|
Moscow, 25 June 2004. – The Board of Directors of RAO "UES of Russia", executing the functions of the Annual General Meeting of shareholders (AGM) of OAO "Federal Grid Company of the UES of Russia" ("OAO "UES FGC"),* has approved the Annual Report 2003 of OAO "UES FGC", and the Company's financial statements for 2003.
The Board of Directors of RAO "UES of Russia" approved the net profit of OAO "UES FGC" in 2003 in the amount of RUB1,048 billion, allocated as follows:
- Reserve fund: RUB52.448 million
- Offset of losses of prior years: RUB996.505 million
Acting as the AGM of OAO "UES FGC", the Board of Directors of RAO "UES of Russia" resolved to omit the dividend on the Company's shares in respect of 2003.
The Board took a resolution to reduce the authorized capital of OAO "UES FGC" by redeeming 10,785,516,441 (ten billion seven hundred and eighty-five million dive hundred and sixteen thousand four hundred and forty-one) registered ordinary shares of the Company worth RUB5,392,758,220.5, which makes 4.24% of the authorized capital of OAO "UES FGC". The ownership of these shares was transferred to OAO "UES FGC" as a result of the failure to fully pay the Company's authorized capital.
* As provided by Article 11.1.25 of the Charter of RAO "UES of Russia" and Article 11.1 of the Charter of OAO "UES FGC", the Board of Directors of RAO "UES of Russia" will take resolutions on the matters that fall within the competence of a general meeting of shareholders [of OAO "UES FGC"] as long as OAO "UES FGC" is owned by OAO RAO "UES of Russia".
The Board of Directors of RAO "UES of Russia" elected the Board of Directors of OAO "UES FGC" consisting of:
|
Victor Khristenko |
Minister of Industry and Energy of the Russian Federation |
|
Boris Ayuyev |
Member of the Management Board, OAO "UES of Russia",
Chairman of the Management Board, OAO "UES SO-CDA" |
|
Alexander Voloshin |
Chairman of the Board of Directors, RAO "UES of Russia" |
|
German Gref |
Minister of Economic Development and Trade of the Russian Federation |
|
Sergey Ivanov |
First Deputy Director General, "Rosenergoatom" |
|
Dmitry Ponomarev |
Chairman of the Management Board, NP "ATS" |
|
Andrey Rappoport |
member of the Management Board, RAO "UES of Russia", Chairman of the Management Board, OAO "UES FGC" |
|
Yury Udaltsov |
member of the Management Board, RAO "UES of Russia", Head of the Reform Management Center, OAO RAO "UES of Russia" |
|
Anatoly Chubais |
Chairman of the Management Board, RAO "UES of Russia"
|
The Board of Directors of RAO "UES of Russia" also elected the Audit Commission of OAO "UES FGC" consisting of:
|
Victor Myasnikov |
Deputy Head of Financial Control and Audit Department, the Federal Agency for Federal Property Management. |
|
Yury Pomerantsev |
Head of Financial Audit Department, OAO RAO "UES of Russia" |
|
Elena Ryzhonkova |
Leading Expert of Accounting and Reporting Department, OAO "UES FGC" |
|
Anatoly Baitov |
Deputy Head of Financial Control and Internal Audit Directorate, OAO "UES FGC" |
|
Sergey Sidorov |
Head of Financial Audit Department, OAO RAO "UES of Russia"
|
The Board of Directors approved the appointment of OOO "RSM Top-Audit" as Independent Auditor of OAO "UES FGC" and approved amendments and additions to the Company's Charter. The amendments to the Charter were due to the need to adjust the existing and add new objectives and kinds of activities of OAO "UES FGC", optimize the activities of the FGC Management Board, and bring the Company's Charter into line with the provisions of the Federal Law "On Joint-Stock Companies" as amended by the Federal Law of 31 October, 2003. The amendments to the Charter also provide for a change in the number of members of the Board of Directors of OAO "UES FGC" from 13 to 9 persons.
In 2003, OAO "UES FGC" owned 44,067 km of transmission lines and 128 substations. The revenue from the sale of goods, products, works, and services amounted to RUB17,229.5 million, whereas the pre-tax profit for the period was RUB1.54 billion. The net value of the Company's assets was RUB121,615 million.
The amount of funds disbursed under the FGC Investment Program 2003 totalled RUB11541,8 million, including RUB7,824.7 for new construction projects. In 2003, 265.5 km of HV transmission lines were put into operation.
|
.jpg){kind=small}
