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Energy Without Borders

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Energy Without Borders 2011 GENERATING ASSETS 27 THERMAL POWER PLANTS, 2 HYDROPOWER PLANTS AND 1 WIND FARM IN THE MANAGEMENT INSTALLED CAPACITY 28.2 GW (+45.8%) SHARE IN THE TOTAL INSTALLED CAPACITY OF RUSSIA 10.2% GENERATION OF ELECTRIC POWER 116.9BN KW*H (+37.3%) BOILER HEAT THERMAL POWER 19.8M GCAL (+0.5%) POWER SUPPLY ASSETS ENERGY POWER SUPPLY ASSETS ENERGY SALES VOLUME AT THE RETAIL MARKET 143.1BN KW*H (SHARE AT THE RF MARKET 14.02%) POWER GRID ASSETS TOTAL LENGTH OF POWER TRANSMISSION LINES ABROAD 34265 KM (+1.1%) ELECTRICITY EXPORT AND IMPORT EXPORT VOLUME 22.7BN KW*H (+21.9%) (INCLUDING AZERBAIJAN +148.1% BELARUS +10774.7% GEORGIA +111.2% KAZAKHSTAN +60.5% CHINA +26.0% LITHUANIA +8.6% MONGOLIA +23.2% SOUTH OSSETIA +11.7% IMPORT VOLUME +17.2% (INCLUDING AZERBAIJAN +93.2% KAZAKHSTAN +58.0%) FINANCIAL INDICATORS REVENUE 536.2BN RUB (+15.5%) EBITDA 41.7BN RUB (+24.1%) NET PROFIT 41.5BN RUB (+123.1%) CAPITAL EXPENDITURES 32.5BN RUB (+97.0%) TOTAL ASSETS 531.9BN RUB (+113.5%) TOTAL EQUITY 390.7BN RUB (+180.9%) NUMBER OF PERSONNEL AS OF DECEMBER 31, 2011 47014 PERSONS ENERGY WITHOUT BORDERS ANNUAL REPORT 2011 JSC “INTER RAO UES” Contents ENERGY WITHOUT BORDERS.........................................................................................................................................................1 ADDRESS BY THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHAIRMAN OF THE MANAGEMENT BOARD OF JSC “INTER RAO UES”..............................................................................................................8 1. General Information about the Company and its Place in the Industry...........................................................10 1.1. Brief History of the Company......................................................................................................................... 10 1.2. Business Model of the Group..........................................................................................................................12 1.4. Operations of the Group .................................................................................................................................. 14 1.4.1. Operating Segments.................................................................................................................... 14 1.4.1.2. Generation in the Russian Federation....................................................................................................25 1.4.1.3. Trading in the Russian Federation and Europe .............................................................................................36 1.4.1.4. Armenia ................................................................................................................................................................. 42 1.4.1.5. Georgia ................................................................................................................................................................... 46 1.4.1.6. Moldova ................................................................................................................................................................. 49 1.4.1.7. Kazakhstan ........................................................................................................................................................... 52 1.4.1.8. Engineering in the Russian Federation ......................................................................................................54 2. Financial Activity of the Group......................................................................................................................57 3. Investments and innovations .......................................................................................................................................... 66 3.1. Investment activities of the Group............................................................................................................... 66 3.2. Innovation activities of the Group................................................................................................................ 70 4. Share Capital and Shareholders of the Company......................................................................................................71 5. Corporate Governance ....................................................................................................................................................... 78 5.1. Regulations........................................................................................................................................................... 78 5.2. Shareholder Rights ............................................................................................................................................ 80 5.3. Management and Control Bodies..................................................................................................................80 5.3.1. General Meeting of Shareholders .................................................................................................................80 5.3.1.1. Order of Convening and Holding the General Meeting of Shareholders ........................................ 80 5.3.1.2. Information about the General Meetings of Shareholders in 2011 ................................................. 81 5.3.2. Board of Directors.............................................................................................................................................. 81 5.3.2.1. Information about Members of the Board of Directors........................................................................ 82 5.3.2.2. Changes to the composition of the Board of Directors ......................................................................... 99 5.3.3. Management Board .........................................................................................................................................110 5.3.3.1. Information about Management Board Members................................................................................110 5.3.3.2. Changes in the Management Board Structure .......................................................................................125 5.3.3.3. Information on Meetings in 2011...............................................................................................................126 5.3.3.4. Attendance of Meetings in 2011 by the Members of Management Board ...................................126 5.3.3.5. Remuneration to the Members of Management Board ......................................................................126 5.3.4. Sole Executive Body.........................................................................................................................................127 5.3.5. Revision Commission......................................................................................................................................128 2 5.3.6. Auditor and Internal Control System........................................................................................................131 5.3.6.1. Company’s Auditor ..........................................................................................................................................131 5.3.6.2. Internal Control System (ICS) ......................................................................................................................131 5.4. Information Disclosure ..................................................................................................................................133 5.5. Organizational Management Structure and Organizational Development Policy ...................133 6. DISTRIBUTION OF NET PROFIT AND DIVIDEND POLICY......................................................................................134 CONTRACT FOR EQUIPMENT SUPPLIES to Ecuador and Venezuela, > 450m US dollars...............................135 The Company’s Development Strategy ...........................................................................................................................135 7.1. Mission .................................................................................................................................................................135 7.2. Vision (to 2020) ................................................................................................................................................135 7.3. Strategic Goals...................................................................................................................................................136 7.4. Basic Vectors of Development .....................................................................................................................137 7.5. Basic Results of 2011 ......................................................................................................................................138 Funds for charity – 300m RUB Investments for environment protection – 268.9m RUB.............................139 Corporate Social Responsibility ........................................................................................................................................139 8.1. Human Resources and Social Policy..........................................................................................................139 8.1.1. Human Resources Policy ...............................................................................................................................139 8.1.2. Social Policy........................................................................................................................................................146
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