years. The agreement with Dürr on deliveries of components of the painting line was signed in 2006. At the initial stage, by November 2007, the plant had been mounted for cab details surface preparation and cataphoresis priming. Process chambers of the painting line were launched in March 2008, and the second priming painting chamber with a drying chamber was put into service in November 2009. A finishing coating painting chamber – also with a drying chamber – was mounted at the last, fourth stage. The line speed is 75 thousand cabs a year with a possible speed-up to 125 thousand units. KAMAZ’s total investments in this project formed 1.5 billion roubles.
According to experts, the commissioning of the Dürr line will increase corrosion resistance of cab details of KAMAZ trucks three times as much, ensure high quality and ornamentality of a paint-and-lacquer coating and considerably decrease manual labour due to the use of 12 robot painters. Besides, lead won’t be used in paint-and-lacquer materials, waste products will decrease by 20%, and the total emission will be reduced by 50%.
Friday, 25 June 2010