Shareholder meeting statements (translated and unedited)
On 25 May in the conference hall JOINT STOCK COMPANY "Kostroma GRES -
STATE REGIONAL ELECTRIC POWER PLANT" took place the annual general
meeting of shareholders.
Meeting affirmed annual report, annual accounting, including report about profits and losses of society, and also the distribution of profit (including about the payment of
dividends) and losses of society on the sums of 2003 financial years, with the information on which they came out the general director OF
JOINT STOCK COMPANY "KGRES" N.N.Baldin and the chief for administration for calculation and account M.V.Antipov.
According to the speaker, last year for Kostroma GRES - STATE REGIONAL ELECTRIC POWER PLANT is
marked by the outstanding event: On 3 October is manufactured the anniversary 500- billionth
kilowatt-hour of electric power. In complete agreement with the program of the reformation of electric
power branch the procedures on the formation of the daughterly and
dependent societies are carry ouied. The successful passage of autumn-winter load peak testifies about the
operational and well-coordinated work it is shop and the subdivisions
of station, including of daughterly repair enterprises. According to the data of stock exchange RTS, the market capitalization OF GRES - STATE REGIONAL ELECTRIC POWER
PLANT toward the end of 2003 grew to 370 millions. dollars.
In the society the work on the improvement of the regular management
is conducted: from the strategic to the operational. The progressive system of motivation takes root, directed toward an increase in the productivity of labor of personnel.
Chief for administration for calculation and account M.V.Antipov introduced shareholders to the bookkeeping balance of 2003, by the calculations of profit and losses and by their distribution.
Meeting affirmed
the annual account JOINT STOCK COMPANY "Kostroma GRES - STATE
REGIONAL ELECTRIC POWER PLANT" with the currency of the balance: to the beginning of year - 6046 million. rubles; at the end of the year - 5775 million. rubles;
the distribution of the profit of 2003 in the amount of 30188
thousand. rubles to produce in the following order:
in the reserve fund to direct - 1503 thousand. rubles;
dividends - 21132 thousand. rubles (0,007626 kopecks. to one action);
the pay-off of the losses of the past years of 7547 thousand. rubles.
Shareholders selected the members of the council of directors and
audition comission OF JOINT STOCK COMPANY "Kostroma GRES - STATE
REGIONAL ELECTRIC POWER PLANT", affirmed by the auditor of society OOO "Moore Stephens si ay S" g.Moscow. Are introduced the number of changes and additions into the
regulations societies.
The members of the council of the directors of Kostroma GRES - STATE
REGIONAL ELECTRIC POWER PLANT commented the results of the work of our
enterprise in 2003, and also they answered questions of journalists.
Gabov A.V., the department head of corporate the politicians OF JOINT STOCK
COMPANY RAO THE "EES OF RUSSIA":
- results are very good. RAO THE "EES OF RUSSIA", as basic shareholder, results are evaluated positively, achieved by Kostroma GRES - STATE REGIONAL ELECTRIC POWER PLANT. The profit is obtained on the sums of year, we count, that KGRES functions without the failures, in operating conditions. All tasks in the reformation, which are placed to enterprise, they are carried out by management. We hope, that the station in the same operating and business conditions will
enter into the process of creating the wholesale generating company. I count, which not there will here be problems and this is one of the basic
tasks of the present year.
Not with the technical, not from the financial side we do not have claims to the management of
Kostroma GRES - STATE REGIONAL ELECTRIC POWER PLANT, although, certainly, reserves for an improvement in the work are always located. First of all, it is necessary to improve financial results, it would like, so that the profit it would be more. I think, that also for the basic shareholder (RAO THE "EES OF RUSSIA"), and for other shareholders this is one of the basic criteria of the
work of the enterprise: not only capitalization - joint market cost of actions, but also profit - sufficiently important for us index. Large wish, so that the management of station also would continue to work: without the emergencies, without the failures ensured reliably the supply of all users by
electric power.
I want to note, that Kostroma GRES - STATE REGIONAL ELECTRIC POWER PLANT - one of the
leaders of electro-energetics of Russia. In spite of that, that was obtained this small profit and toward the payment of
dividends more than 21 million are directed only. rubles, the potential of station is much more. If we evaluate the quality of control, which steadily rises and is improved in recent years, and technical constituting, what stands only carried out reconstruction of the first chimney stack
- all this, certainly, the components of the successful work of Kostroma GRES - STATE
REGIONAL ELECTRIC POWER PLANT.
Baldin N.N., the Director-General OF JOINT STOCK COMPANY "Kostroma GRES - STATE
REGIONAL ELECTRIC POWER PLANT".
- as I do evaluate the work of the association? What problems we did pose before ourselves? Answering the first question, I want to say - well. First of all, this is strengthening financial discipline, the introduction entirely of the system of conducting business-
processes and budgeting. In this the big merit of initiative-taking and professional
specialists, which participate in the tradings by electric power, and entire financial housing of control. These components in conjunction with the indisputable authority of the
workers of the technical services allowed our station to leave to the
profit, although by business- plan provided obtaining by Kostroma GRES - STATE
REGIONAL ELECTRIC POWER PLANT losses in the size of 700 millions. rubles.
I count, that the very outstanding event of the past year - this that, that the enterprise became a participant in the tradings in the
competitory market for electric power. Our portion in it remains at the sufficiently high level - eight
percent, takeing into account even that, Kostroma GRES - STATE REGIONAL ELECTRIC POWER PLANT manufactures what
about two percent of the electric power of the country. This speaks about our readiness for the market, and we will be in it viable.
Fifty one percent of the actions of Kostroma GRES - STATE REGIONAL
ELECTRIC POWER PLANT belongs TO RAO "EES OF RUSSIA", rest - to physical and legal persons. I want to note, that in their number there are foreign companies. It is difficult to evaluate, good this or is bad. I count, that this testifies about that, that the active memberships KGRES quote also abroad. Foreign shareholders, buying our actions, they calculate, certainly, to obtaining of profit, in the successful work of enterprise. They actually evaluate our possibilities and see prospects, which we can dostich'.
If in the beginning of the privatization of forty nine percent of the
actions of enterprise they belonged to the physical persons, in essence, to the workers of station, that at present is observed reverse tendency. Many decided not to experience fate. People are more foresighted, selling securities, they acquired real estate, and someone already lost the money rescued for the actions. Some sold them into the peak of the capitalization of company, someone at the moment of failure of the cost of actions. But right each shareholder to freely manage its actions. Sale and the purchase of securities - this is game.
Irsh Charles, the Head of the Diplomatic Mission Eurostep (Cyprus) Ltd.
- Kostroma GRES - STATE REGIONAL ELECTRIC POWER PLANT - not only the
largest station in Europe, but also the most competitive. I count, that the future of enterprise is splendid. But, unfortunately, thus far station cannot freely buy gas and sell electric power, and therefore competitive ability KGRES is not completely evaluated. The station has difficulties, but year through two or three, when the liberalization of the market for electric power completely
begins, station will live well and considered one of the most attractive power
facilities of Russia.
I am the member of the council of the directors of Kostroma GRES -
STATE REGIONAL ELECTRIC POWER PLANT already three years, and my work, as the representative of western minority shareholders, it is directed toward the acceleration of the process of formation
OGK. This will make it possible to create more attractive object for the
investors. I will note, that the corporate procedures on KGRES correspond to western level. We - shareholders - must exert maximum efforts for that, so that the management and the workers of station would have all
necessary conditions for the normal operation. Indeed their interests and our coincide - this stable, the reliable and profitable work of the enterprise |
