Miron Gorilovskiy: summing up the results and congratulations

December 31 2013

Dear friends and colleagues!

Another year of hard work together is coming to an end. Although the financial results did not meet our expectations, it was an important year, with many notable milestone events.

The downturn in the Russian economy became increasingly apparent during the second quarter of the year, when the normal, seasonal buoyant demand did not happen. It is clear to us now, that our economy was not growing at all, and in many key industries it was in serious decline. All of that happened while the world's largest U.S. and European economies reached record market index levels, well positioned for further growth.

Furthermore, the slowdown in economic activity was taking place against the background of a number of high profile, backward facing political events: the introduction of Dima Yakovlev’s law, continuation of the Yukos case, the Navalny case, high-profile criminal and administrative law cases against demonstrators, experts, journalists and environmentalists, returning the rights to police to initiate tax criminal cases and many other similar events did not contribute to the overall business climate improvement.

But at the end of the year we suddenly started to feel some kind of thaw: Khodorkovsky’s release, the amnesties towards the Bolotnaya prisoners and other political figures are positive signs for 2014. The crackdown on mass money-laundering, actual bank shut-downs and the new business owner’s information disclosure requirements, indicate a willingness to begin to address the serious matter of corruption. If corruption is allowed to continue unabated it will be almost impossible stop capital overseas flow and restore economic growth.

Irrespective of the above, we live in a free country, where each of us can and must improve the «big picture». This can only be achieved by everyone fulfilling their individual responsibilities to work as hard as possible and do their best.

Miron Gorilovskiy
Chairman of the Board of POLYMERTEPLO Group