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SUPERSONIC ENERGY Business Report

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SUPERSONIC ENERGY Business Report 2009 INTERREGIONAL DISTRIBUTIVE G RID C OMPANY IDG C OF URALS SUPERSONIC ENERGY business report Back to Contents >> Key financial indicators1 2009 2009 20082 (US$, thous.) (RUR, thous.) (RUR, thous.) Revenues, including 1 299 894.1 41 297 636 35 964 707 transmission revenues 1 259 086.4 40 001 176 34 437 161 connection revenues 30 657.4 973 985 895 581 Expenses 1 152 773.4 36 623 611 33 947 171 Operating profit 147 120.7 4 674 025 2 017 536 Operating margin, % 11.3% 11.3% 5.6% EBITDA3 131 941.8 4 191 790 3 576 138 EBITDA margin, % 10.2% 10.2% 9.9% Pre-tax income 43 845.5 1 392 972 1 288 425 Net profit 33 152.9 1 053 267 862 085 Net margin, % 2.6% 2.6% 2.4% Earnings per share US$ 0.0003 RUR 0.01 RUR 0.02 Short-term loans and borrowings 0 0 1 200 000 Long-term loans and borrowings 175 749.5 5 583 562 5 161 534 bonds 51.6 1 638 1 000 000 Debt/ Equity, % 20% 20% 23% Equity/ Assets, % 66% 66% 66% Energy sales 2009 2008 Change, % Energy supply, mln kW/h 75 795.9 86 365.8 - 12.24 Productive supply, mln kW/h 69 339.2 79 902 - 13.22 1 Key financial indicators of the Company are represented on the basis of 2008-2009 Operating figures 2009 audited financial statements under Russian Accounting Aerial lines (in chains), km 122 054 Standards (RAS). 2009 indica- tors were shown in US dollars Aerial lines (in lines), km 113 210 just for information (average rate as of 2009 is 1US$= RUR Cable lines, km 4 691 31.77). Transformer substations (35/110-220 kV) 1 006 2 Here and henceforth 2008 indicators are shown Capacity of transformer substations (35/110-220 kV), MVA 20 453 as the sum of the operat- ing results of managing Transformer substations (6-20/0.4 kV) 27 390 company ОАО “IDGC of Urals” and ОАО “Permenergo”, Capacity of transformer substations (6-20/0.4 kV), MVA 7 407 ОАО “Sverdlovenergo”, ОАО “Chelyabenergo” in January- April 2008 (prior to the merger) and operating results of united operating company as of May-December 2008 (following the merger). Key performance indicators, 2009 actual plan 3 EBITDA is calculated ac- ROE, % 2.80 2.79 cording to the formula: net profit + income tax and other Weight of overall energy losses in overall energy supply, % 8.52 8.76 obligatory payments + inter- est payable + depreciation. Current investment program efficiency (in terms and cost), % 130 > 95 4 Our 2009 IAS and RAS Prevention of incidents over ultimate numbers 0 0 financial statements can be found at Section "Economics Supply interruption system indicator <1 <1 and Finance" of our corporate web-site. System indicator of average supply interruption <1 <1 Company's 2009 Back to Contents >> business report 1 Contents Shareholder letter 5 The Company’s profile 9 The Company’s business card 10 Development History 12 The Company’s regional market share 13 2009 Key events 15 2009 Key events 16 Events after the reported period 16 Financial and economic highlights (under RAS) 19 Year results 20 Revenue and expense structure 21 Efficiency indicators 23 The structure of accounts payable and receivable 24 Credit portfolio 25 2009 Operating results 27 Energy transmission 28 Overall energy supply, productive supply and losses 28 Measures taken to reduce energy losses 29 Debts for transmission services and for purchased energy acquired for loss compensation 30 Global crisis and energy transmission 31 Technological connection 32 Connection tariffs 32 Connection demand analysis 35 Global recession and technological connection 38 Connection Revenues 39 Repair activities 40 Investments 42 Investment program parameters 42 Investment structure and directions 44 Investment policy of OAO “IDGC of Urals” in 2010-2012 48 Grids development and exploitation 50 Further grid development plans 52 Pacts concluded with regional authorities. Federal target programs 54 Client Relationship 57 Information technologies 59 Tariffs 61 Energy transmission tariffs 62 RAB methodology 64 Internal control and risk management 67 Internal control system 68 Risk management 69 Industry risks 70 Federal and regional risks 71 Financial risks 72 Legal risks 73 INTERREGIONAL DISTRIBUTIVE G RID C OMPANY IDG C Back to Contents >> 2 OF URALS Shareholder equity and securities 75 Shareholder equity 76 The company and stock market 77 Bonds 78 Dividend history 79 Corporate governance 81 The structure and principles of corporate governance 82 Management and Control Bodies 83 The General Shareholder Meeting 83 The Board of Directors 84 The BoD remuneration 87 The BoD activity in 2009 87 The BoD Committees 88 The General Director 90 The Management Board 91 The Audit Commission 92 Subsidiaries and Associated Companies. Participation in non-profit companies 92 Participation in non-profit organizations 93 Personnel policy and social responsibility 95 The Company’s personnel structure 96 Personnel training and development 97 Training and development of technical staff 97 Development of non-core staff 97 Candidate pool development 97 Social responsibility 98 Social policy in 2009 98 Average salary 98 Welfare and Charity 99 Ecological policy 101 Contact information 105 Abbreviations 109 Appendices 113 2009 Interested-party transactions 114 Information on observing the requirements of the Corporate Behavior Code developed by the Russian Federal Securities Commission 117 Company's 2009 Back to Contents >> business report 3 Содержание INTERREGIONAL DISTRIBUTIVE G RID C OMPANY IDG C Back to Contents >> 4 OF URALS Shareholder letter Company's 2009 Back to Contents >> business report 5 Shareholder letter The BoD Chairperson The CEO N.N. Shvets V.N. Rodin Dear shareholders! program completion. Thus, energy supply in 2009 totaled 75.8 bln. kWh (-10.5 bln. kWh or 2009 was a check-out period 12% on 2008) and is due to a significant impact made by the economic recession and energy in terms of our operating consumption decrease (by large industrial efficiency under severe economic consumers - metallurgy and machine-building). environment. The Urals region, Despite it, overall 2009 revenues totaled RUR 41.3 bln., net profit – RUR 1.053 bln. exceed- more than any other regions, was ing 2008 results. These positive results were affected by the economic recession achieved due to a range of measures aimed at increasing our efficiency, including transition ended in a significant consumption of repair, metering and IT services onto non- decrease. Nevertheless, ОАО contracted forms. “IDGC of Urals” successfully In 2009, according to our plans, we completed fulfilled its production goals and construction of new objects as well as recon- struction and upgrade of the current objects. secured its profit. These measures were taken to prevent equip- In 2009 our Board of Directors focused on ment aging and lift connection restrictions in increasing the Company’s governing quality places experiencing electricity deficit, to create following the 2008 merger. ОАО “IDGC of Urals” new main substations and increase energy is a part of OAO “Holding IDGC”, a group of inter- volume by connecting new consumers as well regional distributive grid companies, that is one as to provide network reliability. In 2009 our of the largest infrastructure Russian companies personnel launched 491 MVA of transformer possessing 80% of the Russian grid complex. capacity and 951 km of lines, investments into In 2009 we elected Valery Rodin as a new CEO, the Urals grids reaching RUR 3 466 mln. extended the membership of the Management The launch of 220/10 kV substation “Anna”, Board up to 10 members and elected its new ensuring reliable energy supply to con- members as well as approved our Corporate structed mortar technological line (OAO Governance Code in a new version. The “Sukholozhsktsement”), is among the most im- Company’s BoD held 14 sessions during which portant 2009 investment projects. Construction it reviewed key governing issues. To ensure high expenses exceeded RUR 1.2 bln. and were operating efficiency under a negative economic financed by connection fees and our own environment the Board of Directors approved resources. In Chelyabinsk we launched a new several fundamental documents, including 110/10 kV substation “Massivnaya” (over- 2009 business plan and investment program. all capacity – 80 MVA). The launch enabled Under these drastically changed economic us to solve the problem of energy supply to circumstances the Company’s management Chelyabinsk residential districts experiencing focused its efforts on internal resource gen- energy shortages as well as to satisfy grow- eration and cost saving, meanwhile ensuring ing demand of new residential and communal required supply reliability and investment objects under construction. In Perm region we INTERREGIONAL DISTRIBUTIVE G RID C OMPANY IDG C Back to Contents >> 6 OF URALS completed construction of overhangs of 110 of labor protection in 2009 we approved our kV line to 220 kV substation “Soboli”. This line Traumatism Risk-decreasing Program. In all was designed for energy transmission from new subsidiaries we concluded collective agree- 220 kV substation “Soboli” (MES of the Urals ments adopted by the BoD. branch of ОАО “FSK UES”) to transit networks. Social policy in 2009 was focused on pres- Our technical staff in Permenergo reconstructed ervation, strengthening and development of and built overhangs to new substation (16 personnel potential, creation of highly-pro- 110 kV lines in total). Overall expenses reached ductive team-oriented staff that is capable of approx. RUR 128 mln. All in all, the launch of timely reaction on constantly changing market fixed assets in 2009 increased by 1.4 times on requirements. Our overall expenses on 2009 2008. This was due to completion and launch social programs amounted to RUR 232 015 of objects that were started in previous years.
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