Company news

12 December 2011

Resolutions of the Company’s BoD session

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

December 07, 2011 saw an in-absentia BoD session that decided over a range of managing and corporate issue, including:

Determination of the Company's (representatives') positions on agenda issues of the GSM and BoD sessions of the SACs

The BoD entrusted the Company's representatives at EESK and EES on BoD agenda issues to vote "FOR" while adopting resolutions on the approval of 3Q 2011 KPI completion report and 3Q 2011 business plan (including investment programs) completion report.

Approval of a credit policy report

The BoD approved a 3Q 2011 credit policy report of the Company. As of 01.10.2011 our credit portfolio totaled RUR 4 166.8 mln. The Company observed all the set debt limits, debt financing was according to the amount of maximum debt rate as of the reported period approved by the BoD

Measures to decrease overdue receivables

To enhance control over overdue receivables as well as to take efficient measures to decrease it, the BoD approved the Company's schedule for decreasing overdue receivables and reconciliation as of 01.10.2011 and a 3Q 2011 completion report.

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

Download IR release (pdf, 62 kb)

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ОАО "IDGC of Urals"(est. in February 2005) is grids company responsible for energy transmission 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 branches (Sverdlovenergo, Chelyabenergo and Permenergo) as well as 2 core-asset affiliated companies (ОАО "Ekaterinburg Electric Grid Company", ОАО "Ekaterinburgenergosbyt").

As of 2010 the revenues from services totaled RUR 49.8 bln., net profit reached RUR 1.7 bln (under RAS). Overall energy supply in 2010 amounted to 78.4 bln. kWh, productive supply totaled 72.0 bln. kWh, energy losses reached 6.3 bln. kWh.

Common shares are traded on MICEX (Quotation list "A2") and in RTS (Stock admitted for trading without listing). Free float is about 20%.

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