Annual report 2010

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JSC IDGC Holding. Annual Report 2010In 2010, short-term liabilities (valued at RUB8,276.5 million) account for 98.9% of total liabilitiesversus 62.6% in 2009.The growth of relative indicators and absolute valuesof short-term liabilities was connected withthe growth of short-term accounts payable by RUB8,066.3 million. The growth of accounts payablewas mainly caused by the receipt of funds from theFederal Agency for Management of FederalProperty as payment for additional ordinary sharesin the Company worth RUB 7.96 billion.As of December 31, 2010, the Company’sabsolutely liquid assets (cash and cash equivalents)fully offset its liabilities.Indicators of Financial and Economic Stability of JSC IDGC HoldingLiquidity and Financial Solvency IndicatorsAs of December31, 2008As of December31, 2009As of December31, 2010Liquid ratio 23.15 12.02 1.02Quick ratio 103.38 54.47 1.75Current ratio 108.45 55.85 1.79Equity to total assets ratio 0.998 0.998 0.958Capital ratio 0.74 0.94 0.60In 2010, the Company’s liquidity indicators yearon-yearwere affected by the following events inthe financing and economic activities:— growth of short-term liabilities by RUB 8.1billion due to the growth of accounts payable(other payables). The growth of accountspayable was caused by the receipt of fundsfrom the Federal Agency for Management ofFederal Property as payment for additionalordinary shares in the Company worth RUB7.96 billion. The report on the results of thisadditional issue ordinary shares is planned tobe registered in 2011.— growth of current assets by RUB 3.8 billionwas primarily caused by the growth of cashand short-term financial investment by RUB5.9 billion and the reduction of accountsreceivable by RUB 2.1 billion.In 2010, the values of liquidity indicators reflectsatisfactory structure of the Company’s balancesheet. The financial standing of the companyis stable.204
21. Business Planning and Financial Management21.2.2. Financial Management of SDCsThe approach toward managing the finance of theSDCs of the Holding Company practiced by JSCIDGC Holding derives from the scope and geographicaldiversification of activities.In 2010, the Company continued centralized policyof control of external finance raising, whichallowed maintaining the value of consolidateddebt upon the best market conditions.The SDCs of JSC IDGC Holding use the system offinancial control and management by means ofinteraction through the Boards of Directors.Interaction follows two directions: managementof cash flows and management of solvency of theSDCs of the Holding Company. The cash flows ofthe SDCs of JSC IDGC Holding are managedthrough the establishment of cash flow targets.The management of solvency of the SDCs of theHolding Company is achieved through control proceduresas part of the approved standards of debtposition management in accordance with whichthe system of debt limits is introduced. It allowsforecasting the solvency and establishing managerialauthority for financial decision-making.Owing to the policy implemented by the SDCs ofJSC IDGC Holding the value of borrowings raisedby the SDCs of the Holding Company graduallydecreased. The average-weighted interest rate ofthe SDCs of JSC IDGC Holding in 2010 declined to8.18% per annum.The current financial policy in the field of borrowedfinancing is based on the following fundamentalprinciples:— achievement of reasonable debt diversificationby the companies;— minimization of currency risks;— maintenance of the established financialcovenant ratios;— decrease in the share of short-term loans inthe company’s loan portfolio;— obtainment of unsecured loans;— maintenance of positive credit history.205
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JSC IDGC Holding. Annual Report 201
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Kirovsk
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Moscow
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Krasnodar Territory
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Novorossiysk
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Kaliningrad
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Izhevsk
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Ulyanovsk
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Page 248 and 249: Date and place of birthNationalityJ
Page 250 and 251: Education, academic degree (if any)
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Page 254 and 255: 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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Annual report 2010

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