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Annual Report 2007 MOSENERGO’S Mission

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Annual Report 2007 MOSENERGO’S Mission Mosenergo annual report 2007 MOSENERGO’s mission Mosenergo’s mission is to provide consumers with electric and thermal energy, generated by using resource- saving advanced technologies with equipment, meeting the highest ecological standards and provide the Com- pany’s shareholders with reasonable income MOSENERGO’s strategic objective The strategic objective is to maintain the leading position on the Moscow Area energy market, to take the lead on the Russian wholesale market of electric energy and power and to multiply company’s equity capital (to achieve maximum economic and social effect) MOSENERGO Structure General meeting of shareholders Board of Directors Audit commission Chairman of the Board of Directors Chairman of the Commission Mosenergo Executive Board annual report 2007 General Director General directorate Power plants Service branches (17 branches) (16 branches) •P.G. Smidovich TEP-1 •APK Shatursky •R.E. Classon LAPS-3 •Avtokhozyaistvo •TEP-6 •Central Mechanical Repair Works •TEP-8 •Energosvyaz •TEP-9 •Energotorg •M.Ya. Ufaev TEP-11 • Experimental Plant for Automation Means •TEP-12 and Devices •TEP-16 •Heating networks •TEP-17 •Industrial-Technological Completing Enterprise •TEP-20 •Information-Computing Center •TEP-21 •Medsanchast •TEP-22 •Moselektroremenergo •TEP-23 •Mosenergonaladka •TEP-25 •Mosenergoproyekt •TEP-26 •Mosenergospetsremont •TEP-27 • Special Construction-Technological Bureau •TEP-28 for High-Voltage and Cryogenic Technology •Teplosbyt MOSENERGO Generating Facilities in Moscow and in the Moscow Region TEP-27TEEP-227 ТEP-21ТEEPP-2211 ТEP-28ТEТEPP-2288 LAPS-3LAAPS-33 ТEP-23ТEТEPP-233 TEP-6TEEP-6 ТEP-16ТEEPP-166 ТEP-11ТТEEPP-1111 ТEP-12ТТEEPP-1122 TEP-1TEEEPPP--1-1 GTU-TEPGTTU-TTEP ТEP-8ТEEPP-8 ТEP-25ТEEPP-225 ТEP-9ТТEEPP-9 ТEP-20ТEEPP-2020 ТEP-22ТEEPP-22 TEP-26TEEPP-262 TEP-17TEEP-117 MOSENERGO Numerically Key performance indicators UOM 2006 2007 Installed electrical capacity MW 10,677.3 11,117.3 Installed thermal capacity Gcal/h 34,289.4 34,297.4 Electricity generation kWh mln 64,377.9 63,673.3 Heat1.3.1 generation Gcal thou 70,180.9 65,556.5 Payroll Pers 17,814 16,544 Basic financial and economic indicators UOM 2006 2007 TEP-27TEEP-227 Assets RUR mln 69,220.11 148,037.6 Shareholders' equity RUR mln 39,683.01 118,310.2 Capital investments RUR mln 14,702.7 29,846.7 ТEP-21ТEEPP-2211 Proceeds from sales of products RUR mln 70,267.4 78,324.7 ТEP-28ТEТEPP-2288 Profit on sales RUR mln 4,983.6 4,550.9 LAPS-3LAAPS-33 Pre-tax profit RUR mln 2,992.6 2,648.5 ТEP-23ТEТEPP-233 Net profit RUR mln 1,523.7 739.5 Weighted average number of shares in circulation Pcs thou 28,249,360 34,968,407 Earnings per share RUR 0.0539 0.0211 TEP-6TEEP-6 ТEP-16ТEEPP-166 Accrued dividends RUR mln 600.0 296.32 Number of shares as of the end of the year Pcs thou 28,249,360 39,749,360 ТEP-11ТТEEPP-1111 Dividends per share RUR 0.02116 0.010442 3 ТEP-12ТТEEPP-1122 Market capitalization RUR bln 148.8 235.7 TEP-1TEEEPPP---11 GTU-TEPGTTU-TTEP 1 after reevaluating group of fixed assets “Machinery and equipment used for electricity and heat energy generation” and “Heating main ТEP-8ТEEPP-8 grids” as of 01.01.2007 assets amount came to RUR 87,333.5 mln., equity amount came to RUR 57,627.3 mln; ТEP-25ТEEPP-225 ТEP-9ТТEEPP-9 2 share dividends for the 1st quarter of 2007; 3 market capitalization is calculated according to ZAO MICEX Stock Exchange data on market price per share as disclosed on the date of completion of respective reporting period and the number of MOSENERGO shares issued. ТEP-20ТEEPP-2020 Structure of MOSENERGO’s Share capital, Structure of MOSENERGO’s Share capital, ТEP-22ТEEPP-22 as of 31.12.2006 as of 31.12.2007 (the number of shares issued – 28,249,360 pcs) (the number of shares issued – 39,749,360 pcs) TEP-26TEEPP-262 Legal entities Natural persons Moscow government Legal entities and nominee holders in the person of Moscow and nominee holders property Department 2/*10# 2*61# 0/*/4# 4*73# 1*2/# /3*./# Natural persons RAO UES of Russia 0*73# 3.*7.# 31*25# TEP-17TEEP-117 OAO Moscow Integrated RAO UES of Russia ОАО “Gazprom” Energy Company Towards light, warmth and friendly environment! MOSENERGO Today MOSENERGO is the largest regional generating compa- ny of the Russian Federation and is essentially an indispen- sable integral part of the Unified Energy System of Russia. The Company's installed electrical capacity is 11.1 thou- sand MW, and installed thermal capacity is 34.3 thousand Gcal/h (39.9 thousand MW). MOSENERGO core businesses are electric energy and power generation and supply to the wholesale market, heat generation, sales of heat for ultimate consumers of Moscow and the Moscow Region. MOSENERGO is one of the largest suppliers of the whole- sale market of electric energy and power in Russia. MOSENERGO is a compact, technologically and econom- ically interconnected generating capacity complex. MOSENERGO incorporates 33 branches, among which are 17 power plants generating energy and power, having a common operation mode and relying on a shared capacity reserve and a centralized operational and dispatching con- trol system. All power plants of the Company are co-generators. Along with the power plants, the power utility's operation is supported by 16 branches engaged in production, design- ing, maintenance, setup and other operations. The 2007 annual report of MOSENERGO was approved by MOSENERGO Board of Directors on March 31, 2008 and submitted to the Annual General Meeting of MOSENERGO Shareholders for approval on May 21, 2008 Contents Address of the Chairman 3. Engineering support 6. Social Responsibility of the Вoard of Directors of production 64 4 42 6.1. Human Resources Policies Address of the Chairman 3.1. Procurement of Fuel 64 of the Executive Board 42 6.2. Occupational Health and Safety 8 3.2. Maintenance Activities 66 Moscow power system is 120! 43 6.3. Social Programs 12 3.3. Procurement Activities 67 Year 2007. Events and facts 45 6.4. Environmental Protection 18 68 1. Macroeconomic 4. New Equipment and and sector environment Technologies 7. Corporate Governance 24 48 74 1.1. MOSENERGO in the Country, 4.1. Engineering Policy and 7.1. Corporate Governance Principles Region, and Industry Energy Efficiency 75 24 48 7.2. Meeting of Shareholders 1.2. Legislative Environment 4.2. Information Technologies and 76 26 Telecommunications 7.3. Board of Directors 1.3. Risk Management 49 77 28 4.3. Combined cycle power plants. 7.4. Executive Bodies Features and advantages 84 50 7.5. Audit Commission 2. Energy generation 88 34 7.6. Brand 2.1. Production Facilities 5. Investments 89 34 in production 2.2. Electric Energy 54 and Power Generation 5.1. Investment activities in 2007 36 54 2.3. Heat Generation 5.2. Development Prospects 37 of Generating Facilities 59 2 MOSENERGO Annual Report 2007 8. Shares and stock market 10. Financial Statement 11. Additional Information 92 114 176 8.1. Issuing of shares 10.1. MOSENERGO Management's 11.1. Information on Material Facts 92 Opinion on Financial 176 8.2. Charter capital structure (Accounting) Statements 11.2. Decisions adopted 93 115 by meetings of shareholders 8.3. Outstanding Securities 10.2. Opinion of the Audit 176 93 Commission of MOSENERGO 11.3. Corporate Governance 8.4. Dividend policy 116 Code-Compliance Information 97 10.3. Recommendation of the Audit 182 Committee of MOSENERGO 11.4. Information regarding Board of Directors on approval Interested-party Transactions 9. Financial Results Review of Financial (Accounting) 189 100 Statements and Auditor’s report 11.5. Glossary 9.1. Sales 117 190 100 10.4. Auditor’s report 11.6. Contact Information 9.2. Cost Management 118 191 101 10.5. Balance Sheet 11.7. MOSENERGO official site map 9.3. Profit 121 192 102 10.6. Profit and Loss Statement 9.4. Attainment of Key 123 Performance Indicators 10.7. Capital Change Report 104 124 9.5. Tariff Policy 10.8. Cash Flow Statement 105 127 9.6. Analysis of Financial Results 10.9. Annex to the Balance Sheet 107 129 10.10. Explanatory Note 135 see the indicated page of the Annual Report see the indicated page of MOSENERGO web-site at www.mosenergo.ru www.mosenergo.ru Internet version of Annual Report is placed in “To Our Shareholders and Investors” section of the web-site 3 Address of the Chairman of the Вoard of Directors 4 MOSENERGO Annual Report 2007 Dear shareholders! Last year the Moscow energy system celebrated its 120- Today the strategy of technical development of MOSENER- th birthday. This event was not simply a significant date for GO is based on putting in operation of highly efficient heat- the Company, which provides 66.0% of Moscow’s require- ing gas-steam units as well as on changing of exhausted ments in heating energy and 68.7% of Moscow’s and the heating facilities for facilities of gas-steam cycle that enable Moscow Region’s in electric energy. MOSENERGO – the to save 25-30% of gas and reduce hazardous air emissions. biggest generating company, the third in Russia by electric In 2007 according with decisions of shareholders’ meet- power output and the biggest generator of heating energy in ing additional shares of the Company were issued. As a result the world. of distribution of additional issue of shares the charter cap- As a result of the MOSENERGO reform, conditions were ital of the MOSENERGO increased by RUR 11.5 billion and created for attracting large-scale investment resources for amounted to RUR 39,749,359,700.
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