RAO “UES OF RUSSIA” ANNUAL REPORT 2006

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CAPITAL OF OAO RAO “UES OF RUSSIA"
CAPITAL OF OAO RAO “UES OF RUSSIA"
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ANNUAL REPORT OF RAO “UES OF RUSSIA”
2 0 0 6
Russian Federation Resident vs. Non-Resident Ownership
of Shares in OAO RAO "UES of Russia"*, %
Market for Shares
of OAO RAO "UES of Russia"
Ordinary shares of OAO RAO “UES of Rus-
Trading Volumes in RAO UES Shares on Russia’s
Major Stock Exchanges, 2006, millions of USD
sia” are included in the Quotation Lists A,
24.79
3.98
0.01
12 may 2005
23.18
4.38
0.01
5 october 2006
RUSSIAN FEDERATION RESIDENT
LEGAL PERSONS
NON-RUSSIAN FEDERATION RESIDENT
LEGAL PERSONS
RUSSIAN FEDERATION RESIDENT
PRIVATE INDIVIDUALS
NON-RUSSIAN FEDERATION RESIDENT
PRIVATE INDIVIDUALS
Level 1, on the trading floors of ZAO “MICEX
Stock Exchange” (ZAO “MICEX SE”), Non-
Profit Partnership “Russian Trading System
Stock Exchange” (NP “RTS SE”), and OAO
“Russian Trading System Stock Exchange”
(OAO “RTS SE”).
The Company’s preferred shares are included
in the Quotation List A, Level 1, on the
Period NP “RTS SE” ZAO “MICEX SE”
Quarter 1 758.64 22,564.45
Quarter 2 570.21 28,889.71
Quarter 3 492.57 28,493.74
Quarter 4 887.12 22,447.53
trading floor of ZAO “MICEX SE” and the Quo-
71.22
72.43 * as of the record dates for the General Shareholder
Meetings of RAO "UES of Russia" in 2006 (AGM held
28 June 2006, and EGM held 6 December 2006).
tation Lists A, Level 2, on NP “RTS SE” and
OAO “RTS SE”.
In 2006, shares of RAO “UES of Russia”
accounted for 18.7% of the overall MICEX
trading volume and 20% of RTS trading.
markets for electricity (capacity); the public
offering of WGC-5. The Russian Federation
Government meeting which established the
schedule for the liberalization of the electricity
Capitalization Growth of
RAO UES Generation Companies
(From Start-2006/Market Floatation
to End-2006)
Over 2006, the capitalization of RAO “UES of
market and gas price increases; the Extraor-
Cross-Ownership of RAO UES Shares*
Companies owning shares
in OAO RAO “UES of Russia”
Ordinary shares
Quantity of shares
Preferred shares
Stake, %
OAO “WGC-5” 2,860,038 – 0.006633
OAO “Penzaenergo” 9,400 – 0.000022
OAO “Samaraenergo” 88,550 – 0.000205
OAO “Karachayevo-Cherkesskenergo” 118,272 – 0.000274
OAO “Kirovenergo” 2,080,389 – 0.004825
OAO “Tyumenenergo” 25,653,944 6,693,960 0.075024
OAO “Altayenergo” 426,735 – 0.000990
OAO “Buryatenergo” 100,000 – 0.000232
OAO “Yakutskenergo” 16,200 – 0.000038
Russia” grew by 130 percent, or USD24 billion,
to USD42.04 billion from USD18.04 billion,
twice the increase of the RTS index, which
rose 64 percent. The investors reassessed the
prospects for the energy companies in all lines
of business: thermal generation (the value of
the WGCs grew on average by 110 percent
in 2006), electricity distribution (the value of
the regional distribution companies grew by
150 percent), hydropower, transmission and
retail companies. As a result, shares of RAO
“UES of Russia”, which has ownership interests
in energy companies operating in different
segments, grew on the back of the optimistic
market sentiment regarding the prospects of
the Russian electricity industry.
The capitalization of RAO “UES of Russia”
in 2006 was significantly influenced by the key
corporate events and the resolutions adopted
by the Russian Federation Government. Such
events included the introduction of new Rules
dinary General Meeting of shareholders which
approved the first phase of the Company’s
reorganization, etc.
2006 was rich in corporate and stock market
events at the subsidiaries and dependent
companies of RAO “UES of Russia”. During the
year, 5 WGCs and 6 out of 14 TGCs floated on
the stock market (OAO “TGC-2”, OAO “TGC-4”,
OAO “TGC-5”, OAO “TGC-6”, OAO “TGC-8”,
and OAO “TGC-9”). Due to the trading volume
and liquidity growth, shares of OAO “WGC-5”,
OAO “WGC-6”, OAO “TGC-5” were moved from
the non-listed securities schedule to the Quotation
List “B”.
Trading
Start Date
Capitalization
growth, %
WGC-2 20.07.2006 100
WGC-3 09.02.2006 139
WGC-4 15.08.2006 55
WGC-5 10.01.2006 199
WGC-6 15.08.2006 46
TGC-2 18.10.2006 34
TGC-4 31.11.2006 4
TGC-5 17.07.2006 50
TGC-6 17.07.2006 49
TGC-8 15.08.2006 61
TGC-9 15.09.2006 63
* as at 31 December 2006
for the operation of the wholesale and retail