INTER RAO UES Generating Assets: Target Shareholding Structure
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Specialised Asset Management
specialised research and investment group Russian Power: The Greatest Sector Reform on Earth www.sprin-g.com November 2010 specialised research and investment group Specialised Research and Investment Group (SPRING) Manage Investments in Russian Utilities: - HH Generation - #1 among EM funds (12 Months Return)* #2 among EM funds (Monthly return)** David Herne - Portfolio Manager Previous positions: Member, Board of Directors - Unified Energy Systems, Federal Grid Company, RusHydro, TGK-1, TGK-2, TGK-4, OGK-3, OGK-5, System Operator, Aeroflot, etc. (2000-2008) Chairman, Committee for Strategy and Reform - Unified Energy Systems (2001-2008) Boston Consulting Group, Credit Suisse First Boston, Brunswick. * Top 10 (by 12 Months Return) Emerging Markets (E. Europe/CIS) funds in the world by BarclayHedge as of 30 September 2010 ** Top 10 (by Monthly Return) Emerging Markets (E. Europe/CIS) funds in the world by BarclayHedge as of 31 August 2010 2 specialised research and investment group Russian power sector reform: Privatization Pre-Reform Post-Reform Government Government 52% 1 RusHydro 1 FSK RAO ES RAO UES 58% 79% hydro generation HV distribution 53% Far East Holding control control Independent energos 53% 1 MRSK Holding 14 TGKs 0% (Bashkir, Novosibirsk, ~72 energos 0% generation (CHP) generation Irkutsk, Tat) 35 federal plants transmission thermal 11 MRSK distribution 51% hydro LV distribution 0% ~72 SupplyCos supply 6 OGKs other 0% generation 45% InterRAO 0% ~100 RepairCos Source: UES, Companies Data, SPRING research 3 specialised research -
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. -
Annual Report ‘06 Contents
ANNUAL REPORT ‘06 CONTENTS MESSAGE TO SHAREHOLDERS ————————————————————————————— 4 MISSION AND STRATEGY ———————————————————————————————— 7 COMPANY OVERVIEW ————————————————————————————————— 13 ² GENERAL INFORMATION 13 ² GEOGRAPHIC LOCATION 14 ² CALENDAR OF KEY 2006 EVENTS 15 ² REORGANIZATION 16 CORPORATE GOVERNANCE —————————————————————————————— 21 ² PRINCIPLES AND DOCUMENTS 21 ² MANAGEMENT BODIES OF THE COMPANY 22 ² CONTROL BODIES 39 ² AUDITOR 40 ² ASSOCIATED AND AFFILIATED COMPANIES 40 ² INTERESTED PARTY TRANSACTIONS 41 SECURITIES AND EQUITY ——————————————————————————————— 43 ² CHARTER CAPITAL STRUCTURE 43 ² STOCK MARKET 44 ² DIVIDEND HISTORY 48 ² REGISTRAR 49 OPERATING ACTIVITIES. KEY PERFORMANCE INDICATORS ——————————————— 51 ² GENERATING FACILITIES 51 ² FUEL SUPPLY 52 ² ELECTRICITY PRODUCTION 56 ² HEAT PRODUCTION 59 ² BASIC PRODUCTION ASSETS REPAIR 59 ² INCIDENT AND INJURY RATES. OCCUPATIONAL SAFETY 60 ² ENVIRONMENTAL SAFETY 61 ELECTRICITY AND HEAT MARKETS ——————————————————————————— 65 ² COMPETITIVE ENVIRONMENT. OVERVIEW OF KEY MARKETS 65 ² ELECTRICITY AND HEAT SALES 67 FINANCIAL OVERVIEW ————————————————————————————————— 73 ² FINANCIAL STATEMENTS 73 ² REVENUES AND EXPENSES BREAKDOWN 81 INVESTMENT ACTIVITIES ———————————————————————————————— 83 ² INVESTMENT STRATEGY 83 ² INVESTMENT PROGRAM 84 ² INVESTMENT PROGRAM FINANCING SOURCES 86 ² DEVELOPMENT PROSPECTS 87 INFORMATION TECHNOLOGY DEVELOPMENT —————————————————————— 89 PERSONNEL AND SOCIAL POLICY. SOCIAL PARTNERSHIP ———————————————— 91 INFORMATION FOR INVESTORS AND SHAREHOLDERS —————————————————— -
a Leading Energy Company in the Nordic Area
- a leading energy company in the Nordic area Presentation for investors September 2007 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser. 2 • Fortum today • European power markets • Russia • Financials / outlook • Supplementary material 3 Fortum's strategy Fortum focuses on the Nordic and Baltic Rim markets as a platform for profitable growth Become the leading Become the power and heat energy supplier company of choice Benchmark business performance 4 Presence in focus market areas Nordic Generation 53.2 TWh Electricity sales 60.2 TWh Distribution cust. 1.6 mill. Electricity cust. 1.3 mill. NW Russia Heat sales 20.1 TWh (in associated companies) Power generation ~6 TWh Heat production ~7 TWh Baltic countries Heat sales 1.0 TWh Poland Distribution cust. 23,000 Heat sales 3.6 TWh Electricity sales 8 GWh 2006 numbers 5 Fortum Business structure Fortum Markets Fortum's comparable Large operating profit in 2006 NordicNordic customers EUR 1,437 million Fortum wholesalewholesale Small Power marketmarket customers Generation Nord Pool and Markets 0% bilateral Other retail companies Deregulated Distribution 17% Regulated Transmission Power and system Fortum Heat 17% Generation services Distribution 66% 6 Strong financial position ROE (%) EPS, cont. (EUR) Total assets (EUR billion) 20 1.50 1.42 20.0 16.8 17.5 17.3 1.22 18 15.1 -
QUARTERLY REPORT Public Joint-Stock Company
QUARTERLY REPORT Public Joint-Stock Company Federal Hydrogeneration Company RusHydro Code of the Issuer: 55038-E for Q4 2015 Address of the Issuer: 43 Dubrovinskogo St., bldg. 1, Krasnoyarsk, Krasnoyarsk Krai, 660017. The information contained herein is subject to disclosure pursuant to the securities legislation of the Russian Federation Chairman of the Management Board ― General Director ___________________ N.G. Shulginov Date: 15.04.2016 signature _________________ D.V. Finkel Chief Accountant signature Date: 15.04.2016 Contact person: Roman Yurievich Sorokin, Head of Methodology of Corporate Governance and Property Management Department Tel.: +7 800 333 8000 Fax: +7(495) 225-3737 E-mail: [email protected] The address of the Internet site (sites) where the information contained herein is to be disclosed: www.rushydro.ru, http://www.e-disclosure.ru/portal/company.aspx?id=8580 1 Table of Contents Table of Contents .................................................................................................................................................... 2 I. Information on Bank Accounts, Auditor (Audit Organization), Appraiser, and Financial Advisor of the Issuer, as well as on Persons who Have Signed the Quarterly Report ................................................................................ 6 1.1. Information on the Issuer's Bank Accounts .................................................................................................. 6 1.2. Information on the Issuer's Auditor (Audit Organization) .......................................................................... -
2017 Annual Report of PJSC Inter RAO / Report on Sustainable Development and Environmental Responsibility
INFORMATION TRANSLATION Draft 2017 Annual Report of PJSC Inter RAO / Report on Sustainable Development and Environmental Responsibility Chairman of the Management Board Boris Kovalchuk Chief Accountant Alla Vainilavichute Contents 1. Strategic Report ...................................................................................................................................................................................... 8 1.1. At a Glance .................................................................................................................................................................................. 8 1.2. About the Report ........................................................................................................................................................................ 11 Differences from the Development Process of the 2016 Report ............................................................................................................ 11 Scope of Information ............................................................................................................................................................................. 11 Responsibility for the Report Preparation .............................................................................................................................................. 11 Statement on Liability Limitations ......................................................................................................................................................... -
Public Joint-Stock Company Issuer’S Code: 10214-A
QUARTERLY REPORT "Interregional Distribution Grid Company of Centre", Public Joint-Stock Company Issuer’s code: 10214-A for Quarter 1, 2016 Location of the issuer: 2nd Yamskaya, 4, Moscow, Russian Federation, 127018 The information containing in this quarterly report is subject to disclosure in accordance with the legislation of the Russian Federation on securities ____________ O.Y. Isaev General Director signature Date: 13 May 2016 Chief Accountant - Head of Financial and Tax Accounting and ____________ L.A. Sklyarova signature Reporting Department Date: 13 May 2016 Contact person: Principal Specialist of Corporate Office of the Department for Corporate Governance and Interaction with Shareholders, Yulia Dmitrievna Naumova Phone: (495) 747-9292 #3286 Fax: (495) 747-9295 E-mail: [email protected] Internet site used by the issuer for the information disclosure, containing in this quarterly report: http://www.e-disclosure.ru/portal/company.aspx?id=7985; http://www.mrsk-1.ru/ru/information/. 1 Table of contents Table of contents .............................................................................................................................................. 2 Introduction ...................................................................................................................................................... 5 Section I. Data on bank accounts, on the auditor, appraiser and financial adviser of the issuer, and also persons, who signed the quarterly report ........................................................................................................................ -
3. Inter RAO Group Today | 11
10 | PJSC Inter RAO | 2016 Annual Report 3. INTER RAO GROUP TODAY The Group operates in the following segments: A leading electricity export and import operator in Rus- — Electricity and heat generation sia. The Inter RAO Group’s supply geography comprises — Electricity supply and heat supply Finland, Belarus, Lithuania, Latvia, Estonia, Poland, Nor- — International electricity trading way, Ukraine, Georgia, Azerbaijan, South Ossetia, Ka- A diversified energy holding company — Engineering, power equipment export zakhstan, China and Mongolia. managing assets in Russia, as well as — Management of electricity distribution grids outside Russia Effectively manages power supply companies – guaran- in European and CIS countries. teed suppliers in 12 regions of Russia. Since 2010, PJSC Inter RAO has been rated in the List of Strategic Enterprises and Strategic Joint Stock Compa- Owns independent suppliers of electricity to large indus- nies of the Russian Federation1. trial consumers. GENERATING ASSETS SUPPLY ACTIVITIES ELECTRICITY EXPORT in 2016 THERMAL POWER PLANTS 41 17.0bn kWh ELECTRICITY IMPORT HYDROPOWER PLANTS 62 (including 5 low capacity HPPs) 10 in 2016 IN 62 REGIONS OF RUSSIA bn kWh WIND FARMS 3.1 1 According to the Decree of the President of Russia No. 1190 dated 30.09.2010 PJSC Inter RAO was included in the List of Strategic Enterprises and Strategic Joint-Stock Companies (Section 2 of the List of Open Joint Stock Companies with its assets held in federal ownership managed by the Russian Federation in order to ensure strategic 2 interests of State defence and security, moral values, healthcare, rights and legitimate interests protection of the citizens of the Russian Federation). -
Testing Feasibility of Measuring Market Risk by Predicted Beta with Liquidity Adjustment1
Testing Feasibility of Measuring Market Risk by Predicted Beta with Liquidity Adjustment1 State University – Higher School of Economics Laboratory of Financial Markers Analysis Abstract The present paper assesses the CAPM predicted beta coefficient which is employed by a number of Russian investment companies in the calculation of a discount rate for future cash flows valuation. It is common practice to estimate the target stock price within the DCF method using the single-factor CAPM where the beta coefficient is the only measure of investment risk. A shift from the historical to the predicted beta coefficient is due to low liquidity of the majority of Russian stocks which results in rather low historical beta coefficients obtained by regressing on historical data. The paper assesses a new method of calculating the beta coefficient introduced by Aton Investment Company which dismisses company’s industry-specific characteristics while accentuating company’s size (measured by market capitalization) and liquidity (measured by the free-float coefficient). The sample size is 72 Russian stocks traded on the Russian Trading System (RTS) Stock Exchange. The sample period is from 2007 to the first half of 2008. Key words: CAPM, historical beta, free-float, adjusted beta, predicted beta adjusted for liquidity. 1 A working paper version. Problems in application of CAPM in emerging capital markets The single-factor equilibrium Capital Asset Pricing Model (CAPM) of the rate of return on equity and equity risk premium (ERP) remains the most popular one for setting a discount rate which is further used in calculating the equity (company) fair price within the Discounted Cash Flow method (DCF). -
An Overview of Boards of Directors at Russia's Largest
An Overview of Boards of Directors at Russia’s Largest Public Companies Andrei Rakitin Milena Barsukova Arina Mazunova Translated from Russian August 2020 Key Results According to information disclosed by 109 of Russia’s largest public companies: • “Classic” board compositions of 11, nine, and seven seats prevail • The total number of persons on Boards of the companies under study is not as low as it might seem: 89% of all Directors were elected to only one such Board • Female Directors account for 12% and are more often elected to the audit, nomination, and remuneration committees than to the strategy committee • Among Directors, there are more “humanitarians” than “techies”, while the share of “techies” among chairs is greater than across the whole sample • The average age for Directors is 53, 56 for Chairmen, and 58 for Independent Directors • Generation X is the most visible on Boards, and Generation Y Directors will likely quickly increase their presence if the development of digital technologies continues • The share of Independent Directors barely reaches 30%, and there is an obvious lack of independence on key committees such as audit • Senior Independent Directors were elected at 17% of the companies, while 89% of Chairs are not independent • The average total remuneration paid to the Board of Directors is RUR 69 million, with the difference between the maximum and minimum being 18 times • Twenty-four percent of companies disclosed information on individual payments made to their Directors. According to this, the average total remuneration is approximately RUR 9 million per annum for a Director, RUR 17 million for a Chair, and RUR 11 million for an Independent Director The comparison of 2020 findings with results of a similar study published in 2012 paints an interesting dynamic picture. -
Annual Report JSC “Quadra – Power Generation”
Annual Report JSC “Quadra – Power Generation” 2012 Preliminarily approved by the Board of Directors of JSC “Quadra – Power Generation” Minutes #19 / 160 dated 29.04.2013 Approved by resolution of Annual General Shareholders Meeting of JSC “Quadra – Power Generation” “26” June 2013 Minutes #1 / 16 dated 27/06/2013 General Director of JSC “Quadra - Power Generation” V.V. Shelkov Chief Accountant of JSC “Quadra - Power Generation” I.A. Lapitskaya 2 Contents: Disclaimer 5 Address by the Chairperson of the Board of Directors to shareholders 6 Address by the General Director to shareholders 8 Introduction: TGC in the structure of sector 10 SECTION 1. JSC “Quadra – Power Generation” on the electricity and heat market 14 1. 1 Market position 14 1.2 Competitive environment and competitive advantages 16 1.3 Strategic areas of business 18 1.4 Risk map 21 1.5 Macroeconomic situation 27 1.6 JSC “Quadra – Power Generation” – 5 years of stable energy supplies 28 SECTION 2. Corporate governance 33 2.1 Corporate governance principles 33 2.2 General Meeting of Shareholders 34 2.3 Board of Directors 34 2.4 General Director. Management Board. 38 2.5 Committees under the Board of Directors 40 2.6 Internal Audit Commission 40 2.7 Remuneration 42 2.8 Internal control and audit 43 SECTION 3. For shareholders and investors 44 3.1 Joint-stock capital 44 3.2 Securities 44 3.3 Dividend history 48 3.4 Trading in securities 48 3.5 Compliance with the law on insider information 50 SECTION 4. Production activities 51 4.1 Main production indicators 54 4.2 Current sales indicators in terms of market segments 56 4.3 Energy saving and operational efficiency improvement 57 SECTION 5. -
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