Resolutions of the Board meeting conducted on June 03, 2016

07 June 2016

Ekaterinburg (Ural Federal District, Russia) – IDGC of Urals, OAO (MICEX: MRKU) reports on Board resolutions.

On Jun. 03, 2016 the Board of Directors has conducted an in-absentia Board meeting. In the course of the meeting directors have scrutinized and decided on the range of corporate issues. 

Approval of the report on 1Q 2016 business plan completion
The Board of Directors have examined the report on the completion of the Company’s 1Q 2016 business plan, covering investment program and KOR management. Key metrics of the report are presented in the table below:

Production metrics, kWh mn Financial metrics, RUB mn.
Total supply 18,339.4 Total revenues 16,601.1
Net supply 16,842.5 Total expenses 15,615.1
Losses 1,856.9 Net income 735.4

Decision to withdraw from subsidiaries

As a part of the program dealing with enhancement of performance efficiency the Board of Directors decided to cease Company’s shareholding in two subsidiaries – Energy Service Company of the Urals (OAO) and Uralenergotrans (OOO).

The Board of Directors has approved the action plan with regard to reduction of overdue receivables for energy transmission and reconciliation as of Apr.01, 2016, the CEO’s target KPI completion as of 2015 and 1Q 2016. The Board also examined the report with regard to completion of activities attesting max consumer output, progress reports of the Executive Board as of 1Q 2016 and with regard to non-core asset sale as of 1Q 2016.

To view the Board minutes, please, visit Section “Board of Directors”.

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