Open Power for a Brighter Future
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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 -
Capital Markets Day Presentation (Moscow)
Capital markets day Efficiency and stability are the name of the game December 8, 2016 Moscow, Russia Capital markets day Agenda Nikolay Shulginov Chairman of • Opening remarks. Preliminary results of 1 the Management Board – RusHydro Group in 2016 General Director George Rizhinashvili • RusHydro Group Development Strategy Management Board member, 2 • Overview of capital raising to refinance RAO ES First Deputy General Director East debt Sergey Kirov Management Board member, • Optimization of capital and operating costs 3 First Deputy General Director • Operating efficiency improvement plan Q&A session 2 Capital markets day RusHydro: the leading Russian utilities and renewables company No. 2 Russian power generation company, GW No.3 world’s hydropower co. by capacity, GW 15% 15% 11% 10% 7% 6% 38.9 38.2(2) 29 27 19 16 38 36 30(2) 29 28 26 Source: companies’ data, System operator Source: companies’ data 15% - share of total installed capacity of Russia No.6 heat producer in the world, mn GCal 12% of total Russia’s electricity output in 2015 12% (2) 1,050 TWh 117 108 45 39 37 31 25 Source: companies’ data Source: companies’ data, System operator 3 Capital markets day RusHydro – a leading Russian genco Russia’s largest genco and one of the world’s largest publicly-traded predominantly hydro generation companies, with capacity of 38.7 GW (ca. 16% of the Russian total) The biggest winner from electricity market liberalization in Russia due to extensive exposure to low- cost hydro generation A developing and succesful dividend story: 5 consecutive -
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. -
Ural in Five Days 5D/4N
LTD Tour operator «Nеva Seasons»191036, Saint Petersburg, 10, Ligovsky pr., office 212 +7(812)313-43-39 +7 (952) 399-93-64 [email protected] www.nevaseasons.com All Ural in five days 5d/4n Day 1) Arrival to Yekaterinburg Meeting with guide at the airport Transfer to the hotel, check in Lunch at the local restaurant (included) The first day will include a city tour with a visit to the Historical City Site, the central square and the main attractions. Guests will enjoy local cuisine from the Shustov restaurant for lunch. After the lunch guests will visit two museums – Ekaterinburg Museum of Fine Arts with the famous Kaslinsky cast-iron pavilion and Boris Yeltsin President Center with an interactive exhibition dedicated to the first president of the Russian Federation. Free time Overnight Day 2) Breakfast at the hotel, check out Meeting with a guide in the hotel lobby. Transfer to V. Pyshma The second day program will begin with a visit to the museum of automobile and military equipment in Verkhnyaya Pyshma. After it the group will drive to Nevyansk and see its famous leaning tower. Nevyansk is one of the oldest cities in Ural, the center of the Nevyansk icon tradition. The region is also famous for its red clay pottery from the Tavolgi village. Guests will learn the secrets of production with the potter and try to make their own souvenir from Tavolgi. Lunch at the local restaurant (included) Transfer to Nizhny Tagil. Check in Dinner at the hotel restaurant (included) Overnight Day 3) Breakfast at the hotel, check out Meeting with a guide in the hotel lobby. -
An Overview of Boards of Directors at Russia's Largest Public Companies
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 impetuous 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 the 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 2014
APPROVED: by the General Shareholders’ Meeting of Open Joint-Stock Company Enel Russia on June 17, 2015 Minutes № 2/15 dd. June 17, 2015 PRELIMINARY APPROVED: by the OJSC Enel Russia Board of Directors on April 22, 2015 Minutes № 05/15 dd. April 22, 2015 2014 ANNUAL REPORT General Director of OJSC Enel Russia June ___, 2015 __________ / K. Palasciano Villamagna/ Chief Accountant of OJSC Enel Russia June ___, 2015 _________ / E.A. Dubtsova/ Moscow 2015 TABLE OF CONTENTS 1. Address of the company management to shareholders .................................................................... 4 1.1. Address of the chairman of the board of directors .................................................................... 4 1.2. Address of the general director .................................................................................................. 6 2. Calendar of events ............................................................................................................................ 8 3. The company’s background............................................................................................................ 11 4. The board of directors report: results of the company priority activities ...................................... 12 4.1. Financial and economic performance of the company ............................................................ 12 4.1.1. Analysis of financial performance dynamics in comparison with the previous period........ 12 4.1.2. Dividend history .................................................................................................................. -
DISCOVER URAL Ekaterinburg, 22 Vokzalnaya Irbit, 2 Proletarskaya Street Sysert, 51, Bykova St
Alapayevsk Kamyshlov Sysert Ski resort ‘Gora Belaya’ The history of Kamyshlov is an The only porcelain In winter ‘Gora Belaya’ becomes one of the best skiing Alapayevsk, one of the old town, interesting by works in the Urals, resort holidays in Russia – either in the quality of its ski oldest metallurgical its merchants’ houses, whose exclusive faience runs, the service quality or the variety of facilities on centres of the region, which are preserved until iconostases decorate offer. You can rent cross-country skis, you can skate or dozens of churches around where the most do snowtubing, you can visit a swimming-pool or do rope- honorable industrial nowadays. The main sight the world, is a most valid building of the Middle 26 of Kamyshlov is two-floored 35 reason to visit the town of 44 climbing park. In summer there is a range of active sports Urals stands today, is Pokrovsky cathedral Sysert. You can go to the to do – carting, bicycling and paintball. You can also take inseparably connected (1821), founded in honor works with an excursion and the lifter to the top of Belaya Mountain. with the names of many of victory over Napoleon’s try your hand at painting 180 km from Ekaterinburg, 1Р-352 Highway faience pieces. You can also extend your visit with memorial great people. The elegant Trinity Church was reconstructed army. Every august the jazz festival UralTerraJazz, one of the through the settlement of Uraletz by the direction by the renowned architect M.P. Malakhov, and its burial places of industrial history – the dam and the workshop 53 top-10 most popular open-air fests in Russia, takes place in sign ‘Gora Belaya’ + 7 (3435) 48-56-19, gorabelaya.ru vaults serve as a shelter for the Romanov Princes – the Kamyshlov. -
Atti Parlamentari
Camera dei Deputati – 530529 – Senato della Repubblica XVII LEGISLATURA - DISEGNI DI LEGGE E RELAZIONI - DOCUMENTI - DOC. XV N. 614 %di Denominazione Capitale Metodo di Detenuta %di possesso sociale Sede legale Nazione sociale Valuta Attività consol(damento da possesso del Gruppo Enel Green Power Rio de Janeiro Brasile 144.640.892,85 BRL Produzione e vendita integrale Enel Green 1,00% 100,00% Cristal E61ica SA di energia elettrica da Power fonte rinnovabile Desenvolvimento ;Ltda Enel Green 99,00% PowerBrasil Participaçòes Ltda Enel Green Power Rio de Janeiro Brasile 1.000.000,00 BRL Produzione di energia Integrale Enel Green 99,90% 99,90% Cristalandia I E6lica SA elettrica da fonte Power Brasi! rinnovabile Participaçées Ltda Enel Green Power Rio de Janeiro Brasile 1.000.000,00 BRL Produzione di energia Integrale Enel Green 99,90% 99,90% Cristalandia Il E61ica SA elettrica da fonte Power Brasi! rinnovabile Participaçoes Ltda Enel Green Power Rio de Janeiro Brasile 70.000.000,00 BRL Produzione di energia Integrale Enel Green 1,00% 100,00% Damascena E61ica SA elettrica da fonte Power rinnovabile Desenvolvimento Ltda Enel Green 99,00% Power Brasil Participaçées Ltda Enel Green Power del Santiago Cile 1.000.000,00 CLP Produzione di energia Integrale Enel Green 100,00% 99,91% Sur SpA (già Parque elettrica da fonte Power Chile Ltda E61ico Renaico SpAJ rinnovabile Enel Green Power Rio de Janeiro Brasile 70.379.344,85 BRL Produzione di energia Integrale Enel Green 99,90% 99,90% Delfina A E6lica SA elettrica da fonte Power Brasil rinnovabile Participaçoes -
Agglomeration As a Mechanism for Ensuring Sustainable and Balanced Development of Territories
E3S Web of Conferences 296, 04007 (2021) https://doi.org/10.1051/e3sconf/202129604007 ESMGT 2021 Agglomeration as a mechanism for ensuring sustainable and balanced development of territories Ivan Antipin* Ural State University of Economics, 8 Marta Str., 62, 620144 Ekaterinburg, Russia Abstract. The article is devoted to the study of the development of agglomeration processes in the subject of the Russian Federation. The research methodology is based on the theoretical principles of strategic management, regional, municipal and spatial economics. This study of agglomeration processes in a subject of the Russian Federation is based on a comprehensive analysis of legislative documents, statistical reporting data, texts of strategies for the socio-economic development of municipalities by using a combination of methods: logical, dialectical, and also causal. The theoretical foundations of the relevance of the formation and development of agglomerations are analyzed. The results of the study of agglomeration processes in the Sverdlovsk Oblast are presented; conclusions are drawn about the prevailing trends in socio-economic and spatial development. The conclusion is made about the need for competent, controlled development of agglomerations in order to ensure sustainable and balanced economic and spatial development of the region. The article is aimed at scientists-researchers, practitioners, including state and municipal officials involved in managing the development of territories and other interested parties. 1 Introduction Currently, in the process of scientific research in many countries, interregional and intermunicipal cooperation arouse interest. Of special interest is the development of agglomerations, which are considered along with the largest cities as drivers of economic growth in systems of spatial development. -
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Advances in Economics, Business and Management Research, volume 139 International Conference on Economics, Management and Technologies 2020 (ICEMT 2020) Regional Differences in Income and Involvement in the Use of DFS as Factors of Influence on the Population Financial Literacy Elena Razumovskaya1,2,* Denis Razumovskiy1,2 1Department of Finance, Money Circulation and Credit, Ural Federal University named after B.N. Yeltsin, Yekaterinburg, Russia 2Department of Finance, Money Circulation and Credit, Ural State University of Economics, Yekaterinburg, Russia *Corresponding author. Email: [email protected] ABSTRACT The article attempts to analyze the impact of regional differences in income and activity of using digital financial services (DFS) on the financial literacy of the population. The authors proceeded from the hypothesis that the effect of concentration of financial activity in large federal centers of the Russian Federation on other territories, in particular, the Sverdlovsk region, is approximated. The main research hypothesis is that the regular and active use of digital financial services is more inherent with people living in large settlements and having a relatively higher income; these two factors have a decisive influence on the level of financial literacy. The use of constantly developing digital financial services in everyday life allows people to visualize the dynamics of their financial capabilities, analyze and adjust the structure of financial resources, which increases financial knowledge and strengthens -
Enel Russia Discloses Its 2020 Financial Results
Media Relations PJSC Enel Russia Pavlovskaya 7, bld. 1, Moscow, Russia T +7(495) 539 31 31 ext. 7824 [email protected] enel.ru ENEL RUSSIA DISCLOSES ITS 2020 FINANCIAL RESULTS • 2020 financial results are expectedly lower compared to the previous year, mostly due to change in assets perimeter • Enel Russia’s performance was affected by weak market context due to the continuing low economic activity caused by the COVID-19 pandemic • Throughout 2020 Enel Russia was focused on ensuring continuous business operations and on completing its ongoing construction projects, considering the outbreak of COVID-19 MAIN FINANCIAL HIGHLIGHTS (millions of RUB) 2020 2019 Change Revenues 44,037 65,835 -33.1% EBITDA 9,017 15,318 -41.1% EBIT 5,532 2,842 +94.7% Ordinary EBIT 6,595 11,039 -40.3% Net income 3,625 896 +304.6% Ordinary net income 4,467 7,453 -40.1% Net debt at the end of the period 13,697 4,171 +228.4% Stephane Zweguintzow, General Director of Enel Russia, said: “The change in the company’s assets perimeter after the disposal of Reftinskaya GRES and lower economic activity due to the COVID-19 pandemic were the main factors impacting our ordinary 2020 results. In a challenging context characterized by the pandemic, our company focused on ensuring continuous business operations and actively invested in its renewable projects realization.” Moscow, March 16th, 2021 – PJSC Enel Russia has published its audited consolidated financial statements for 2020 in accordance with the International Financial Reporting Standards (IFRS). • Revenues showed negative dynamics year-over-year mostly due to: – a decrease in electricity and capacity sales considering the company’s new perimeter after Reftinskaya GRES disposal; – a decline in market electricity (DAM) prices, as a result of lower demand in the energy system, caused by weak economic activity due to the COVID-19 pandemic, coupled with stable supply by 1 PJSC Enel Russia – Pavlovskaya 7, bld. -
Systemic Criteria for the Evaluation of the Role of Monofunctional Towns in the Formation of Local Urban Agglomerations
ISSN 2007-9737 Systemic Criteria for the Evaluation of the Role of Monofunctional Towns in the Formation of Local Urban Agglomerations Pavel P. Makagonov1, Lyudmila V. Tokun2, Liliana Chanona Hernández3, Edith Adriana Jiménez Contreras4 1 Russian Presidential Academy of National Economy and Public Administration, Russia 2 State University of Management, Finance and Credit Department, Russia 3 Instituto Politécnico Nacional, Escuela Superior de Ingeniería Mecánica y Eléctrica, Mexico 4 Instituto Politécnico Nacional, Escuela Superior de Cómputo, Mexico [email protected], [email protected], [email protected] Abstract. There exist various federal and regional monotowns do not possess any distinguishing self- programs aimed at solving the problem of organization peculiarities in comparison to other monofunctional towns in the periods of economic small towns. stagnation and structural unemployment occurrence. Nevertheless, people living in such towns can find Keywords. Systemic analysis, labor migration, labor solutions to the existing problems with the help of self- market, agglomeration process criterion, self- organization including diurnal labor commuting migration organization of monotown population. to the nearest towns with a more stable economic situation. This accounts for the initial reason for agglomeration processes in regions with a large number 1 Introduction of monotowns. Experimental models of the rank distribution of towns in a system (region) and evolution In this paper, we discuss the problems of criteria of such systems from basic ones to agglomerations are explored in order to assess the monotown population using as an example several intensity of agglomeration processes in the systems of monotowns located in Siberia (Russia). In 2014 the towns in the Middle and Southern Urals (the Sverdlovsk Government of the Russian Federation issued two and Chelyabinsk regions of Russia).