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OAO IRKUTSKENERGO Address to Shareholders Performance OAO Irkutskenergo: PRODUCTION

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OAO IRKUTSKENERGO Address to Shareholders Performance OAO Irkutskenergo: PRODUCTION OAO IRKUTSKENERGO Address to shAreholders PerformAnCe oAo irkUtskenerGo: ProdUCtion ....................... 27 by the ChAirmAn hiGhliGhts ........................... 9 An overview ...................... 15 of the boArd ........................ 5 instAlled CAPACity rePort of direCtors GenerAl informAtion........ 16 of Power PlAnts ................ 28 Address to shAreholders on ComPAny by the GenerAl PerformAnCe .................... 11 ComPAny strUCtUre........... 17 Power GenerAtion ............ 28 direCtor .............................. 7 mAjor events PlAnts And fACilities ......... 18 ProdUCtion And develoPments ............. 12 PerformAnCe ..................... 31 Power GenerAtion ComPAny’s CAPACity of the ComPAny ... 22 ProCUrement ..................... 31 objeCtives, ACtivities, And fUtUre ........................ 13 shAreholder’s eqUity ....... 23 oPerAtionAl qUAlity of the Power system ......... 32 ProdUCtion effiCienCy imProvement ProGrAm ........................... 33 OAO IRKUTSKENERGO heAt And eleCtriCity orGAnizAtionAl investment soCiAl PoliCy ..................... 60 mArket .............................. 35 strUCtUre of CorPorAte ACtivities ........................... 57 mAnAGement ..................... 44 AUditor’s stAtement ......... 62 tAriffs And tAriff PoliCy ............... 37 stAndArdizAtion And streAmlininG enerGy sAles ...................... 38 of bUsiness ProCesses ....... 47 domestiC mArket ............... 40 finAnCiAl mAnAGement ..... 50 eXternAl mArket ............... 41 hUmAn resoUrCes .............. 53 environmentAl ProteCtion ........................ 54 APPendiXes .....................................................................63 informAtion finAnCiAl stAtements of oAo irkUtskenerGo, 2005 .......63 teChnoloGies ..................... 55 meetinGs of mAnAGement bodies of oAo irkUtskenerGo in 2005 .......................................68 CorPorAte Code of CondUCt And ethiCs ....................................................70 ANNUAL REPORT 005 «...The year 005 was successful. The Company achieved a strong operating and financial perfor- mance and considerably increased payments to the local, regional and federal budgets without raising tariffs since 00...» OAO IRKUTSKENERGO Address to shAreholders by the ChAirmAn of the boArd, oAo irkUtskenerGo Dear Shareholders, The year 005 was successful. The Company achieved tinued growth of the Company’s market capitalization and a strong operating and financial performance and consider- the shareholders’ dividends – a matter of high priority for ably increased payments to the local, regional and federal the government too, as it is looking to support social wel- budgets without raising tariffs since 00. This was the re- fare programs thereby increasing budget receipts. The Com- sult of our painstaking efforts at reducing costs and opti- pany will pursue investment programs to upgrade technical mizing business processes; also of our strong community units and streamline operations: hydropower plants, heat- involvement and sound investment policy with regard to ing mains and the construction of new transmission lines. In power supply in the Irkutsk region. Everybody in Russia terms of sales, we will focus on reducing non-payments and today knows about the project for rural electrification of accounts receivable, and increasing sales profitability. The the unique Olkhon Isle on Lake Baikal. There are very few latter could be achieved, among other things, by acquiring power companies that can boast building similar heating wholesale distributors and resellers as well as through clos- and power lines and planning to launch advanced power er cooperation with housing and utilities organizations. generation facilities. We have many objectives to accomplish in the other The Company was also productive in other energy business segments of OAO Irkutskenergo, and this will activities. Since May 005, OAO Irkutskenergo has been require great efforts by all our staff members. I am confi- successfully operating in the wholesale market. It has ac- dent that our experts, who are highly professional, respon- cumulated valuable experience, and the company’s finan- sible and talented workers, will succeed in achieving these cial performance has visibly improved. While targeting ef- targets. ficiency improvement, much has been done to enhance procurement management: we have streamlined business processes and worked to choose more suppliers through Yury M. Medvedev competitive tendering procedures. Sales have been on the Chairman of the Board rise, primarily due to the acquisition of heating and power networks from utility distributors and resellers. This exclud- ed intermediaries between producers and consumers and brought about many benefits, such as increased reliability and a higher level of service and cost optimization. The suc- cessful work of our Human Resources department and the Company’s charitable activities have been acknowledged throughout Russia. In the past year, we were finalizing preparation for re- structuring OAO Irkutskenergo. The Board saw it as one of the key issues and set up an ad-hoc committee for strategic development and restructuring. In fact, the Company be- came ready for functional unbundling as early as the begin- ning of 006. All non-core assets were transferred to sub- sidiaries, and TPO (Total Production Optimization) and cost management programs got underway. In 005, we split expenses, assets and liabilities between monopoly and le- gally competitive activities. This shows that the Company’s restructuring is evolving on schedule in compliance with accepted standards. In 006, we will focus on completing restructuring of the power system while preserving reliable supplies to our customers. High on the list are the issues of cost reduction, streamlining of business processes and improvement of our corporate governance system. The latter is particularly im- portant for restructuring. This, as I hope, will maintain con- ANNUAL REPORT 005 5 «...In 005, the Company pursued a balanced, coherent and targeted policy aimed at laying the ground for the reform of the power system, and improving the operating, economic and financial performance of the Company...» 6 OAO IRKUTSKENERGO Address to shAreholders by the GenerAl direCtor Dear Shareholders, In 005, the Company pursued a balanced, coherent In 005, total investments of the Company in poten- and targeted policy aimed at laying the ground for the re- tially high-return projects exceeded RUR 66 mln. form of the power system, and improving the operating, In the same year, the arrangement of electricity sup- economic and financial performance of the Company. In ply to Olkhon Isle became the most important social invest- the past year, OAO Irkutskenergo increased power genera- ment project completed in the region, which included the tion by 1.8% to 5,69 million kWh resulting in the growth construction of the VL-5kV power line from Olkhonskiye of revenue by .1% to RUR 19,111 mln. Vorota to Khuzhir, with a capacity of 5/10 kW and distribu- Energy tariffs were maintained at the level of 00, tion networks of 10 and 0. kV. This required laying a two-ki- which had a positive and important impact on the social lometer -tonne cable along the bottom of Lake Baikal at and economic development of the Irkutsk region. More- 0 m depth, which became the project’s notable feature. over, the Company managed to attain significant results In 005, the Company further improved its heat trans- through streamlining the utilization of internal resources fer systems in the cities across the Irkutsk region. Munici- and implementation of an efficiency engineering program. palities granted the Company freehold or leasehold titles to The program’s key objectives were: heating networks in Angarsk, Zheleznogorsk-Ilimskiy, Cher- = to reduce maintenance and operating costs, emkhovo, Ust-Ilimsk and Irkutsk (the right bank), and in the settlements of Meget and Yugo-Vostochniy. This enabled = to raise fuel utilization efficiency, us to optimize network load and maintenance schemes, reduce heat losses and harmful emissions, initiate rehabili- = to reduce electricity transmission and distribution tation of heat supply systems, and improve the quality of losses in power networks. dispatch control of heating networks. Furthermore, by the In 005, the program saved the Company over end of 005 two subsidiaries of the Company were incor- RUR 5 mln. While aiming to reduce administrative costs porated in Irkutsk – OOO Elektrosbyt and OOO Irkutskaya and eliminate duplication of functions, the Company con- Gorodskaya Teplosbytovaya Kompaniya (energy trading tinued establishing heat clusters in Angarsk, Bratsk, Sayansk companies). The new entities are to raise client servicing and Irkutsk. standards in the regional center, improve collections and foster rational use of energy. From 00 to 005, on the back of proactive measures to enhance the professional development of personnel, the The year 005 was also notable for new developments number of safety incidents at production facilities of OAO in energy sales: after liberalization of the wholesale electric- Irkutskenergo fell by % (from 5 in 00 to just eight ity market in Siberia starting from May 1 OAO Irkutskenergo in 005). has been selling energy in the open market. Last year we mostly concentrated on evolving training programs and In addition to allocating funds to replace physically improving the trading systems (including procurement reg- and functionally obsolescent equipment and rehabilitate
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