15 April, 2009
ABIndex: OJSC “Electric stations” won’t pay dividends to its shareholders because of losses received
AGENDA:
Approval of OJSC “Electric stations” returning board membership
Approval of board of directors’ report on OJSC “Electric stations” operation results for 2008
Approval of board of directors’ report on company’s annual budget for 2008 fulfillment
Approval of the report on performance of estimate of expenditures for board of directors and inspection commission maintenance for 2008
On “Consultant” Ltd. independent auditor report on OJSC “Electric stations” operation results for 2008
On inspection commission report on OJSC “Electric stations” operation results for 2008
Approval of OJSC “Electric stations” annual balance sheet, income statement for 2008
On corrective actions and additions to OJSC “Electric stations” income distribution order regulations
On annual budget of the company for 2009
On OJSC “Electric stations” board of directors members selection
On OJSC “Electric stations” inspection commission members selection
On budget of expenditures for OJSC “Electric stations” board of directors members maintenance for 2009
On budget of expenditures for inspection commission members maintenance
On corrective actions and additions to OJSC “Electric stations” regulations about board of directors and inspection commission
On OJSC “Electric stations” taking part in CJSC “Kambarata hydroelectric stations - 1” as a founder
On OJSC “Kambarata hydroelectric stations - 2” creation with OJSC “Electric stations’” branch (Kambarata hydroelectric stations) liquidation.
On approval of OJSC “Electric stations” article of association in new edition and on rewrite of it in Ministry of Justice.
According to messages of OJSC “Electric stations” board of directors and management by the totals of 2008 electric power production has amounted 11 620,4 million kw., from which: at hydroelectric stations production has decreased and has formed 10608,4 million kw., at TPP production has increased by 208 million kWh and has amounted 1 011,9 million kWh. In whole in comparison with last year electric power production has decreased by 3 024,5 kWh. The production decrease at hydroelectric stations and the increase in TPP production is caused by the necessity of saving water resources in Toktogul storage.
Electric power export for 2008 has amounted 543,2 million kWh, this is 1 836 less than last year because of inflow level decrease to Toktogul storage.
By OJSC “Electric stations” operation totals for 2008 464,8 million soms loss has been received. The loss of the company has been caused by the increase of electric power production at TPP which led to fuel costs increase. Furthermore, decrease in electric power consuming on the internal market (entry of limits for electric power consuming) has caused income decrease and has contributed to getting losses.
One of the main objectives of OJSC “Electric stations” is intensive building of Kambarata hydroelectric station-2 in an effort to secure decrease of electric power deficit in country. According to Kyrgyz Republic Government’s Resolution since November 2007 till 1st January 2009 by Kambarata hydroelectric station-2 OJSC “Electric stations” have settled investments to the sum of 1 019,4 million including:
At the expense of republican budget – 737,8 million soms
At the expense of OJSC “Electric stations” equity 276,6 million soms have been settled
At the expense of deterioration – 4,9 million soms
For today Kambarata hydroelectric station-2 building is being performed according to planned schedule. Putting into operation of first Kambarata hydroelectric station-2 unit is planned by the end of 2009
Now financial situation of OJSC “Electric stations” is very complicated and considering significant cost of Kambarata hydroelectric stations building it seems impossible for the company to finish the construction by own strength. As a result a matter of OJSC “Electric stations” taking part in CJSC Kambarata hydroelectric station-1 as a founder has been considered.
So on 3rd February 2009 Agreement between Kyrgyz Republic Government and Russian Federation Government about Kambarata hydroelectric station-1 was signed. The new company has been created in equal portions - OJSC “Electric stations” – 50% and “Inter RJSC ES” from Russia – 50%. The company’s account will receive 1,7 billion U.S. dollars from RF Government. Kambarata hydroelectric station building will long for 7 years.
By trade volume totals since the beginning of 2007 till 14th March 2009 256 deals totaling 16,7 million soms have taken place with the company’s stock. At that highest price has been 3,4 soms, lowest – 1 som. At nominal stock price 4,5 nowadays the stock is being traded on stock market at 1,90-2,10 soms per share.
Stock price change dynamics and trade volume of OJSC “Electric stations” for the period of 01.01.2007 - 14.04.2009
OJSC “Electric stations” (ELST) is a leader in power in Kyrgyzstan power industry. By water resources Kyrgyzstan takes third place among CIS countries after Russia and Tajikistan. Level of hydroelectric potential consuming nowadays stays rather insignificant and amounts 9,2% of the total potential.
The information has been prepared by BNC Finance within the limits of ABIndex - valuation of the events taking place on Kyrgyz Republic stock market through national stock index creation, mutual project with AKIpress.
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