Annual report 2010

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JSC IDGC Holding. Annual Report 2010Weather extremes demonstrated major issues currently faced by IDGC Holding. Wear and tear of fixed assets isthe most acute issue. The average depreciation rate in the regions receiving services from IDGC Holding is69%. Many facilities are already working beyond their service life. The management of IDGC Holding is workingpersistently to solve the problem. The reduction of depreciation rate requires implementing theRenovation Program for Electricity Distribution Grid Facilities for the Period Until 2020, which will allow bringingthe depreciation rate of distribution line and substation equipment down to 46%, ensuring that the quantityof equipment failures is halfened and, accordingly, power supply reliability is considerably increased.In conformity with the directive of the President of the Russian Federation in 2010, JSC IDGC Holding developedthe Program of Development of Smart-Meters-Based Electricity Billing Metering Systems, which isaimed at creating a controlled next generation network. The implementation of this Program will produceperceivable effect in the coming years — projected loss reduction in distribution grids will account for18–20% of the existing level, which is about 10 billion kWh. In the next 5 years, costs associated with meteringsystem development will be RUB 39 billion. Last year, Permenergo, a branch of JSC IDGC of the Urals,launched a pilot project for shaping smart metering system for various categories of customers.In 2010, special attention was paid to switching to the regulation of tariffs for electricity distribution servicesusing the Regulatory Asset Base (RAB) method, implying that investors will have guaranteed long-termreturn and yield on invested funds and IDGC Holding companies will be able to accumulate funds necessaryto implement large-scale investment programs. Since January 1, 2011, the SDCs of JSC IDGC Holding, locatedin 58 constituent entities of the Russian Federation, regulating the tariffs for power distribution services onRAB basis. Seven constituent entities of the Russian Federation in which IDGC Holding operates set longtermtariffs for power distribution services using long-term indexing method and the Republics of Daghestan,Chechnya and Karelia set the tariffs for power distribution services using the method of economically reasonableexpenses for a one-year term.JSC IDGC Holding is Russia’s leading company implementing innovative technologies in the electric grid segmentof the Russian economy meeting global standards in the area of electricity distribution and distribution.In late 2010, the Ministry of Energy of the Russian Federation received the Concept of the InnovativeDevelopment Program of JSC IDGC Holding, which was approved on January 26, 2011, by the Board ofDirectors of IDGC Holding. It is planned that 2% of the own revenue of operating subsidiaries, which is RUB3 billion, will be invested in R&D as early as 2011. In 2012, these indicators will be 2.5% and RUB 2.5 billionrespectively. In the future, 3% of the total own revenue (RUB 5 billion) will be allocated annually for innovativeprojects. Innovative activities will be coordinated by the Ministry of Energy of the Russian Federationwithin the framework of the established engineering platform “Smart Energy Grids of Russia.”In the fiscal year, the investment program of IDGC Holding increased by 19% to RUB 92 billion. In 2010, facilitieswith a total capacity of 8,770 MVA and 16,916 km of electric grids were commissioned, including 262MVA and 234 km during the implementation of Olympic projects in Sochi. In 2010, a follow-on offering ofshares in JSC IDGC Holding was finalized. The funds raised in the offering totaled about RUB 8 billion. From2009 to 2010, JSC Kubanenergo, a SDC of JSC IDGC Holding, raised a total of about RUB 10 billion, spent,among other things, on the implementation of Olympic programs. In 2011, due to large-scale budget allocationsin the authorized capital of JSC IDGC Holding, issuing processes will continue and involve not only JSCIDGC Holding but also a number of the Holding company subsidiaries. Budget financing will total about RUB9.5 billion. For the convenience of foreign investors, during the year, it is planned to expand the program ofdepositary receipts and intensify work aimed at entering foreign stock exchanges.In June 2010, the Board of Directors of the Company, in considering the issue of development of theRegulations for Dividend Policy of JSC IDGC Holding, approved the fundamental principles of the dividendpolicy of JSC IDGC Holding and in September 2010 approved the Regulations for Dividend Policy of JSC IDGCHolding.16
4. Message to the Shareholders of JSC IDGC HoldingThe growing stock quotes of the companies representing the electricity distribution grid sector show thatinvestors and shareholders are positive about the plans of IDGC Holding.Large-scale objectives like these cannot be delivered without a close-knit, highly-professional and motivatedpersonnel. The year 2010, marking the 90th anniversary of GOELRO plan and the 65th anniversary of the GreatVictory, saw a breakthrough in the improvement of target social programs, strengthening of workforce capacity,consolidation of the veteran community and the youth, development of integrated communications withthe civil society, businesses and political authority.We are confident that constructive interaction among the government, minority shareholders and the company’smanagement will allow developing more effectively the Russian electricity distribution grid sectorand raising the attractiveness of the Company to investors in the stock market.Yours respectfully,Minister of Energyof the Russian FederationS. I. ShmatkoYours respectfully,Chairmanof the Management Board,CEO of JSC IDGC HoldingN. N. Shvets17
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Date and place of birthNationalityJ
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Education, academic degree (if any)
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Date ofTaking OfficeinManagementBod
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2010 JSC IDGC Holding2010 JSC FGC U
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2010 JSC IDGC HoldingMember of the
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Moscow State Pedagogical University
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Period of Employment Entity Name an
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1. Experimental Nuclear Physics2. B
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Date ofTaking OfficeinManagementBod
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Positions held over the past 5 year
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Regulations for the Convening and H
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Regulations for Information Policy
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9 3.1 Chelyabinskoye Branchof Sberb
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36(39510) 4-00-764.24 Shelekhovskoy
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66 4.54 KrasnokamenskoyeBranch of S
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92 5.23 Krasnoyarskoye CityBranch o
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121 6.2 Tenkinskoye Branch ofSberba
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5053146 6.26 Megino-KangalasskoyeBr
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175 8.2 Tatarstan Bank Branch ofSbe
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201 10.18 Solikamskoye Branch4929/0
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227 10.43 Usinskoye Branch ofSberba
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257 11.18 Orlovskoye Branch ofSberb
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288 11.49 Ust-LabinskoyeBranch of S
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31731831912.9 Pavlovskoye Branch of
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341 12.33 ZemetchinskoyeBranch of S
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36712.59 Yenotaevskoye Branchof Sbe
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391 12.85 SengileevskoyeBranch of S
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415 13. Severo-Zapadny HeadOffice19
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436 14.15 Kurilskoye Branch ofSberb
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459 16.2 AleksandrovskoyeBranch of
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488 17.4 Zavodoukovskoye627140 Tyum
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22.9. Information Concerning Compli
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Company’s Board of Directors.6 No
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12 The articles of association of t
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18 Internal documents of the joint-
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26 The board of d irectors has es t
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of suc h c ompany’s boa rd of di
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45 Internal documents of the joint-
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of d irectors o f th e jo int-stock
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64 The board of directors has appro
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75 The audit committee evaluates th
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Amendments to Certain Legislative A
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May 26, 2010 12-2296 Concerning the
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July 19, 2010 5-3138 The instructio
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07/13909) concerning the implementa
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January 20, 2010 10-147 The instruc
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Government of the Russian Federatio
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separate divisionSeptember 7, 2010
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Russian Federation (Tsarikovsky, AT
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2production pl ant l ocated at : Re
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4in OAO IDGC of t he Urals Training
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6- as a member of t he Board of Dir
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8S. I. Shmatko, N. N. Shvets, G. F.
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28. Defining of the position of JSC
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46. Defining of the position of JSC
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6OAO Nurenergo as the SellerSubject
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M I N U T E Sof the Meeting of the
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3billion, nine hundred twenty-two m
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52.1.12. The c ost estimate i n rel
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75.2.1. Organize t he i mplementati
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9Any holder of the Bonds shall also
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11Payment for the placed Bonds shal
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13value and accrued coupon income r
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1511.2. Member of the Board of Dire
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22. Approval of annual accounting s
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3. AlexanderMikhailovichKuryanov4.
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27. Approval of proprietary informa
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4V. M. Kravchenko did not participa
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67. Approval of proprietary informa
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8Dispute resolution:Any dispute, co
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10to the expiration date, the agree
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12If either party causes any damage
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14upon the terms and conditions gov
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167.10. The proprietary information
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18Any amendments and supplements to
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20early termination or expiration o
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22The D isclosing Party pr ovides a
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24S. I. ShmatkoChairman of the Boar
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21.2. The t ime of t he a nnual Gen
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4Holding.1.15. It shall be specifie
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31.5. The estimate of costs relatin
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57.1. The Report of the Management
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3S. I. Shmatko, N . N. Shvets, G .
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25. Approval of t he A greement for
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43. Approval of the Agreement for t
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6IDGC Holding and OAO Karachayevo-C
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852:18:05 00 00 :0000:04898:V, whic
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10M. Yu. Kurbatov “Abstained.”O
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12S. I. ShmatkoChairman of the Boar
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2At t he s uggestion of m ember of
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43. THE FOLLOWING PERSON WAS HEARD:
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3IT WAS RESOLVED AS FOLLOWS:3.1. No
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M I N U T E Sof Meeting of the Boar
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3- Scientific a nd T echnical C oun
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5- OAO Kubanenergo (member of the B
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7• registered ordinary shares (st
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3S. I. Shmatko, N. N. Shvets, V. A.
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5Conditions f or t he Pl acement of
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75. Amendments to the decision adop
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98.2. The related party transaction
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2assets a nd construction-in-progre
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4- quantity of the sha res held by
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6kopecks;- book value of the stake
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84. Approval of t he A greement to
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10IT WAS RESOLVED AS FOLLOWS:7.1. N
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12Approved by a majority of votes.8
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3S. I. Shmatko, N. N. Shvets, S. R.
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22.7. Formation of t he Investment
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Approved unanimously.42.5. Review o
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6IT WAS RESOLVED AS FOLLOWS:The dec
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3- acquisition method: through bidd
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2Agenda1. Review of the consolidate
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4Review of the report on the implem
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3rubles in millionsPlan Actual Devi
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3S. V. Serebryannikov, V. V. Tatsiy
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5connection with mobilization train
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ubles7rubles1. Below 10,000,0002. 1
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911. Defining of the position of JS
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3S. I. Shmatko and V. V. KudryavyIT
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5S. I. Shmatko, N. N. Shvets, S. R.
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73.1. The pow ers o f Secretary of
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21.2. The agreement for contributin
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3Term of t he A greement: the A gre
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3associated with transferring title
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5Note sha ll be taken of i nformati
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Budget of theconstituent entity oft
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3Volga’s real property and acquir
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5United E lectric G rid C ompany, w
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77. Approval of the a greement fo r
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9hundred seventy-eight thousand, th
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JSC INTERREGIONAL DISTRIBUTIONGRID
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ased on t he fi rst p hase i mpleme
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2.4. It s hall be recommended t o t
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It was resolved as follows:1.1. Not
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2.2. The Head of the Department for
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Seppo RemesChairman of the Audit Co
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Agenda1. THE FOLLOWING PERSON WAS H
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6. THE FOLLOWING PERSONS WERE HEARD
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INVESTMENT COMMITTEEOF THE BOARD OF
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2. Prior to December 22, 2010, the
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2. Note sha ll be t aken o f t he c
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Nomination and Remuneration Committ
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Schedule (Yearly)” (Appendix 2.2
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Nomination and Remuneration Committ
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Voting results:“FOR” - 11 perso
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two (2,019,892,442) 4 additional un
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Issue 5: Approval of the Decision o
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E. V. DodChairman of the Strategy C
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Issue 1: Determination of the posit
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The va lue of the s ervices p rovid
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Pavel Vladilenovich Golubev - Head
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Voting results:“FOR” - 8 person
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1. R epresentatives of J SC ID GC H
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Voting results:“FOR” - 11 perso
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Ballots attached.V. M. KravchenkoCh
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Due to that this is sue was referre
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M. Yu. Kurbatov, member of the Comm
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VARIANT 2. Transfer of one or more
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Voting results:“FOR” - 9 person
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Issue 1: Purchase of a dditional or
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It shall be recommended to the Boar
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Subject matter of the Agreement:The
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VALUATION COMMITTEEof the Board of
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“ABSTAINED” - 2 votes (E. V. Pe
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IT WAS NOTED AS FOLLOWS:1. Need to
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