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Rosseti North-West

September 23, 2009

Today IDGC of North-West’s top managers have accounted to the Company’s BD concerning implementation of the business plan and investment program following the results of 6 months and the 1st half of the year 2009

For the first time the Board of Directors’ meeting chaired by the IDGC of North-West’s General Director was held in Moscow in the form of in person and in absentia.

Today, September 23rd, 2009, for the first time the Board of Directors’ meeting was held in Moscow in the form of in person and in absentia.

The BD meeting was chaired by the JSC “IDGC Holding’s” General Director and the Chairman of the Company’s Board of Directors Nikolay Shvets.

One of the main issues of the BD meeting agenda was implementation of the business plan. The report on the Company’s business plan implementation for the 2nd quarter of 2009 and 6 months of 2009 was presented by the IDGC of North-West’s General Director Alexander Kukhmay and Deputy General Director for Economy and Finance Olga Makarova.

“The productive supply to consumers in the first half of the year 2009 equaled 19,472 million kWh which 1.8% exceeds the target; however, this is 11.6% lower than the analogous indicator of 2008,” Alexander Kukhmay said. “Due to a drop in energy consumption and, as a consequence, income deficiency, the Company’s management has done a large work to reduce costs for the purpose of achievement of positive profitability indicators.”

The IDGC of North-West’s financial position is characterized as satisfactory. According to the IDGC of North-West’s General Director, following the results of the 1st half of the year, the Company managed to improve its position both as compared to the position as of January 1st, 2009, and as compared to the planned indicators.

The actual earnings for the 1st half of the year 2009 were RUR 12,609 million at the target of RUR 12,841 million. The major part of the earnings was earnings from rendering electricity transmission services – they equaled RUR 11,960 million, or 95% of the total amount of earnings. 

The paper “Report on implementation of the investment program for the 2nd quarter of 2009 and 6 months of 2009” was presented at the BD meeting by the IDGC of North-West’s Deputy General Director for capital construction Vladimir Bloshchitsyn.

“In the 1st half of the year 2009 IDGC of North-West planned to input fixed capital for a total of RUR 398,514 thousand. RUR 501,979 thousand have been actually disbursed, which is 126% of the plan,” Vladimir Bloshchitsyn reported to the members of the Board of Directors. “In physical terms, the reporting period saw commissioning of 134.3 km of power lines and 30.89 MVA of transformer capacity or 144% and 245% to the target accordingly. It was originally planned to construct 93.58 km of power lines and to commission 12.62 MVA of transformer capacity.

The Company's Board of Directors took into consideration the information on the first and second agenda issues.

The paper “Priority directions of the Company's activities: Adoption of the Program to Decrease Traumatism Risks in IDGC of North-West for 2009-2010” was presented by the IDGC of North-West's Deputy General Director - Chief Engineer Georgy Turlov.

The draft “Program to Decrease Traumatism Risks in IDGC of North-West for 2009-2010” was submitted for adoption. “The program was developed in order to improve efficiency of the measures taken to prevent traumatism and transit to new management models in the field of labour safety.

The program includes the actions subsequent from estimation of execution of requirements of normative, legal and executive documents containing state normative requirements in the field of labour safety and safety precautions; special actions to prevent road accidents; actions to implement an innovative management system in the field of labour safety,” Georgy Turlov said. The total amount of the funds for realization of the program will be RUR 13,082.4 thousand. The Board of Directors adopted the draft of the “Program to Decrease Traumatism Risks in IDGC of North-West for 2009-2010”.

 

 

 

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