Analyst_book_IDGC_of_Centre-2q-2-2012-en

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					                                                                                              ANALYST BOOK 2008-2012              Agency              Scale                 Rating           Outlook

OVERVIEW:                                                         CONTENTS:                                                                                International
                                                                                                                                  Standard & Poor’s                          Long-term ВВ-               Stable
                                                                                                                                                         in international
Industry                                            Utilities     → Business Model of IDGC of Centre                                                  & local currency

Number of branches                                         11     → Balance sheet for 2008-2011 (IFRS)                                                     International
                                                                                                                                  Standard & Poor’s                           Short-term B
                                                                                                                                                         in international
Number of employees                                  3 0 ,4 2 0   → Profit & Loss statement for 2008-2011 (IFRS)                                      & local currency

Number of shareholders                               1 6 ,4 4 8   → Cash Flow Statement 2008-2011 (IFRS)                          Standard & Poor’s National (Russia) Long-term ruAA-


                                         MICEX-RTS: MRKC          → Operating expenses for 2008-2011 (IFRS)                       NRA*                                                АА-              Positive

                                                                                                                                   * - National Rating
Ticker (Standard)                      Bloomberg: MRKC RM         → Balance sheet as at 30 June 2011 (IFRS)                        Agency
                                                                                                                                                              Структура акционерного
                                                                                                                                                                               Equity
                                         Reuters: MRKC.MM         → Profit & Loss statement for 1H 2010-1H 2011 (IFRS)                                         Structure **

Indices                              MICEX PWR, MICEX SC          → Investments 2008-2012
Quotation list                                "А2" at MICEX       → Productive potential for 2009-2012
Quantity of shares, pc                      42  217  941 468      → Electric energy distribution for 2009-2012
Share price (31.07.2012)                          0,606 RUR       → Market share in electric energy distribution market in 2012     IDGC HOLDING, JSC

                                                                                                                                    ENERGOSOYUZ HOLDINS                         Others
Max / Min (01.08.11-31.07.12)     0,9674 RUR / 0,3867 RUR         → Tariff rates for distribution and connections for 2008-2012
                                                                                                                                     ** - As at 04.07.2012
MCap (31.07.2012)                         25  542 million RUR     → RAB-parameters for 2012-2017
                                                                                                                                    *** - Estimated by Index Committee of
                                                                                                                                    MICEX
MCap (31.07.2012)                            794 million USD      → Long-term regulation parameters for 2012-2017

CONTACT DETAILS:                                                  → Dividend history

Investor relations                                                SHARE PRICE at MICEX for last 12 months (RUR):
Head of IR - Tatyana
                                (495) 747-92-92, ext. 3181
Miroshnichenko
                                                                                                                                                                                         Annual Report
Analyst - Sergey Ternikov       (495) 747-92-92, ext. 3334                                                                                                                                         2011
                                                                                                                                                                                         IR-presentations
                                                                                                                                                                                          Investor tools
E-mail                                        ir@mrsk-1.ru
                                                                                                                                                                                     Analytical support
Web-site                        http://mrsk-1.com/en/investors/                                                                                                             RAS Financial Statements

Social media
                                                                                                                                                                        IFRS Financial Statements
→ To the title
Consolidated statement of financial condition as at 31 December 2008, 2009, 2010 and 2011                                                → To the title
(in thousand RUR, unless otherwise stated)
                                                                                                                                 Structure, %
                                                          Note         2008          2009         2010         2011     2008     2009       2010      2011
ASSETS
  Non-current assets
    Fixed assets                                         12       41,344,634    43,395,105   51,778,672   62,195,991    84.1%    82.9%      82.2%     81.0%
    Intangible assets                                    13          900,749     1,262,685    1,111,530      945,109     1.8%     2.4%       1.8%         1.2%
    Investments and financial assets                     15           34,271      755,261       614,380      533,976     0.1%     1.4%       1.0%         0.7%
    Other non-current assets                             16          124,505      106,095       134,198      173,789     0.3%     0.2%       0.2%         0.2%
  Total non-current assets                                       42,404,159    45,519,146    53,638,780   63,848,865    86.3%    87.0%     85.2%     83.1%
  Current assets
    Cash assets and their equivalents                    17           74,672      368,171       258,889    2,646,152     0.2%     0.7%       0.4%         3.4%
    Trade and other accounts receivable                  18        5,193,726     5,035,467    7,197,565    8,409,867    10.6%     9.6%      11.4%     10.9%
    Accounts receivable on profit tax                                 47,921        79,743      478,380      456,905     0.1%     0.2%       0.8%         0.6%
    Supplies                                             19        1,363,067     1,232,130    1,350,425    1,445,720     2.8%     2.4%       2.1%         1.9%
    Other current assets                                              80,439        91,635       48,039        9,286     0.2%     0.2%       0.1%         0.0%
  Total current assets                                            6,759,825     6,807,146     9,333,298   12,967,930    13.7%    13.0%     14.8%     16.9%
TOTAL ASSETS                                                     49,163,984    52,326,292    62,972,078   76,816,795   100.0%   100.0%    100.0%    100.0%


EQUITY CAPITAL AND LIABILITIES
  EQUITY CAPITAL                                         20
    Equity capital                                                 4,221,794     4,221,794    4,221,794    4,221,794     8.6%     8.1%       6.7%         5.5%
    Additional capital                                                88,660        88,660       88,660       88,660     0.2%     0.2%       0.1%         0.1%
    Undistributed profit                                          21,777,436    24,238,902   29,336,103   34,256,704    44.3%    46.3%      46.6%     44.6%

    Total equity capital that belongs to owners
    of the Company                                                26,087,890    28,549,356   33,646,557   38,567,158    53.1%    54.6%      53.4%     50.2%


    Part that belongs to minority shareholders                           -           3,824        7,900       10,570              0.0%       0.0%         0.0%
  TOTAL EQUITY CAPITAL                                           26,087,890    28,553,180    33,654,457   38,577,728    53.1%    54.6%     53.4%     50.2%


  Long-term liabilities
    Credits and loans                                    22        3,979,557     5,163,144   13,770,000   20,070,000     8.1%     9.9%      21.9%     26.1%
    Financial lease obligations                          23        2,078,361     1,447,002      866,735      400,360     4.2%     2.8%       1.4%         0.5%
    Liabilities for employee benefits                    24        1,146,076     1,447,817    1,828,754    2,083,121     2.3%     2.8%       2.9%         2.7%
    Deferred tax liabilities                             14        1,874,285     1,888,303    3,076,995    4,006,752     3.8%     3.6%       4.9%         5.2%
    Other long term liabilities                 43,380       93,098      231,631      353,592     0.1%     0.2%       0.4%       0.5%
  Total long term liabilities                9,121,659   10,039,364   19,774,115   26,913,825    18.6%    19.2%     31.4%     35.0%
  Short-term liabilities
    Credits and loans                  22    5,401,751    5,963,106    1,166,003    1,167,320    11.0%    11.4%       1.9%       1.5%
    Financial lease obligations        23    1,047,926      762,393      580,984      466,376     2.1%     1.5%       0.9%       0.6%
    Trade and other accounts payable   26    6,500,383    5,877,949    6,807,445    8,484,681    13.2%    11.2%     10.8%     11.0%
    Accounts payable to employees      25      473,803      480,874      827,267      946,413     1.0%     0.9%       1.3%       1.2%
    Accounts payable on profit tax              17,104        5,003          498          542     0.0%     0.0%       0.0%       0.0%
    Accounts payable on other tax      27      513,468      644,423      161,309      259,910     1.0%     1.2%       0.3%       0.3%
  Total short-term liabilities              13,954,435   13,733,748    9,543,506   11,325,242    28.4%    26.2%     15.2%     14.7%
TOTAL LIABILITIES                           23,076,094   23,773,112   29,317,621   38,239,067    46.9%    45.4%     46.6%     49.8%


TOTAL EQUITY CAPITAL AND LIABILITIES        49,163,984   52,326,292   62,972,078   76,816,795   100.0%   100.0%    100.0%    100.0%




                                                                                                                  → To the top
Consolidated Profit & Loss Statement for 2008, 2009, 2010 and 2011                                                                       → To the title
(in thousand RUR, unless otherwise stated)
                                                                                                                                     Change, %
                                                           Note            2008           2009           2010           2011    09/08       10/09     11/10
REVENUE                                                    7         43,726,639    49,313,709     60,613,618     69,041,226     12.8%      22.9%     13.9%
  Operating expenses                                       8      (38,841,920)     (45,266,019)   (54,102,790)   (61,062,777)    16.5%      19.5%     12.9%
  Other income                                             7          1,050,979        722,325      1,385,833        953,357    -31.3%      91.9%    -31.2%
OPERATING RESULT                                                      5,935,698     4,770,015      7,896,661      8,931,806     -19.6%     65.5%     13.1%
  Financial income                                        10             10,903         98,748        134,962        117,763    805.7%      36.7%    -12.7%
  Financial expenses                                      10         (1,570,147)    (2,123,278)    (1,641,844)    (1,674,052)    35.2%     -22.7%         2.0%
  Net financial expenses                                                           (2,024,530)    (1,506,882)    (1,556,289)              -25.6%          3.3%
INCOME BEFORE TAX                                                     4,376,454     2,745,485      6,389,779      7,375,517     -37.3%    132.7%     15.4%
  Income tax expense                                      11         (1,590,734)      (639,478)    (1,288,502)    (1,841,314)   -59.8%     101.5%     42.9%


INCOME AND CONSOLIDATED RETURNS FOR YEAR                              2,785,720     2,106,007      5,101,277      5,534,203     -24.4%    142.2%          8.5%
INCOME AND CONSOLIDATED RETURNS, PAYABLE
TO:
  Owners of the Company                                               2,785,720      2,105,390      5,097,201      5,531,533    -24.4%     142.1%         8.5%
  Minority shareholders                                                                    617          4,076          2,670               560.6%    -34.5%


INCOME AND CONSOLIDATED RETURNS FOR YEAR                              2,785,720     2,106,007      5,101,277      5,534,203     -24.4%    142.2%          8.5%
EARNINGS PER SHARE - BASIC AND DILUTED (RUR
per share)                                                21              0.066          0.050           0.12           0.13    -24.2%    140.0%          8.3%
Cash Flow Statement for 2008, 2009, 2010 and 2011                                                                  → To the title
(in thousand RUR, unless otherwise stated)
                                                                 2008          2009          2010          2011
OPERATING ACTIVITY
Income before tax                                           4,376,454     2,745,485     6,389,779     7,375,517
Adjustments:
  Depreciation                                              3,743,246     4,631,208     5,011,364     6,284,802
  Provision for impairment of receivables                     290,786       768,261       272,690       477,586
  Net financial expenses                                    1,559,244     2,024,530     1,506,882     1,556,289
  Provision for inventory obsolescence                         37,306       130,860       (97,515)      (26,990)
  Loss from asset sale                                        158,081       183,783       101,084       162,888
  Write-off of bad debts                                      160,423         5,478         6,120        21,237

  Profit from investments retirement                          (13,784)          -             -             -
  Profit from affiliated companies sale                       (12,733)          -             -             -
  Profit from an affiliated company acquisition                   -             -        (448,521)          -
  Adjustments for other non-cash transactions               (666,592)      (388,369)     (259,508)      (47,299)
Cash flows from operating activity without taking into
account the changes of current assets                      9,632,431     10,101,236    12,482,375    15,804,030
  Change of trade and other accounts receivable            (2,153,077)     (594,521)   (2,293,630)   (1,707,913)
  Change of supplies                                        (211,117)         4,943        24,993       (68,305)
  Change of other assets                                      146,417      (164,855)      355,305        14,408
  Change of trade and other accounts payable                3,360,461      (652,850)       83,123       805,716
  Change of accounts payable to employees                   (392,588)         7,071       346,393       119,146
  Change of accounts payable to employees remuneration      (626,704)       150,688       245,549        99,145
  Change of accounts payable on other liabilities              31,003        50,182      (238,422)      121,888
  Change of accounts payable on other tax                      30,598       130,955      (494,039)       98,601


Cash flows from operating activity before income tax and
interest                                                   9,817,424      9,032,849    10,511,647    15,286,716
  Interest paid                                            (1,155,788)   (2,174,455)   (1,517,150)   (1,487,730)
  Profit tax paid                                          (1,314,648)     (758,402)     (576,812)     (981,244)
Cash flows from operating activity                         7,346,988      6,099,992     8,417,685    12,817,742
INVESTMENT ACTIVITY
  Acquisition of fixed assets and intangible assets             (9,788,000)     (6,593,902)    (10,589,519)      (15,716,156)
  Gains on sales of fixed assets                                    52,370          76,024          43,386            56,893


  Acquisition of subsidiaries, net of their available funds            -             8,603      (1,075,117)               -
  Proceeds from sale of affiliated companies                        55,356              -                   -             -
  Proceeds from sale of investments                                 93,466              -                   -             -
  Interest received                                                 10,903           2,823          35,512           117,763


Cash flows, used for investments                               (9,575,905)     (6,506,452)    (11,585,738)      (15,541,500)


FINANCIAL ACTIVITIES
  Attraction of credits and loans                               12,840,707      16,501,767       9,858,996         7,611,836
  Repayment of credits and loans                               (10,013,455)    (14,736,144)     (6,038,549)       (1,340,629)
  Dividend paid out                                                        -            -               -           (579,203)
  Financial lease repayment                                       (892,340)     (1,065,664)       (761,676)         (580,983)
Cash flows from finacial activities                             1,934,912         699,959       3,058,771         5,111,021


Net (decrease)/increase of cash assets and their equivalents     (294,005)        293,499        (109,282)        2,387,263
Cash assets and their equivalents at the beginning of year        368,677           74,672        368,171           258,889
Cash assets and their equivalents at the end of year                74,672        368,171         258,889         2,646,152
                                                                                                                                → To the top
Note #8 "Operating expenses" to the Consolidated Financial Statements for 2008, 2009, 2010 and 2011                                            → To the title
(in thousand RUR, unless otherwise stated)
                                                                                                                                Structure, %
                                                                       2008         2009         2010         2011     2008     2009      2010         2011
OPERATING EXPENSES
    Electric energy transmission                                  10,980,122   12,853,883   16,813,340   17,010,116    28.3%    28.4%     31.1%        27.9%
    Electric energy purchased                                      7,528,255    9,767,839   13,032,523   15,295,151    19.4%    21.6%     24.1%        25.0%
    Personnel expense                                              6,984,251    8,687,723   11,635,300   13,432,700    18.0%    19.2%     21.5%        22.0%
    Depreciation                                                   3,743,246    4,631,208    5,011,364    6,284,802     9.6%    10.2%      9.3%        10.3%
    Materials and supplies                                         1,508,331    1,471,110    1,735,089    2,149,983     3.9%     3.2%      3.2%         3.5%
    Services outsourcing                                             927,218    1,300,180      763,246         -        2.4%     2.9%      1.4%
    Services for electric energy metering                          1,846,966      864,177         -            -        4.8%     1.9%
    Provision for impairment of receivables                          290,786      768,261      272,690      477,586     0.7%     1.7%      0.5%         0.8%

    Services for installation, repair and technical maintenance
                                                                     573,808      567,494      533,581      467,218     1.5%     1.3%      1.0%         0.8%
    Utility energy                                                   354,550      420,871      441,100      481,654     0.9%     0.9%      0.8%         0.8%
    Rent expenditure                                                 260,521      413,622      477,251      576,615     0.7%     0.9%      0.9%         0.9%
    Transport expenses                                               236,416      405,700      416,462      332,151     0.6%     0.9%      0.8%         0.5%
    Information services                                                -         289,179      221,586      187,485              0.6%      0.4%         0.3%
    Consulting, legal and audit services                             396,305       64,439       75,604       66,471     1.0%     0.1%      0.1%         0.1%
    Insurance                                                        245,050      239,072      167,424      163,385     0.6%     0.5%      0.3%         0.3%
    Taxes, except profit tax                                         252,804      214,519      337,303      348,930     0.7%     0.5%      0.6%         0.6%
    Private security services                                        163,822      194,027      214,618      272,384     0.4%     0.4%      0.4%         0.4%
    Provision for inventory obsolescence                              37,306      130,860         -            -        0.1%     0.3%
    Telecommunications services                                      339,892      120,008      102,152       40,942     0.9%     0.3%      0.2%         0.1%
    Agency fees on purchases                                          63,739       16,353         -            -        0.2%     0.0%
    Target contribution and membership fees                          107,124       14,227        9,140        6,413     0.3%     0.0%      0.0%         0.0%
    Write-off of bad debts                                           160,423        5,478        6,120       21,237     0.4%     0.0%      0.0%         0.0%
    Other costs                                                    1,840,985    1,825,789    1,836,897    3,447,554     4.7%     4.0%      3.4%         5.6%
TOTAL                                                             38,841,920   45,266,019   54,102,790   61,062,777   100.0%   100.0%   100.0%       100.0%
Interim Consolidated statement of financial condition as at 30 June 2011                                                   → To the title
(unaudited)
(in thousand RUR, unless otherwise stated)                                                                Structure, %
                                                            Note           12/31/2010    6/30/2011   12/31/2010    6/30/2011

ASSETS
  Non-current assets
    Fixed assets                                                   12      51,778,672   53,512,003        82.2%           79.8%
    Intangible assets                                              13       1,111,530    1,015,970         1.8%            1.5%
    Investments and financial assets                               15         614,380      577,897         1.0%            0.9%
    Other non-current assets                                       16         134,198      154,312         0.2%            0.2%
  Total non-current assets                                                 53,638,780   55,260,182        85.2%           82.5%
  Current assets
    Cash assets and their equivalents                              17         258,889    2,798,381         0.4%            4.2%
    Trade and other accounts receivable                            18       7,197,565    7,161,542        11.4%           10.7%
    Accounts receivable on profit tax                                         478,380       49,845         0.8%            0.1%
    Supplies                                                       19       1,350,425    1,710,295         2.1%            2.6%
    Other current assets                                                       48,039       39,295         0.1%            0.1%
  Total current assets                                                      9,333,298   11,759,358       14.8%            17.5%
TOTAL ASSETS                                                               62,972,078   67,019,540      100.0%           100.0%


EQUITY CAPITAL AND LIABILITIES
  EQUITY CAPITAL                                                   20
    Equity capital                                                          4,221,794    4,221,794         6.7%            6.3%
    Additional capital                                                         88,660       88,660         0.1%            0.1%
    Undistributed profit                                                   29,336,103   32,558,708        46.6%           48.6%
    Total equity capital that belongs to owners
    of the Company                                                         33,646,557   36,869,162        53.4%           55.0%


    Part that belongs to minority shareholders                                  7,900       10,956         0.0%            0.0%
  TOTAL EQUITY CAPITAL                                                     33,654,457   36,880,118       53.4%            55.0%


  Long-term liabilities
    Credits and loans                                              22      13,770,000   12,997,273        21.9%           19.4%
    Financial lease obligations                                    23         866,735      628,551         1.4%            0.9%
    Liabilities for employee benefits   24    1,828,754    2,129,982     2.9%     3.2%
    Deferred tax liabilities            14    3,076,995    2,974,280     4.9%     4.4%
    Other long term liabilities                 231,631      413,576     0.4%     0.6%
  Total long term liabilities                19,774,115   19,143,662    31.4%    28.6%
  Short-term liabilities
    Credits and loans                   22    1,166,003    1,194,519     1.9%     1.8%
    Financial lease obligations         23      580,984      489,110     0.9%     0.7%
    Trade and other accounts payable    26    6,807,445    7,258,048    10.8%    10.8%
    Accounts payable to employees       25      827,267      978,906     1.3%     1.5%
    Accounts payable on profit tax                  498       98,469     0.0%     0.1%
    Accounts payable on other tax       27      161,309      976,708     0.3%     1.5%
  Total short-term liabilities                9,543,506   10,995,760    15.2%    16.4%
TOTAL LIABILITIES                            29,317,621   30,139,422    46.6%    45.0%
TOTAL EQUITY CAPITAL AND LIABILITIES         62,972,078   67,019,540   100.0%   100.0%


                                                                                   → To the top
Interim Consolidated Profit & Loss Statement for six months ending 30 June 2010 and 30 June 2011                      → To the title
(unaudited)
(in thousand RUR, unless otherwise stated)                                                             Change, %
                                                           Note             6/30/2010    6/30/2011        11/10
REVENUE                                                          7         29,536,936 35,215,286              19.2%
  Operating expenses                                            8        (26,262,429)   (29,884,961)          13.8%
  Other income                                                  7            262,239        454,779           73.4%
OPERATING RESULT                                                           3,536,746     5,785,104            63.6%
  Financial income                                              10            75,129         37,805          -49.7%
  Financial expenses                                            10          (888,413)      (848,400)          -4.5%
  Net financial expenses                                                   (813,284)      (810,595)           -0.3%
INCOME BEFORE TAX                                                          2,723,462     4,974,509            82.7%
  Income tax expense                                            11          (380,213)    (1,137,916)         199.3%

INCOME AND CONSOLIDATED RETURNS FOR YEAR                                   2,343,249     3,836,593            63.7%


INCOME AND CONSOLIDATED RETURNS, PAYABLE TO:
  Owners of the Company                                                     2,342,598     3,833,537           63.6%
  Minority shareholders                                                          651          3,056          369.4%
INCOME AND CONSOLIDATED RETURNS FOR YEAR                                   2,343,249     3,836,593            63.7%
EARNINGS PER SHARE - BASIC AND DILUTED (RUR per
share)                                                          21             0.055          0.091           65.5%
Annual amount of investment of the Company in 2008-2011                                            → To the title
                                                                                              Change, %
                                                    2008      2009      2010      2011    09/08      10/09     11/10
Disbursement without VAT, billion RUR                 9.1       6.5      12.2      15.2   -28.6%     88.2%     24.2%
 - New construction, billion RUR                      3.2       2.8       3.9       6.6   -12.6%     42.6%     67.7%
 - Technical re-equipment and reconstruction,
                                                      5.6       3.4       6.6       8.5   -39.4%     96.0%     27.8%
billion RUR
Fixed assets commissioning without VAT,               7.7       7.7      10.0      13.9    0.0%      30.0%     38.9%
billion RUR
Financing without VAT, billion RUR                    8.5       5.5      10.6      17.8   -35.3%     92.7%     67.8%
Capacity commissioned, km                            3263     2414      4155     4,630    -26.0%     72.1%     11.4%
Capacity commissioned, MVA                            660      877      1050     1,490    32.9%      19.7%     41.9%
Capacity increased, km                               1886     1449      2777     3,186    -23.2%     91.6%     14.7%
Capacity increased, MVA                               489      685       770     1,001    40.1%      12.4%     30.0%


Qaurterly amount of investment of the Company in 2009-2012
                                                                                              Change, %
                                                2 Q '09     2 Q '10   2 Q '11   2 Q '12   10/09      11/10     12/11
Disbursement without VAT, billion RUR                 2.2       2.7       3.8       4.5   19.6%      43.3%     18.2%
 - New construction, billion RUR                      1.0       1.2       2.1       2.5   17.7%      77.0%     19.3%
 - Technical re-equipment and reconstruction,
                                                      1.2       1.5       1.7       2.0   21.1%      15.8%     16.9%
billion RUR
Fixed assets commissioning without VAT,
                                                      2.1       2.0       2.5       3.8    -4.6%     26.0%     52.4%
billion RUR
Financing without VAT, billion RUR                    2.2       3.2       5.6       6.8   43.4%      74.6%     20.5%
Capacity commissioned, km                             670      807      1111      1608    20.4%      37.7%     44.8%
Capacity commissioned, MVA                            152      217       281       177    42.6%      29.5%    -37.0%
Capacity increased, km                                386      351       685      1012     -9.0%     95.0%     47.7%
Capacity increased, MVA                               145      165       221       128    13.9%      34.0%    -42.4%
Production potential indicators of the Company for 2009-2012                                         → To the title
                                                         2009        2010        2011    6/30/2012
Length of Conductors 0.4-110 kV (along ROW), km       363,655     365,046     366,129      367,275
  Length of Conductors 35-110 kV (along ROW),          51,602      51,779      51,735       51,739
  km
  Length of Conductors 0.4-10 kV (along ROW),         312,052     313,267     314,394      315,536
  km
Length of Cables 0.4-110 kV, km                         8,701       9,235       9,437        9,660
Substation capacity, MVA                               45,877      46,596      47,684       47,864
Number of Substations, pcs                             88,502      89,646      90,625       91,497
   Substation capacity 35-110 kV, MVA                  31,013      31,404      32,187       32,242
   Number of Substation 35-110 kV, pcs                  2,318       2,329       2,333        2,331
   Transformer Substation, Distribution Substation
                                                       14,864      15,192      15,498       15,622
   6-10/0,4 kV capacity, MVA
   Number of Transformer Substation, Distribution
                                                       86,184      87,317      88,292       89,166
   Substation 6-10/0,4 kV, pcs
Number of conditional units                          1,346,380   1,375,600   1,460,805   1,489,782



Length of Conductors 35-110 kV (along ROW)
Km                                                       2009        2010        2011    6/30/2012
Belgorodenergo                                          4,207       4,210       4,210        4,210
Bryanskenergo                                           3,514       3,514       3,514        3,514
Voronezhenergo                                          6,789       6,789       6,789        6,785
Kostromaenergo                                          4,305       4,305       4,305        4,305
Kurskenergo                                             4,716       4,717       4,718        4,718
Lipetskenergo                                           3,835       3,836       3,858        3,858
Orelenergo                                              3,081       3,081       3,096        3,098
Smolenskenergo                                          6,331       6,315       6,315        6,315
Tambovenergo                                            4,971       4,951       4,977        4,969
Tverenergo                                              6,718       6,926       6,818        6,833
Yarenergo                                               3,137       3,134       3,135        3,135


Length of Conductors 0.4-10 kV (along ROW)
Km                                 2009     2010     2011    6/30/2012
Belgorodenergo                    34,472   34,455   35,822      35,994
Bryanskenergo                     21,957   21,845   21,916      21,919
Voronezhenergo                    43,409   43,809   43,945      44,086
Kostromaenergo                    19,224   19,372   19,525      19,631
Kurskenergo                       29,346   29,487   29,692      29,757
Lipetskenergo                     22,733   23,497   23,373      23,737
Orelenergo                        24,593   24,616   24,666      24,694
Smolenskenergo                    31,709   31,756   31,688      31,635
Tambovenergo                      23,062   22,841   21,525      21,528
Tverenergo                        39,126   38,982   39,262      39,262
Yarenergo                         22,422   22,607   22,979      23,293


Length of Cables 0.4-110 kV, km
Km                                 2009     2010     2011    6/30/2012
Belgorodenergo                     4,063    4,519    4,479       4,598
Bryanskenergo                        91       90      139          139
Voronezhenergo                      138      148      155          178
Kostromaenergo                     1,424    1,442    1,457       1,462
Kurskenergo                         192      209      226          224
Lipetskenergo                       117      185      220          260
Orelenergo                           97       97       99          106
Smolenskenergo                     1,853    1,918    1,940       1,962
Tambovenergo                        133      125      112          114
Tverenergo                          346      236      302          303
Yarenergo                           247      266      308          314


Substation capacity 35-110 kV
MVA                                2009     2010     2011    6/30/2012
Belgorodenergo                     2,635    2,684    2,916       2,916
Bryanskenergo                      2,282    2,297    2,309       2,309
Voronezhenergo                     4,466    4,555    4,620       4,671
Kostromaenergo                                        1,707          1,707   1,731       1,731
Kurskenergo                                           3,287          3,335   3,379       3,379
Lipetskenergo                                         2,587          2,665   2,905       2,907
Orelenergo                                            1,682          1,708   1,717       1,717
Smolenskenergo                                        3,072          3,072   3,072       3,072
Tambovenergo                                          2,452          2,471   2,502       2,502
Tverenergo                                            3,962          3,967   4,040       4,041
Yarenergo                                             2,883          2,943   2,997       2,997


Number of Substation 35-110 kV
Pcs                                                    2009          2010    2011    6/30/2012
Belgorodenergo                                          168           171     171          171
Bryanskenergo                                           143           143     143          143
Voronezhenergo                                          295           295     296          295
Kostromaenergo                                          165           165     165          165
Kurskenergo                                             281           282     282          282
Lipetskenergo                                           197           197     199          199
Orelenergo                                              141           141     141          140
Smolenskenergo                                          252           252     252          252
Tambovenergo                                            206           207     207          207
Tverenergo                                              308           307     308          308
Yarenergo                                               162           169     169          169


Transformer Substation, Distribution Substation 6-10/0.4 kV capacity
MVA                                                    2009          2010    2011    6/30/2012
Belgorodenergo                                         2,755         2,908   3,018       3,063
Bryanskenergo                                            759           736    747          747
Voronezhenergo                                         1,532         1,610   1,632       1,643
Kostromaenergo                                         1,420         1,436   1,442       1,444
Kurskenergo                                            1,420         1,481   1,511       1,519
Lipetskenergo                                          1,021         1,036   1,075       1,124
Orelenergo                                               794           798    804          806
Smolenskenergo                                         1,775         1,793   1,769       1,759
Tambovenergo                                           929            936      976          978
Tverenergo                                           1,522          1,478     1,542       1,544
Yarenergo                                              938            981      982          997
Number of Transformer Substation, Distribution Substation 6-10/0.4 kV
Pcs                                                   2009          2010      2011    6/30/2012
Belgorodenergo                                      10,909         10,977    11,395      11,591
Bryanskenergo                                        5,561          5,664     5,678       5,666
Voronezhenergo                                      10,684         10,982    11,066      11,156
Kostromaenergo                                       6,111          6,164     6,218       6,320
Kurskenergo                                          8,702          8,811     8,798       8,916
Lipetskenergo                                        6,390          6,484     6,698       7,029
Orelenergo                                           5,762          5,791     5,830       5,837
Smolenskenergo                                       8,964          9,008     9,068       9,049
Tambovenergo                                         5,829          5,875     5,868       5,867
Tverenergo                                          10,950         11,021    11,034      11,032
Yarenergo                                            6,322          6,540     6,639       6,703


Number of conditional units
C.u.                                                  2009          2010      2011    6/30/2012
Belgorodenergo                                     183,320        172,700   216,195     238,391
Bryanskenergo                                       80,900         80,900    83,853      83,779
Voronezhenergo                                     164,720        166,000   171,801     172,791
Kostromaenergo                                     111,350        112,100   104,251     105,281
Kurskenergo                                        124,570        126,300   146,737     147,525
Lipetskenergo                                       88,800        105,500   108,181     109,822
Orelenergo                                          84,760         86,500    87,007      88,220
Smolenskenergo                                     161,400        161,400   154,383     154,469
Tambovenergo                                        90,780         91,400    98,986      98,967
Tverenergo                                         156,360        159,800   168,625     168,837
Yarenergo                                           99,420        113,000   120,788     121,702



                                                                                                  → To the top
Annual electric energy distribution indicators for 2009-2011                                                                                   → To the title
                                                                                                                         Change, %
                                                         2009              2010         2011                             10/09        11/10
Supply to the Grid, billion kWh                           59.1              62.3            62.9                          5.3%         1.1%
Productive supply*, billion kWh                           53.1              56.0            56.7                          5.5%         1.1%
Total losses, billion kWh                                  6.0               6.2             6.2                          4.2%         0.3%
Total losses, %                                          10.11             10.01            9.93                      -0,1 p.p.   -0,08 p.p.
* - productive supply within the commingled
operation (taking into acount losses of TGC)



Quarterly electric energy distribution indicators of the Company for 2011-12
                                                                                                                         Change, %
billion kWh, unless otherwise
                              2 Q '11      2 Q '12      6М2011      6М2012      2Q12/2Q11     6M12/6M11
stated
Supply to the Grid                    14.2         14.2        31.8        32.4          0.6%          2.0%
Productive supply*                    13.1         13.3        28.5        29.2          1.2%          2.6%
Total losses, %                       7.43         6.90       10.29        9.81    -0,53 p.p.    -0,48 p.p.
* - productive supply within the commingled
operation (taking into acount losses of TGC)



Supply to the Grid
                                                                                                                          Change, %
billion kWh                                    2 Q '11           2 Q '12           6М2011          6М2012         2Q12/2Q11   6M12/6M11
Belgorodenergo                                             2.7               2.8             5.8            6.0           1.4%         2.7%
Bryanskenergo                                              0.8               0.9             1.9            2.0           5.9%         5.4%
Voronezhenergo                                             1.9               1.9             4.3            4.5           2.3%         3.6%
Kostromaenergo                                             0.6               0.6             1.5            1.5          -2.5%         -1.3%
Kurskenergo                                                1.3               1.3             2.9            2.9          -1.5%         -0.1%
Lipetskenergo                                              1.8               1.7             3.8            4.0          -3.4%         3.1%
Orelenergo                                                 0.5               0.6             1.2            1.2           6.8%         5.2%
Smolenskenergo                                             0.9               0.9             2.1            2.1           1.4%         0.2%
Tambovenergo                                              0.7              0.7             1.6             1.6          -2.0%        1.7%
Tverenergo                                                1.2              1.2             2.9             2.9           0.3%        0.5%
Yarenergo                                                 1.7              1.7             3.8             3.8           0.6%        0.7%


Productive supply*
                                                                                                                        Change, %
billion kWh                                    2 Q '11          2 Q '12          6М2011          6М2012            2Q12/2Q11    6M12/6M11
Belgorodenergo                                            2.6              2.6             5.3             5.5           1.5%        2.9%
Bryanskenergo                                             0.8              0.9             1.8             1.9           5.5%        5.3%
Voronezhenergo                                            1.7              1.8             3.9             4.0           2.6%        3.8%
Kostromaenergo                                            0.6              0.6             1.3             1.3          -1.0%        -0.4%
Kurskenergo                                               1.3              1.2             2.7             2.7          -0.8%        0.3%
Lipetskenergo                                             1.7              1.6             3.5             3.6          -3.2%        3.0%
Orelenergo                                                0.5              0.5             1.0             1.1           7.0%        6.4%
Smolenskenergo                                            0.8              0.8             1.7             1.8           6.1%        4.1%
Tambovenergo                                              0.6              0.6             1.4             1.5          -1.6%        1.7%
Tverenergo                                                1.0              1.0             2.3             2.4           0.4%        1.1%
Yarenergo                                                 1.6              1.6             3.5             3.5           1.2%        1.3%
* - productive supply within the commingled
operation (taking into acount losses of TGC)




Total losses                                                                                                            Change, п.п.
%                                              2 Q '11          2 Q '12          6М2011          6М2012          2Q12/2Q11    6M12/6M11
Belgorodenergo                                            5.3              5.2             7.8             7.7           -0.1         -0.2
Bryanskenergo                                             4.0              4.3             5.7             5.8            0.4             0.1
Voronezhenergo                                            7.6              7.3             9.6             9.4           -0.3         -0.2
Kostromaenergo                                           11.0              9.7            14.5            13.7           -1.3         -0.8
Kurskenergo                                               6.5              5.9             8.8             8.4           -0.6         -0.4
Lipetskenergo                                             5.8              5.6             9.2             9.3           -0.2             0.1
Orelenergo                                               10.2             10.0            13.6            12.6           -0.1         -1.0
Smolenskenergo                                 15.0   10.9   17.8   14.6   -4.0   -3.2
Tambovenergo                                    6.1    5.7    7.7    7.7   -0.4   0.0
Tverenergo                                     12.8   12.7   18.0   17.6   -0.1   -0.5
Yarenergo                                       5.5    4.9    7.8    7.4   -0.6   -0.5


Electric energy distribution indicators in 2012
                                               1Q     2Q     3Q     4Q
Supply to the Grid, billion kWh                18.2   14.2
Productive supply*, billion kWh                16.0   13.3
Total losses, billion kWh                       2.2    1.0
Total losses, %                                12.1    6.9
* - productive supply within the commingled
operation (taking into acount losses of TGC)



Productive supply* for branches in 2012
                                               1Q     2Q     3Q     4Q
Belgorodenergo, billion kWh                     2.9    2.6
Bryanskenergo, billion kWh                      1.1    0.9
Voronezhenergo, billion kWh                     2.3    1.8
Kostromaenergo, billion kWh                     0.7    0.6
Kurskenergo, billion kWh                        1.4    1.2
Lipetskenergo, billion kWh                      2.0    1.6
Orelenergo, billion kWh                         0.6    0.5
Smolenskenergo, billion kWh                     1.0    0.8
Tambovenergo, billion kWh                       0.8    0.6
Tverenergo, billion kWh                         1.3    1.0
Yarenergo, billion kWh                          1.9    1.6
* - productive supply within the commingled
operation (taking into acount losses of TGC)
→ To the top
Share of IDGC of Centre in the power distribution services market for 6 months 2012                                                                                                                                     → To the title

Name of IDGC of Centre branch                     Revenue in       Share,%            Share of IDGC of Centre in the   Share of IDGC of Centre in the   Share of IDGC of Centre in the       Share of IDGC of Centre in the
                                                thousand RUR,                         power transmission services      power transmission services      power transmission services          power transmission services
                                                                                      market in Belgorod region за       market in Bryansk region        market in Voronezh region            market in Kostroma region
                                                 without VAT
                                                                                           6 месяцев 2012 г.                for 6 months 2012                for 6 months 2012                    for 6 months 2012
Belgorodenergo                                       5,876,523      98.45%
TGC                                                     91,142       1.55%
Own revenue of the branch                            5,785,381      98.45%
Bryanskenergo                                        2,568,037      69.95%                                                  69.95%                               77.34%
                                                                                                       98.45%                                                                                                       96.62%
TGC                                                    771,629      30.05%
                                                                                            1.55%
Own revenue of the branch                            1,796,408      69.95%                                                              30.05%                        22.66%
                                                                                                                                                                                                  3.38%

Voronezhenergo                                       3,841,986      77.34%
TGC                                                    870,722      22.66%
Own revenue of the branch                            2,971,265      77.34%
                                                                                      Belgorodenergo            TGC    Bryanskenergo             TGC    Voronezhenergo            TGC        Kostromaenergo                  TGC
Kostromaenergo                                       1,733,907      96.62%
TGC                                                     58,522       3.38%
                                                                                      Share of IDGC of Centre in the   Share of IDGC of Centre in the   Share of IDGC of Centre in the       Share of IDGC of Centre in the
Own revenue of the branch                            1,675,385      96.62%            power transmission services      power transmission services      power transmission services          power transmission services
Kurskenergo                                          2,760,996      82.90%               market in Kursk region          market in Lipetsk region           market in Orel region            market in Smolensk region for
                                                                                           for 6 months 2012                for 6 months 2012                for 6 months 2012                      6 months 2012
TGC                                                    472,168      17.10%
Own revenue of the branch                            2,288,827      82.90%
Lipetskenergo                                        4,175,215      78.40%
                                                                                                82.90%                           78.40%                               83.17%
TGC                                                    902,038      21.60%                                                                                                                                          95.58%

Own revenue of the branch                            3,273,177      78.40%
Orelenergo                                           1,545,117      83.17%                                                                                                                        4.42%
                                                                                                    17.10%                           21.60%                      16.83%
TGC                                                    260,014      16.83%
Own revenue of the branch                            1,285,103      83.17%
Smolenskenergo                                       2,324,920      95.58%            Kurskenergo               TGC    Lipetskenergo             TGC     Orelenergo              TGC         Smolenskenergo                  TGC
TGC                                                    102,735       4.42%
Own revenue of the branch                            2,222,186      95.58%
                                                                                      Share of IDGC of Centre in the   Share of IDGC of Centre in the   Share of IDGC of Centre in the
                                                                                                                                                                                             Share of IDGC of Centre in the
Tambovenergo                                         1,806,965      73.86%            power transmission services      power transmission services      power transmission services
                                                                                                                                                                                             power transmission services
                                                                                        market in Tambov region           market in Tver region          market in Yaroslavl region
TGC                                                    472,368      26.14%                 for 6 months 2012                for 6 months 2012                for 6 months 2012
                                                                                                                                                                                              market for 6 months 2012

Own revenue of the branch                            1,334,597      73.86%
Tverenergo                                           3,569,586      79.74%
TGC                                                    723,152      20.26%                                                                                                                             83.50%
                                                                                              73.86%                             79.74%                         75.04%
Own revenue of the branch                            2,846,434      79.74%
Yarenergo                                            3,069,374      75.04%
                                                                                                       26.14%                                                                                               16.50%
TGC                                                    766,192      24.96%                                                        20.26%                              24.96%

Own revenue of the branch                            2,303,182      75.04%
Total for IDGC of Centre                            33,272,626      83.50%
Total for TGC                                        5,490,681      16.50%            Tambovenergo              TGC     Tverenergo               TGC     Yarenergo               TGC
                                                                                                                                                                                         Total for IDGC of Centre       Total for TGC
Own revenue of IDGC of Centre                       27,781,945      83.50%
Average tariffs broken down by Branches for electric energy distribution services, copeck/kWh for 2008-2012*    → To the title
Branch name                                2008     2009     2010     2011** 2012**
Belgorodenergo                                 65.2     80.8    100.1    115.1   113.9
Bryanskenergo                                  86.9    106.0    130.5    150.1   157.7
Voronezhenergo                                 74.0     91.1    102.4    110.5   114.9
Kostromaenergo                                 91.1    106.4    130.8    146.9   152.0
Kurskenergo                                    59.1     69.1     98.7    113.4   115.0
Lipetskenergo                                  64.8     82.2    111.1    126.9   119.6
Orelenergo                                    105.6    117.0    140.5    161.6   160.4
Smolenskenergo                                 90.3    110.4    123.8    139.0   146.5
Tambovenergo                                   87.3    100.3    108.3    124.6   131.4
Tverenergo                                    103.4    138.3    154.2    177.3   186.8
Yarenergo                                      59.8     74.0     86.2    103.3   103.6
Average for IDGC                               75.0     91.8    111.2    127.0   128.4
* - rates indicated with taking into account cooperating Territorial Grid Companies
** data is indicated with the latest approved tariff rates (in accordance with Government Decree # 1172 of
27.12.2011 "On the approval of the rules of the wholesale market of electric energy and capacity and to amend
certain Acts of the Russian Government on the functioning organization of the wholesale market of electric
energy and capacity")

Average tariffs broken down by Branches for technological connection, thousand RUR/kW*** for 2008-2012
Branch name                                2008     2009    2010    2011     2012
Belgorodenergo                               24.537   0.637   0.566    0.601   0.769
Bryanskenergo                                 9.657   8.931   8.931    2.906   2.906
Voronezhenergo                               18.045 18.045 18.045 10.262 10.262
Kostromaenergo                               15.334   9.991   9.991    6.345   6.345
Kurskenergo                                   13.43 11.453     9.77    2.628   2.628
Lipetskenergo                                 7.395   7.395   7.395    5.448   5.448
Orelenergo                                    9.003   9.003   9.003    3.211   3.211
Smolenskenergo                                4.077   4.077   5.619    2.295   2.295
Tambovenergo                                  2.347   2.347   3.047    3.127   0.895
Tverenergo                                   10.371 10.271 10.271 10.271       9.661
Yarenergo                                    10.323 10.323 10.323      7.083   7.083
Average for IDGC                             14.822   7.831   7.353    4.231   3.815
*** - without VAT
RAB-parameters for 2012-2017                                                                                                                        → To the title
Main parameters                                                   2012              2013         2014         2015          2016         2017
Required Gross Revenues, joint operation, million                        40,610       44,304       48,086       52,841        58,019       62,858
RUR
OPEX, million RUR                                                         9,491        9,907       10,255       10,618        10,996       11,380
Uncontrollable expenses, million RUR                                     21,645       23,535       25,420       27,766        30,374       33,214
Return, million RUR                                                       4,454        4,751        5,058         5,419        5,816        6,214
Revenue, million RUR                                                      4,257        5,030        6,189         7,444        8,770       10,885
Evening-out, million RUR                                                    762        1,082        1,163         1,594        2,064        1,165
Productive supply, million kWh                                           33,160       33,169       32,862       33,249        33,689       33,910
Average flat rate, copeck/kWh                                             122.5        133.6        146.3         158.9        172.2        185.4
Rate increase,%                                                                         9.1%         9.5%          8.6%         8.4%         7.6%
Own Required Gross Revenues                                              22,429       24,671       26,949       29,583        32,402       34,697
Investment Program, million RUR                                          10,696       11,060       12,190       13,596        14,639       15,470
Depreciation, million RUR                                                 4,166        4,643        5,288         6,022        6,668        7,393
Profit, million RUR                                                       2,604        2,857        3,221         4,180        5,067        6,503
Borrowed funds, million RUR                                               3,926        3,560        3,682         3,394        2,904        1,573
As at 31.07.2012 the new long-term regulation parameters agreed for Tambovenergo, Kostromaenergo, Smolenskenergo, Orelenergo, Belgorodenergo,
Kurskenergo and Yarenergo, for Lipetskenergo and Voronezhenergo documents for approval were filed at Regional Energy Commissions, Bryanskenergo and
Tverenergo were changed to long-term indexation because of the need to reduce base capital below the net book value in the accounting.




                           Change of size of invested capital

Invested Capital as at the date of transfer to RAB          Invested Capital         %
                 (for 7 branches*)                             adjusted           decrease
                       72,960                                    53,990             -26%
* for approved branches.
"For reference: In accordance with Governmental Resolution # 663 of 30.06.2012 "On Amendments to Governmental Resolution # 1178 of 29.12.2011":
"... In respect of TGOs, which were regulated in 1H 2012 using the method of return on invested capital, and from 01.07.2012 - using the method of long-term
indexation of the required gross revenue, the long-term regulation parameters of these organizations from 01.11.2012 up to the end of the long-term regulation
period              are           subject             to            revision             (establishment)               until           15            October.
The transfer from November 1, 2012 to the regulation with the use of the method of return on invested capital in respect of TGO, which were regulated in 1H
2012 using the method of return on invested capital, and from 1 July 2012 - using the method of long-term indexation of the required gross revenue, is done on
the basis of sending by the executive authorities of the Russian Federation in the field of state regulation of tariffs until September 1, 2012 an application on the
transition to regulation using the method of return on invested capital and the coordination of appropriate long-term parameters."


In accordance with the above mentioned, the regional regulatory authorities until September 1, 2012 will submit to the FST on the agreement of the application
of long-term regulation parameters for the branches that have not yet passed the agreement of long-term regulation parameters in the FST."




                                                                                                                                                                        → To the top
Information about the parameters of long-term regulation of territorial grid companies for which the
                                                                                                                                  → To the title
                          method of return on invested capital is applied
               Year    Baseline   Cost/       Size of      Net             Rate of return on                Rate of    Standard    Level of
                      operating performan    invested    working            invested capital              return on       for    reliability of
                      expenses   ce index     capital    capital                                           invested   Technolog goods and
                                                                      invested before    created after      capital       ical   services sold
                                                                       moving to the     moving to the                Consumpti
                                                                      regulation with   regulation with
                                                                       the use of the   the use of the
                                                                                                                           on
                                                                      method of return method of return                (Losses)*
                                                                        on invested      on invested
                                                                          capital           capital


                      million RUR    %      million RUR million RUR          %                %              %            %

               2012     876.94      3.0%     4 206,52      53.64            1%              12%              х           12.6        0.2098
               2013     876.94      3.0%     4 206,52      42.98            1%              11%              х            х          0.2067
Orelenergo




               2014     876.94      3.0%     4 206,52      47.97            1%              11%              х            х          0.2036
               2015     876.94      3.0%     4 206,52      52.88            1%              11%              х            х          0.2005
               2016     876.94      3.0%     4 206,52      60.12            1%              11%              х            х          0.1975
               2017     876.94      3.0%     4 206,52      68.28             х               х              11%           х          0.1945

               2012     852.08      2.0%     6 384,05     239.35            1%              12%              х           8.36        0.0913
 Kurskenergo




               2013     852.08      2.0%     6 384,05     253.47            1%              11%              х             х         0.0899
               2014     852.08      2.0%     6 384,05     266.65            1%              11%              х             х         0.0886
               2015     852.08      2.0%     6 384,05     280.52            1%              11%              х             х         0.0873
               2016     852.08      2.0%     6 384,05     295.11            1%              11%              х             х         0.0860
               2017     852.08      2.0%     6 384,05     310.45             х               х              11%            х         0.0847

               2012    1115.15      1.0%     8579.27        84.5            1%              12%              х           7.71        0.1328
               2013    1115.15      1.0%     8579.27       84.39            2%              11%              х             х         0.1308
Yarenergo




               2014    1115.15      1.0%     8579.27       98.46            2%              11%              х             х         0.1289
               2015    1115.15      1.0%     8579.27      101.67            3%              11%              х             х         0.1269
               2016    1115.15      1.0%     8579.27      117.31            4%              11%              х             х         0.1250
               2017    1115.15      1.0%     8579.27      134.77             х               х              11%            х         0.1232
  Kostromaenergo   2012    946.61           3.0%           6187.15      219.12             3%               12%               х             15.11           0.1047
                   2013    946.61           3.0%           6187.15      230.56             3%               11%               х               х             0.1031
                   2014    946.61           3.0%           6187.15      246.01             3%               11%               х               х             0.1016
                   2015    946.61           3.0%           6187.15      261.15             4%               11%               х               х               0.1
                   2016    946.61           3.0%           6187.15      285.13             6%               11%               х               х             0.0985
                   2017    946.61           3.0%           6187.15      311.69              х                х               11%              х             0.0971

                   2012    925.05           3.0%          3 245,43       74.53             1%               12%               х              8.05           0.0887
   Tambovenergo




                   2013    925.05           3.0%          3 245,43       78.93             1%               11%               х                х            0.0873
                   2014    925.05           3.0%          3 245,43       83.03             1%               11%               х                х             0.086
                   2015    925.05           3.0%          3 245,43       87.35             5%               11%               х                х            0.0847
                   2016    925.05           3.0%          3 245,43       91.89            11%               11%               х                х            0.0834
                   2017    925.05           3.0%          3 245,43       96.67              х                х               11%               х            0.0822

                   2012   1 622,92          3.0%          7 658,03       80.14             3%               12%               х             15.26           0.2165
  Smolenskenergo




                   2013   1 622,92          3.0%          7 658,03       79.37             5%               11%               х               х             0.2133
                   2014   1 622,92          3.0%          7 658,03       85.35            10%               11%               х               х             0.2101
                   2015   1 622,92          3.0%          7 658,03        93.9            11%               11%               х               х             0.2069
                   2016   1 622,92          3.0%          7 658,03      105.05            11%               11%               х               х             0.2038
                   2017   1 622,92          3.0%          7 658,03      117.53              х                х               11%              х             0.2007

                   2012   2 693,97          3.0%          17 730,03     206.94            12%               12%               х            0.0725           0.0542
  Belgorodenergo




                   2013   2 693,97          3.0%          17 730,03     218.84            11%               11%               х               х             0.0534
                   2014   2 693,97          3.0%          17 730,03     237.63            11%               11%               х               х             0.0526
                   2015   2 693,97          3.0%          17 730,03     262.04            11%               11%               х               х             0.0518
                   2016   2 693,97          3.0%          17 730,03     282.07            11%               11%               х               х             0.0510
                   2017   2 693,97          3.0%          17 730,03     300.93             х                 х               11%              х             0.0502
Source of data: http://www.fstrf.ru/tariffs/info_tarif/electro/7
* Standards for technological consumption (losses), approved by Orders of the Ministry of Energy of Russia from 30.11.2011, # 556, of 29.03.2012 # 127.
For reference: 
• For the branches which have not yet passed the agreement, the applications of the regional regulatory authorities for approval of long-term regulation parameters will
be submitted to the FST until 01.09.2012 under making Amendments to Governmental Resolution 1178 of 29.12.2011 (Governmental Resolution 663 of 30.06.2012.) 
• The term of return on invested capital for all the branches is 35 years
• The coefficient of elasticity of controllable costs in terms of the number of assets for all the branches is 0,75
• The level of reliability of goods and services sold for all the branches is 1,0102   → To the top
Dividend history                                                                                                                                       → To the title

Period (year)                                                                                               2008          2009            2010               2011
Dividend per share, RUR                                                                                       -             -              0.014470            0.010000
Amount of accrued dividends, RUR                                                                              -             -          610,932,000         422,179,415
Dividend yield (at the closing price at year                                                                  -             -                   1.11                1.62
end), %
Payout ratio under RAS, %                                                                                     -              -               12.96%                8.11%
Name of the issuer's governing body that made                                                                 -              -              General             General
the decision to pay dividends                                                                                                         Shareholder          Shareholder
                                                                                                                                          Meeting              Meeting
Date of the issuer's meeting of the governing                                                                 -              -         17.06.2011           15.06.2012
body at which the decision on dividend                                                                                               Minutes # 01/  Minutes # 01/
payment was made, date and number of                                                                                                         11 of 12 of 20.06.2012
minutes                                                                                                                                21.06.2011
Ratio of not paid dividends to accrued, %*                                                                    -              -                  1.1%           -
* The dividends have not paid to the shareholders, who did not provide data for the transfer of dividends in accordance with paragraph 5 of Article
44 of Federal Law # 208-FZ of 26.12.1995 "On Joint Stock Companies", or provided incorrect data. Dividends accrued on shares of unidentified
persons shall be paid to the extent of establishing the rights of shareholders in securities.

				
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