06 May 2010

Results of the Company’s Board of Directors session

Ekaterinburg (Ural Federal District, Russia) - ОАО "IDGC of Urals" (RTS and MICEX: MRKU) reports on the results of BoD session.

April 29, 2010 saw an extramural BoD meeting which reviewed a range of managing and corporate issues.

Approval of the Company's 2010 receivables administration schedule

To enhance control over receivables as well as to take efficient measures to decrease it, the BoD approved the Company's 2010 receivables administration schedule.

Approval of candidates for underwriter positions for 2010-2011

The BoD approved OOO "Rosgosstrakh" - subsidiary of OOO "Rosgosstrakh" in Sverdlovsk region as an underwriter in general liability insurance in case of harm infliction due to foozles affecting capital construction object safety.

Approval of the Company's 2010 Insurance Coverage Program

The BoD approved the Company's 2010 Insurance Coverage Program prepared under the Regulations on Insurance Coverage (approved by the BoD, Protocol #61 dd. 13.11.2009). This program contains the conditions of insurance coverage of IDGCU's property interests in various types of insurance, description of insurance coverage and preliminary appraisal of insurance coverage cost.

Approval of a report on the Company's 2009 business plan and investment program execution

The BoD approved a report on the Company's 2009 business plan and investment program execution. In 2009 investments totaled RUR 3 466.3 mln., revenues and expenses reached RUR 41 297.6 mln. and RUR 36 623.6 mln. correspondingly.

Review of a report on the IDGCU's credit policy as of 4Q 2009

The BoD approved a report on the Company's credit policy as of 4Q 2009. As of 01.01.2010 the credit portfolio totaled RUR 5 583.6 mln. The Company observed all set debt limits, debt financing was according to the amount of maximum debt rate as of 4Q 2009 approved by the BoD (Protocol #60 dd. 21.10.2009)

Determination of the Company representatives' positions on agenda issues of AGM and BoD sessions of the SACs

The BoD entrusted the Company's representatives to vote "FOR" while taking the following decisions:

1) To approve the AGM agenda of ОАО "Ekaterinburg Electric Grid Company" (OAO "EESK");

2) To approve the profit distribution of ОАО "EESK" as of 2009 financial year;

3) To approve 2010 EESK business plan (including investment program);

4) To offer ООО "ADK-audit" as an auditor of ОАО "Ekaterinburg Electric Grid Company" for 2010 to be elected by the Company's AGM;

5) To approve the AGM agenda of ОАО "Ekaterinburgenergosbyt" (OAO "EES");

6) To approve the profit distribution of ОАО "EES" as of 2009 financial year;

7) To approve 2010 EES business plan;

8) To offer ООО «Fineart-Audit» as an auditor of ОАО "Ekaterinburgenergosbyt" for 2010 to be elected by the Company's AGM;

9) To approve the AGM agenda of ОАО "Kurganenergo";

10) To approve the profit distribution of ОАО "Kurganenergo" as of 2009 financial year;

11) To approve the AGM agenda of ZАО "SK "Privat-Energostrakh";

12) To approve the profit distribution of ZАО "SK "Privat-Energostrakh" as of 2009 financial year.

For the full version of the BoD protocol, please, visit Section "Corporate Governance". ­

Download IR release (pdf, 106 kb) 

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ОАО "IDGC of Urals"(est. in February 2005) is the main service provider responsible for energy transportation and technological connection of consumers to electric networks in Sverdlovsk, Chelyabinsk and Perm regions.

Electric network reform process in the Urals came to an end in April, 2008, and since May 1, 2008 ОАО "IDGC of Urals" is a united operating company exercising control over 3 regional subsidiaries (Sverdlovenergo, Chelyabenergo and Permenergo) as well as 3 core-asset affiliated companies (ОАО "Ekaterinburg Electric Grid Company", ОАО "Ekaterinburgenergosbyt").

As of 2009 the revenues from services totaled RUR 41.3 bln., net profit reached RUR 1.1 bln (under RAS). Overall energy supply in 2009 amounted to 75.8 bln. kWh, productive supply totaled 69.3 bln. kWh, energy losses reached 6.5 bln. kWh.

Common shares are traded on MICEX (Quotation list "B") and in RTS (Stock admitted for trading without listing). Free float is about 20%. In December, 2009 Consortium "RID-Expert RA" assigned us Corporate Governance rating at level "6+".

For additional information on the Company, please, visit our corporate web-site at www.mrsk-ural.ru, as well as Complex Information Disclosure System (www.skin.ru), Interfax (www.interfax.ru), AKM (www.akm.ru).  

 IR Department

Tel./ Fax: (343) 215 26 58/ 215 25 84