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JSC INTER RAO UES Annual Report for 2010

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JSC INTER RAO UES Annual Report for 2010 ENERGY BEYOND BORDERS 2010 JSC Light Heat Energy INTER RAO UES ANNUAL REPORT ANNUAL REPORT JSC INTER RAO UES 2010 The Report was provisionally approved by the Board of Directors of JSC INTER RAO UES on May 16, 2011 and was submitted for approval by the annual Gen- eral Meeting of Shareholders of the Company to be held on June 24, 2011 Chairman of the Management Board B.Yu. Kovalchuk Chief Accountant A.O. Chesnokova TABLE Of CONTENTS ADDRESS Of ThE ChAIRMAN Of ThE BOARD Of DIRECTORS Of JSC INTER RAO UES ..........................................................................................................7 ADDRESS Of ThE ChAIRMAN Of ThE MANAGEMENT BOARD Of JSC INTER RAO UES ..........................................................................................................8 INfORMATION ABOUT ThE COMPANY AND ITS POSITION IN ThE INDUSTRY ........................................................................... 10 GENERAL INfORMATION ABOUT JSC INTER RAO UES...................................................... 11 BRIEf hISTORY Of ThE COMPANY ..................................................................................... 11 INTER RAO UES IN 2010 ......................................................................................................... 13 ShARE CAPITAL AND ShAREhOLDERS Of ThE COMPANY ............................... 15 CORPORATE GOvERNANCE STRUCTURE AND PRINCIPLES .............................25 PRINCIPLES AND DOCUMENTS ............................................................................................26 DISCLOSURE Of INfORMATION ...........................................................................................28 MANAGEMENT AND CONTROL ............................................................................................29 INfORMATION ABOUT MEMBERS Of ThE BOARD Of DIRECTORS ..................................33 ExECUTIvE BODIES ...............................................................................................................44 ACTUAL MEMBERS Of ThE MANAGEMENT .......................................................................46 REvISION COMMISSION .......................................................................................................56 AUDITOR .................................................................................................................................59 ORGANIGRAM Of JSC INTER RAO UES...............................................................................60 MAIN ISSUES Of COMPANY STRATEGIC DEvELOPMENT....................................62 MISSION ..................................................................................................................................63 vISION (2020) ..........................................................................................................................63 STRATEGIC OBJECTIvES .......................................................................................................64 MAIN TRENDS Of DEvELOPMENT........................................................................................64 ACTIvITY ....................................................................................................................................66 PRODUCTION ACTIvITIES ......................................................................................................67 TRADING AND SALES. TRADING-PURChASING ACTIvITY BY MARKET SECTORS .................................................73 fOREIGN ECONOMIC ACTIvITY ............................................................................................ 76 fOREIGN ASSETS MANAGEMENT ACTIvITY ........................................................................77 INvESTMENT ACTIvITIES Of JSC INTER RAO UES IN 2010 ................................................80 MAIN fINANCIAL RESULTS fOR 2010 .................................................................................. 81 SUSTAINABLE DEvELOPMENT .........................................................................................86 hR AND SOCIAL POLICY ....................................................................................................... 87 ChARITY ..................................................................................................................................90 ENvIRONMENT PROTECTION ...............................................................................................90 PURChASE ACTIvITIES ........................................................................................................94 fACTORS AND RISKS INfLUENCING ThE COMPANY ACTIvITY ........................ 97 DIvISION Of PROfITS AND DIvIDEND POLICY .......................................................104 ANNEx ......................................................................................................................................106 REPORT Of REvISION COMMISSION Of JSC INTER RAO UES ....................................... 107 REPORT Of INDEPENDENT AUDITOR Of ThE COMPANY ...............................................108 ACCOUNTING REPORTS Of JSC INTER RAO UES AS fOR 12.31.2010 ............................111 OBSERvANCE Of ThE CORPORATE CODE Of CONDUCT BY JSC INTER RAO UES .... 125 LIST Of MAJOR AND INTERESTED PARTY TRANSACTIONS MADE BY JSC INTER RAO UES IN 2010 ......................................................................................... 134 INfORMATION ABOUT JSC INTER RAO UES EqUITY TRANSACTIONS MADE BY MEMBERS Of JSC INTER RAO UES ExECUTIvE BODIES ................................164 GLOSSARY ............................................................................................................................ 167 CONTACT INfORMATION Of JSC INTER RAO UES ..........................................................168 BRANChES REGISTERED BY JSC REGISTRATOR R.O.S.T. ...............................................169 ADDRESS Of ThE ChAIRMAN Of ThE BOARD Of DIRECTORS Of JSC INTER RAO UES 2010 Dear shareholders! production and supply to energy distribution Igor SEChIN, ANNUAL REPORT JSC RAO UES / and trading. In ten years the Company shall Chairman of the Board of Directors 7 2010 witnessed important events that mainly be among the world’s top ten companies by of JSC INTER RAO UES determined further trend of INTER RAO de- the total volume of energy generated. velopment. The President’s Decree on trans- ference of RAO UES of Russia's state-owned The Company shall support active foreign stake to the Charter capital was signed on expansion including Asia, Africa, Europe and September 30 last year. This step turns INTER Latin America. Geographic and industrial di- RAO into one of the major market players fac- versification of business activities will ensure ing ample opportunities and at the same time a sustainable and long-term development. bearing a special responsibility. Among key INTER RAO’s priorities for 2011 are: future growth in power generation in Rus- I would like to emphasize that the Company sia, performance enhancement of operation has challenging ambitious tasks. In Decem- activities, fulfillment of investment commit- ber 2010 the Board of Directors approved ments, including building of new generating the Strategy of Company’s development up capacities. Development of trade relations to 2015-2020. It involves: first — extension with foreign contractors and exchange of of business interests in Russia and abroad, innovation technologies shall contribute to second — ensuring energy safety, third — re- strengthening of INTER RAO’s international inforcing leadership in Russian power sector, position. fourth — enhancement of power efficiency and implementation of innovations, and fi- Within ten years INTER RAO shall turn from nally, fifth — long-term growth of shareholder a regional company into the world’s leader value of the company. by the total volume of energy generated. The company gained a solid foothold in the mar- INTER RAO aims to create a diversified ket in 2010. Information in the report you are power holding occupying top positions in holding in your hands permits me to be quite all key sectors of power market — from fuel sure to state this. ADDRESS Of ThE ChAIRMAN Of ThE MANAGEMENT BOARD Of JSC INTER RAO UES 2010 ANNUAL REPORT JSC RAO UES / Dear shareholders! pany WorleyParsons was also registered in Development business abroad is one of strate- 8 September to bring modern electric power en- gic priorities of INTER RAO holding. In 2010 a In 2010 great efforts were made to build up a firm gineering technologies into the Russian market. complete package of agreements for securing basis for further growth of the Company’s value Besides, another deal was closed in July 2010 parallel operation of the Russian and Kaza- corporate processes aimed at integration of the to buy a controlling stake in Russian Group of khstan power systems and a Memorandum of state-owned stake transferred to the Company Companies quartz, one of the Russian leaders Cooperation with Ukrainian power companies in accordance with the President’s Decree; in engineering and service sectors. were signed with the participation of INTER investment programs of affiliated companies RAO. Contracts for electric power exports to were implemented, new capacities were en- Partnerships in alternative energy and energy Mongolia were prolonged and electric power tered into operation, the Strategy of INTER RAO efficiency spheres were also developed. Particu- exports to Turkey started last year. In order to development was determined and a number larly,
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