Prospectus of Issue of Securities) Issue) of Securities) Minutes № 71 FSFM of Russia Dated “ 01 ” November 20 08 (Name of the Registering Authority)
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Approved “ 30 ” October 20 08 Registered “ ” 20 The State Registration Number 1 - 0 1 - 6 5 0 1 8 - D - - - - - by the Board of Directors of JSC FGC UES (indicate the authority of the issuer that approved the (indicate the State registration number assigned to the issue (the additional Prospectus of issue of securities) issue) of securities) Minutes № 71 FSFM of Russia Dated “ 01 ” November 20 08 (Name of the registering authority) (Position and signature of an authorized person of the registering authority) Seal of the registering authority PROSPECTUS OF ISSUE OF SECURITIES Open Joint Stock Company “Federal Grid Company of the Unified Energy System” (full name of the company) ordinary registered uncertified stock (class, category (type), form of securities and their other identification characteristics) in the amount of 146,500,000,000 (one hundred forty six billion and five hundred million) shares with nominal value of RUR 0.50 (fifty kopeks) each (nominal value (if available) and number of securities, for bonds and option of an issuer, maturity terms should be specified as well) www.fsk-ees.ru (Web-site used by an issuer for disclosures) Information contained in the present prospectus of issue of securities is subject to disclosure in accordance with the Russian Federation laws on securities. THE REGISTERING AUTHORITY MAY NOT IN ANY WAY BE HELD RESPONSIBLE FOR THE ACTUALITY OF INFORMATION CONTAINED IN THE PRESENT PROSPECTUS, AND REGISTRATION OF THE SAID CIRCULAR MAY NOT BE HELD A DECLARATION OF ANY ATTITUDE TOWARDS THE SECURITIES ISSUED. This is to confirm the credibility of 2005, 2006 and 2007 financial (accounting) statements of the issuer and compliance of the issuer’s procedure of accounting with the legislation of the Russian Federation. Other information about financial position of the issuer contained in sections III, IV, V and VIII of the present prospectus was reviewed for its compliance in all material aspects with information of the audited 2005, 2006 and 2007 financial (accounting) statements. The full trade name of the auditor: Closed joint stock company “PricewaterhouseCoopers Audit”. Director Closed joint stock company “PricewaterhouseCoopers Audit” acting on the basis of the Power of attorney P-07079-1008-zao dated 17.10.2008 ___________ Franc-J. Kazer Date «____» ________________ 2008 stamp here Chairman of the Management Board JSC FGC UES _____________ A.N. Rappoport Date «____» ________________ 2008 Chief accountant JSC FGC UES _____________ V.V. Schukin Date «____» ________________ 2008 stamp here This is to confirm that for the purposes of setting prices of securities offered by the company the appraiser will define their market value and prepare the appropriate report on appraisal. Appraiser: Kushlyanskiy Oleg Aleksandrovich, who concluded employment contract with CJSC ENPI Consult ______________ O.A. Kushlyanskiy Date «____» ________________ 2008 Appraiser: Esina Galina Anatolievna, who concluded employment contract with CJSC ENPI Consult ______________ G.A. Esina Date «____» ________________ 2008 Appraiser: Sarkisyan Akop Gurgenovich, who concluded employment contract with LLC Ernst and Young – Valuation consulting ______________ A.G. Sarkisyan Date «____» ________________ 2008 Appraiser: Sorokin Nikolay Vasilieevich, who concluded employment contract with LLC Ernst and Young – Valuation consulting ______________ N.V. Sorokin Date «____» ________________ 2008 Table of content INTRODUCTION .........................................................................................................................8 I. SUMMARY INFORMATION ABOUT PERSONS FORMING MANAGEMENT BODIES OF THE ISSUER, INFORMATION ABOUT BANK ACCOUNTS, ABOUT THE AUDITOR, THE APPRAISER AND THE FINANCIAL ADVISER OF THE ISSUER AS WELL AS ABOUT OTHER PERSONS WHO SIGNED THE PROSPECTUS.................................................................................................................10 1.1. PERSONS FORMING MANAGEMENT BODIES OF THE ISSUER ........................................10 1.2. INFORMATION ABOUT BANK ACCOUNTS OF THE ISSUER.............................................12 1.3. INFORMATION ABOUT THE AUDITOR (AUDITOR) OF THE ISSUER ..............................13 1.4. INFORMATION ABOUT APPRAISER OF THE ISSUER.........................................................15 1.5. INFORMATION ABOUT ADVISERS OF THE ISSUER...........................................................15 1.6. INFORMATION ABOUT OTHER PERSONS WHO HAVE SIGNED THE PROSPECTUS ON ISSUE OF SECURITIES ........................................................................................................17 II. SUMMARY INFORMATION ABOUT VOLUME, TERMS, PROCEDURE AND CONDITIONS OF PLACEMENT OF EVERY CLASS, CATEGORY (TYPE) OF THE SECURITIES ISSUED ..........................................................................................18 2.1. CLASS, CATEGORY (TYPE) AND FORM OF SECURITIES ISSUED ...................................18 2.2. NOMINAL VALUE OF EACH CLASS, CATEGORY (TYPE), SERIES OF THE SECURITIES ISSUED ..................................................................................................................18 2.3. PLANNED VOLUME OF THE ISSUE IN MONETARY TERMS AND THE AMOUNT OF SECURITIES ISSUED THAT ARE PLANNED FOR PLACEMENT ........................................18 2.4. OFFERING PRICE (PROCEDURE OF DETERMINING PRICE) OF SECURITIES ISSUED.18 2.5. PROCEDURE AND TERMS OF THE OFFERING OF SECURITIES ISSUED ........................18 2.6. PROCEDURE AND TERMS OF PAYMENT OF THE ISSUED SECURITIES OFFERED......20 2.7. PROCEDURE AND TERMS OF CONCLUDING CONTRACTS IN THE COURSE OF THE ISSUED SECURITIES OFFERING..............................................................................................34 2.8. CIRCLE OF POTENTIAL BUYERS OF THE ISSUED SECURITIES OFFERED....................37 2.9. PROCEDURE OF DISCLOSING INFORMATION ABOUT OFFERING AND RESULTS OF THE OFFERING OF THE ISSUED SECURITIES ......................................................................37 III. BASIC INFORMATION ABOUT FINANCIAL AND ECONOMIC POSITION OF THE ISSUER ...................................................................................................................44 3.1. FINANCIAL AND ECONOMIC PERFORMANCE OF THE ISSUER ......................................44 3.2. MARKET CAPITALIZATION OF THE ISSUER .......................................................................45 3.3. OBLIGATIONS OF THE ISSUER ...............................................................................................45 3.3.1. ACCOUNTS PAYABLE.................................................................................................................................45 3.3.2. CREDIT HISTORY OF THE ISSUER...........................................................................................................46 3.3.3. LIABILITIES OF THE ISSUER RESULTING FROM GUARANTEES PROVIDED TO THIRD PARTIES .47 3.3.4. OTHER LIABILITIES OF THE ISSUER.......................................................................................................47 3.4. PURPOSES OF THE ISSUE AND PLANS FOR USING FUNDS RESULTING FROM THE ISSUING SECURITIES OFFERING............................................................................................47 3.5. RISKS RELATED TO ACQUISITION OF THE ISSUING SECURITIES OFFERED ..............47 3.5.1. INDUSTRY RISKS.........................................................................................................................................48 3.5.2. SOVEREIGN AND REGIONAL RISKS.........................................................................................................49 3.5.3. FINANCIAL RISKS .......................................................................................................................................50 3.5.4. LEGAL RISKS...............................................................................................................................................52 3.5.5. RISKS RELATED TO THE ISSUER OPERATIONS.....................................................................................54 3.5.6. BANK EXPOSURE .......................................................................................................................................54 IV. DETAILED INFORMATION ABOUT THE ISSUER ...............................................55 4.1. HISTORY OF ESTABLISHING AND DEVELOPMENT OF THE ISSUER .............................55 4.1.1. FULL TRADE NAME OF THE ISSUER.......................................................................................................55 4.1.2. INFORMATION ABOUT THE STATE REGISTRATION OF THE ISSUER.................................................55 4.1.3. INFORMATION ABOUT ESTABLISHING AND DEVELOPMENT OF THE ISSUER................................55 4.1.4. CONTACT INFORMATION .........................................................................................................................56 4.1.5. TAXPAYER IDENTIFICATION NUMBER...................................................................................................56 4.1.6. BRANCHES AND REPRESENTATION OFFICES OF THE ISSUER..........................................................57 4.2. CORE ECONOMIC ACTIVITY OF THE ISSUER ...........................................................................61 4.2.1. INDUSTRY CLASSIFICATION OF THE ISSUER........................................................................................61 4.2.2. CORE ECONOMIC ACTIVITY OF THE ISSUER........................................................................................61