OREANDA-NEWS. A general annual meeting of shareholders of Russian Utilities Systems (RUS - part of the Integrated Energy Systems) took place in Moscow on May 15.

The shareholders of the company approved the annual report and financial statements for 2006, including the RUS's income and loss statement for 2006 and profit distribution report.

For the first time, a positive value of net wealth was achieved for the entire RUS group of companies in 2006, which amounted to 1161,7 mln roubles. The amount of revenue and net profit invested in the development and upgrade of the utility infrastructure increased. Profit for the RUS managing company totalled 346,66 mln roubles in 2006. The shareholders of the RUS supported the decision not to distribute profits but to spend the profits earned on development. A decision was made to transfer part of the profit (11.4 mln roubles) to the company's reserve.

In his address to the shareholders, Mr Yakov URINSON, chairman of the RUS Board of Directors, noted that in 2006 a new structure of the share capital was formed for RUS - 75% of shares is consolidated by the Integrated Energy Systems (IES) and 25% of shares belonging to RAO UES of Russia. The utility business of the IES was transferred to the RUS for management with a view to further integration of the utility assets on the basis of the RUS. "This consolidation along with the dynamics of the RUS's own business expanding into new areas led to a 80% increase in the amount of services provided by the subsidiaries and managed companies of the RUS. The company gained a strong foothold as the largest private national operator in the area of providing utility services to retail consumers".   

The general annual meeting of shareholders elected a new Board of Directors. It includes:

Marat BASHIROV, Director, Regional Projects Directorate, autonomous non-profit-making organisation Corporate Development Institute

Nikolai BRUSNIKIN, Head, Project Group for Public Utilities Sector Monitoring, RAO UES of Russia; First Deputy Chairman, Management Board, RUS

Sergei DROJJIN, Senior Vice President for Economics and Finance, IES

Denis RUDAK, Senior Vice President for Corporate Management, IES; Director, Corporate Governance Department, Sual-Holding

Mikhail SLOBODIN, President, IES; President, RUS

Eduard SMELOV, Senior Vice President for Strategy and Development, IES; Deputy Chairman for Strategy and Development, Management Board, RUS

Nikolai STEPANOV, Deputy Management Board Chairman, Executive Director, RUS

Yuri TYRTYSHOV, Deputy Minister of Regional Development of the Russian Federation

Yakov URINSON, Deputy Chairman, Management Board, RAO UES of Russia

Alexander CHISTIAKOV, First Deputy Chairman, Management Board, Federal Grid Company of the UES