Key strategic priorities for 2011 - 2015, financial results for 2010 & 1H 2011

1. IR PRESENTATION
Key strategic priorities for 2011-2015,
financial results for 2010 & 1H 2011
VTB Capital «RUSSIA CALLING!» Investment Forum
October 05-07, 2011

2. Disclaimer
The information in this presentation was received from the sources, which in opinion of IDGC of Centre (“the Company”)
are reliable. Nevertheless, we do not guarantee the accuracy of the given information, which may be short or incomplete.
All opinions and estimations contained in the present material reflect our opinion at the date of publication, and are
subject to the change without any notice.
This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer
to purchase or subscribe for, any shares or other securities representing shares in the Company, nor shall it or any part
of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with any contract or
investment decision.
The information in this presentation includes forward-looking statements. These forward-looking statements include all
matters that are not historical facts, statements regarding the Company’s intentions, beliefs or current expectations
concerning, among other things, the Company’s results of operations, financial
condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their
nature, forward-looking statements involve risks and uncertainties, including, without limitation, the risks and
uncertainties to be set forth in the prospectus, because they relate to events and depend on circumstances that may or
may not occur in the future. The Company cautions you that forward looking statements are not guarantees of future
performance and that its actual results of operations, financial condition and liquidity and the development of the industry
in which the Company operates may differ materially from those made in or suggested by the forward-looking statements
contained in this presentation. In addition, even if the Company’s results of operations, financial condition and liquidity
and the development of the industry in which the Company operates are consistent with the forward-looking statements
contained in this presentation, those results or developments may not be indicative of results or developments in future
periods
The Company does not bear the responsibility for consequences of use of opinions containing in the present report or
applications, or for incompleteness of the information. No person is under any obligation to update or keep current the
information contained herein.
By attending the presentation you agree to be bound by the foregoing limitations.
2

3. I.
Key strategic priorities for 2011-2015
3

4. Industry Structure
Industry restructuring 2003-2007 Current Tariff Structure
Market Board 100%
Hydro UGC 63% 3%
System Operator 34%
Heat UGC Power Generation Sales
Federal Grid Company Transmission & Distribution
Transmission network
220 kV and above)
TGC
RАО UES
HOLDING Other power generating
of Russia
IDGC companies
Power Generation
17%
34%
7%
Holding IDGC Losses TGCs
(11 IDGCs –distribution Sales 4% 6%
network 110 kV and
below, 7 sales, 5
DGCs, others)
Others •- the structure is provided according to the results of
Infrastructure
2011 tariff campaign
Benchmark among IDGCs (2010)
MCap (09.2011), RUR billion Revenue, RUR billion Net profit, RUR billion RAB, RUR billion
MOESK MOESK MOESK MOESK
МОЭСК 72 МОЭСК 110.6 МОЭСК 15.6 МОЭСК 205.3
IDGC of Centre 33 IDGC of Centre 60.4 IDGC of Центра
Centre 4.7 IDGC of Centre 118.2
МРСК Центра
МРСК Центра МРСК Центра
МРСК Центра МРСК Центра
МРСК МРСК Центра
МРСК Центра
IDGC of Centre and Volga…
МРСК Центра и 20 IDGC of Centre and Volga…
МРСК Центра и 54.4 Lenergo
ЛенЭнерго 3.8 IDGC of Centre and Volga…
МРСКМРСК ЦП
Центра и 84.8
МРСК ЦП МРСК ЦП
IDGC of Volga
ЛенЭнерго 16 IDGC of Урала
МРСК Urals 49.8 IDGC of Urals
МРСК Урала 1.7 Lenergo
ЛенЭнерго 78.6
МРСКof Urals
IDGC Урала IDGC ofСибири
МРСК Siberia IDGC of МРСК Центра и…
Centre and Volga
МРСК ЦП IDGC of Волги
МРСК Volga
МРСК of Siberia
IDGC Сибири
15
15 # 2 IDGC of Волги
МРСК Volga
43.4
39.4 #2 МРСКIDGC of NC… 0.6
Северного
МРСК СK
1.4
#2 IDGC of Урала
МРСК Urals
77.0
57.2 # 2
МРСКLenergo
Волги 14 ЛенЭнерго
Lenergo 34.2 МРСК Волги
IDGC of Volga 0.3 IDGC ofСибири
МРСК Siberia 51.6
МРСК Северо-Запада
IDGC of North-West
МРСК СЗ 9 IDGC МРСК Северо-…
of North-West
МРСК СЗ 26.7 МРСК Северо-Запада -0.8
IDGC of North-West
МРСК СЗ МРСК Северо-…
IDGC of NC
МРСК СK 22.9
4
IDGC of Юга
МРСК South МРСК Юга
IDGC of South 22.0 МРСК Сибири
IDGC of Siberia -2.8 МРСК Юга
IDGC of South 22.5
4 МРСК СK
МРСК Северного…
IDGC of NC
2 МРСК СK
МРСК Северного…
IDGC of NC
10.5 МРСК Юга
IDGC of South -3.6
МРСК Северного…
МРСК СЗ
IDGC of North-West
18.0

5. Introduction
Service area–
10 2010
458 000 8
km2 11
IDGC of Center 2 4 MCap, RUR billion 33
15% of the as at September 30, 2011
1 Belgorodenergo Russian
2 Bryanskenergo population Revenue (IFRS) 61
RUR billion
3 Voronezhenergo
Length of lines, 365
4 Kostromaenergo Yaroslavl km thousand*
Smolensk Tver
5 Kurskenergo Substation capacity,
MWA
6 Lipetskenergo Bryansk IDGC of Centre Kostroma 31 404
35-110 kV
Kursk Orel
7 Orelenergo Lipetsk
6-10/0.4 kV 15 192
Belgorod
8 Smolenskenergo
Tambov
Voronezh
9 Tambovenergo Staff number 30 906
10 Tverenergo
11 Yarenergo 5 7 Number of 16 775
9 shareholders**
6
The Company is a monopolist –
tariffs are regulated by the State
1
3
*- overhead power lines 0.4-110 kV
** - as at 12.05.2011 – the date of registry closed
5

6. Story line 2010-2011
09.2010 11.2010 12.2010 01.2011 06.2011 08.2011
12.2004 –
2009
Board of directors approved 5 years RAB tariff system Successful The AGSM approved USD Board of directors
the Regulations had been adopted in implementation of the 20.1 million (RUR 611 approved the
on the dividend policy Orelenergo and business plan and the million) of dividend corrected
based on a system Bryanskenergo investment program for payment (the pay-out ratio business plan and
executing a set of criteria iRAB amounts USD 3.9 billion 2010, the actual volume – 12.6%). investment
(RUR 118 bln) of CAPEX amounted to The Company fulfilled its program for 2011
December’04 103% of the plan –USD obligations to pay dividends due to the new
As part of RAO UES reforming 401 million (RUR 12 on 17.08.2011 tariff balanced
IDGC of Centre and North billion) solutions
Caucasus had been registered for
RGC integration Company stocks moved across
to MICEX quotation list А2.
April ‘07 The first stage of The company acquired 5 years RAB tariff Company confirmed 7+ rating
The final structure of the Company Smart Grid 100% of Yargorelectroset , system adopted in of corporate governance (on
had been accepted, including program is the share of IDGC of Kostromaenergo, the national scale) the highest
11 regional grid companies completed in Centre in regional grid Tambovenergo,
of central Russia (the decision of among all IDGCs.
The board of directors of RAO Belgorod assets increased to Voronezhenergo,
90% Smolenskenergo Company reported 1H2011
UES) IFRS financials,
and Yargorelectroset
March ‘08 Affiliation of RGCs demonstrating material
growth throughout
May ‘08 Listing on MICEX and RTS
the reporting period across
key financial indicators
6

7. Strategic goals
• Consolidation of TGCs and abandoned power grids in
Consolidation of regions
power grid assets • Management of inefficient owners’ power grids
• Settlement of the "last mile" and the tariff rates growth in
1 the regions of TGCs
• Reliable sources of technical and commercial losses
calculation system established
Improvement of
quality and reliability • Replacement of lines and transformers on the basis of
of customer services economic expediency
• Implementation of the innovative projects (smart grid,
2 smart metering)
• Increasing of the reliability indicators (SAIDI, SAIFI)
Improving the
efficiency of operating • Working in accordance with the RAB methodology
activities • Assets management program (unified technical policy)
• Improving the procurement process
3 • Optimization of the management structure
Improvement of the Company’s equity story
• Shareholder value growth through meeting strategic goals 1-3;
• Share liquidity program implementation;
• Possible privatization in 2013-2014
7

8. Company structure and key shareholders
Russian Federation Share capital
53.69% structure, %
IDGC Holding Minor shareholdres 50.23 15.90
50.23% 49.77%* % %
Group of companies
Free float
IDGC of Center, JSC 30% 8.40%
3.20%
Subsidiaries – 100% 2.73%
18.09 1.45%
% Others
Yargorelectroset, Energy service
Energetik, JSC ОАО «Холдинг МРСК»
IDGC Holding, JSC
JSC company, JSC
Jamica Limited
Jamica Limited
Yargoreletroset, JSC is the The main activities are
51% largest Territory Grid providing saving energy
Organization in the Central services , energy THE BANKof New York Mellon
The Bank OF NEW YORK
MELLON
11 operating YarESK, JSC Federal Region. The result of
acquisition of the 100%
efficiency
IMMENSO Enterprises Limited
Immenso ENTERPRISES
business stake is that IDGC of Center LIMITED
now controls more than 90%
units -November of power grid assets in the
Energosoyuz Holdings Limited
ЭНЕРГОСОЮЗ
ХОЛДИНГС ЛИМИТЕД
11, 2009 Yaroslavl region
Rusenergo Fund Limited
Energetik, JSC acquired
the controlling stake of
YarESK, JSC, which is
target company for
consolidation of power grid
assets in Yaroslavl region
* - including the State share 0.46%
8

9. Share capital structure and
corporate governance
Supreme governing body:
General Meeting of
Auditor Shareholders
Developed corporate Strategic
Audit
governance Commission
governing body:
practice, leading position Board of Directors 5 Committees:
Outer control for financial
among IDGCs activities of the Company
Committee
Management board on Strategy
Chairman of the Committee
Management Board–
History of IDGC of Center corporate on Audit
General Director
rating on the national scale
Committee
on personnel
NRCG**
Confirmed (7+) August’ 11
Internal Control and Committee
Upgraded (7+) January ’ 11
Audit Department on reliability
Confirmed July’ 09
Confirmed February’ 09
Committee
Assigned September’ 08 Inner control for financial
on TC*
activities of the Company
* - technological connection
9

10. M&A projects - grid assets integration
TGCs in IDGC of Centre service area
Amount of other TGCs = 441
120
• The other TGCs’ average share in revenue 102
in IDGC of Centre service areas – 20%; 100
80 70
• Required Gross Revenue (RGR) of the 62
60 53
Company due to the assets consolidation 39
in regions may increase to RUR 10 billion 40
25 26
by 2015, RGR share may grow by 97%; 14 18 23
20 9
0
• One of the key goals of the Company is the
Belgorod
Voronezh
Bryansk
Tambov
Smolensk
Kursk
Tver
Lipetsk
Kostroma
Orel
Yaroslavl
integration of power grid assets that will
allow:
• increasing the reliability level of power supply
• enlarging the power distribution sales market Share of the Company in the power
• improving the quality of customer service transmission market, 2007-2015F
• balancing the tariff on power distribution
2007 2008 2009 2010 2015F
Market
share in
83% 83.6% 83.8% 84% 97%
terms of
money
10

11. Integration key steps
• Providing monopoly on power grid services market in the regions of
presence with more than 97% share;
Target/ • Long-term target program for the consolidation of power grid assets have
Program
been developed and approved (power grid assets consolidation plan for
2011 - 2015)
• Company consolidates the assets primarily in 3 ways: acquisition of
power grid, long term property rent, purchase of shares of power grid
Methods and companies;
advantages • The basic advantages of consolidation are as follows: implementation
of consolidation of a unified technical policy, the development of a unified scheme
of long-term development of power grids, improving the reliability
of electricity supply to consumers of all categories, increasing of
power grid capacity
• It is planned in 2011 to consolidate municipal power grid assets of the
Plans for Voronezh region, to acquire the property in the Lipetsk region and to
2011-2015 consolidate the assets in the Tver region;
• Program provides working with more than 5 thousand owners
11

12. Dynamics of losses
Output Change, Dynamics of losses,
Year % 2006-2011 (F)
kW (thousand) p.p.
12%
2006 6 238 10.35 10.35% 10.11%
9.52% 10.01% 9.93%
10% 9.40%
2007 5 932 9.52 (0.83)
8%
2008 5 875 9.40 (0.12)
6%
2009 5 977 10.11 0.71 4%
2010 6 230 10.01 (0.10) 2%
0%
2011F 6 237 9.93 (0.08)
2006 2007 2008 2009 2010П 2011F
2010 2011П
 Reduction of losses – the priority target for
the management Increase of losses was a result of
implementation of integration
 Implementation of renovation program and modern program, introduction of common
metering systems will allow IDGC to reduce losses by technical requirements for all subsidiaries
1% by 2015 will allow to reduce losses
12

13. Expected CAPEX for 2011-2015
amounts to RUR 102 billion*
Main uses of CAPEX in
2011 11.7% 100%
Development, Commissioning, 1.75
Year 6.0% 4.0 % 1.6
RUR billion RUR billion
7.4% 0.9 0.6
14.95 15.68 32.8% 1.1
2011F
2012F 17.58 18.84
2013F 20.82 20.82 4.9 14.95
14.95
2014F 23.92 23.93
38.1%
2015F 24.57 24.15
Sources of finance in 2011
5.7 5.7
4% 1% Borrowed sources RUR billion
Tariff sources - Replacement of the main power equipment
- New construction(substations, overhead и cable lines)
42% 53% - ASMD systems, connection, IT
Payments for connection
services - Developing/Modernization of accounting systems
Others - Modernization and reconstruction
- Others
* - in accordance with the adjusted IP which had been approved in September, 2011
13

14. The development of energy-saving
technologies –Energy Service Company, JSC
The Program of the RF Government -“Energy-saving and enhancement of power efficiency for the period up to 2020”
Share in the authorized
capital -100%
Energy Service Company, JSC
Key goals of establishment Key tasks
 Diversification of the Company’s  Conducting energy audits, evaluation and
1 operations, strengthening its market reduction of energy losses of consumers;
positions, increase of revenues;  Implementation of service and maintenance
 Formation of the competence center for the functions to ensure stable and reliable
implementation of measures for energy- operation of power facilities;
saving and power efficiency based on  Work on the analysis of new projects and
Energy Service Company (design and
2 construction of facilities using energy-
existing utility systems and equipment
(expert review);
efficient technologies);
 Development of design and estimate
 Formation of the resource base of highly documentation and its coordination
qualified personnel and technology for (examination) in the supervisory bodies;
3 implementation of the repair program and
 The activities within energy service
the program of energy-saving and power
efficiency of IDGC of Centre. contracts.
14

15. Attractive target for investments
• Transition to RAB is a vigorous driver for increase in operational
efficiency and decrease in costs per unit
RAB regulation • The first IDGC among others which transferred all its branches to RAB:
2009: 3 branches, 2010: 4 branches, since 01.01.2011: 4 branches
• High level of RAB - USD 4.0 billion (RUR 121 billion as at
01.01.2011)
• Capital formation rate is lower than profitability rate of invested capital
• Developed and implemented KPI system
Strong team • Strong financial performance - positive dynamics on all key financial
of managers and operating indicators for 4 years
• Transparent system of corporate management (7+ corporate governance
rating on national scale)
• Investment history of distribution grid complex attracts
high attention of analysts and investors:
Prospects
of growth - on 21.06.2011 Annual General Meeting of Shareholders approved
dividend payments for 2010 in amount of USD 20.05 million
(RUR 610 million)
- sector is significantly undervalued as compared to foreign
peers
15

16. II.
Financial results for 2010 & 1H2011 (IFRS)
16

17. Key IFRS financial indicators
2008 - 2011
Key indicators 2008-2010 and 1H2011 (IFRS)
RUR billion 2008 2009 2010 CAGR 1H2010 1H2011 Growth, %
Revenue 43.7 49.3 60.6 17.8% 29.5 35.2 19.2%
Revenue growth 12.8% 22.9% 28.6 33.6 17.6%
EBITDA 8.8 8.6 12.4 18.7% 5.7 8.6 49.9%
EBITDA margin 20.2% 17.4% 20.5% 19.3% 24.3% 5 p.p.
Net Income 2.8 2.1 5.1 35.0% 2.3 3.8 63.7%
Net margin 6.4% 4.3% 8.4% 7.9% 10.9% 3 p.p.
Net Debt 9.3 10.8 14.7 25.6% 14.7 11.4 -22.4%
Net Debt/EBITDA 1.1 1.3 1.2 5.8%
Sources: Company’s data
Sources: Company’s data, KPMG auditor
Key operating drivers in 1H2011:
•The control for final commercial and procurement procedures
•The economy on procurement for 1H2011 amounts about RUR 1.9 billion
(about 14% of all procurement procedures)
• Staff optimization
•The number of employees within the executive office reduced by 154 in 9 months of 2011 (-7%)
•The conclusion of the single contract between FGC UES and IDGC of Centre
• In April 2011 the working group between UES FGC and IDGC of Centre was created – the single contract on providing the services has been concluded. The
principle advantage is that the payment for the services provided is based on balanced capacity. The estimated economical effect is about RUR 1.4 billion per
year of reducing the tariff
17

18. Loan portfolio structure & credit rating
Net debt/EBITDA, RUR billion Credit rating history
40 22
1.94
35
30 1.5
1,5
1.25 1.18 23.2
25 21.9
1.06
20 11
14.7 14.9
15 10.8 11.1
9.3 9.4
10 0,5
0.5 History of IDGC of Centre credit rating
5
0 0 Standard&Poor’s
2008 2009 2010 2011П
2011F Confirmed February’11
Net debt долг
Чистый Долг
Loan portfolio net Debt/EBITDA Confirmed July ’10
Assigned November‘09
Recommended NRА*
ratio Net Debt/EBITDA = 3 Upgraded to АА- December ‘10
Confirmed October’10
Structure of loan portfolio (%),
2011 Confirmed September’09
Upgraded (level A+) September’08
7%
Sberbank Upgraded (level А) August‘07
17% Rosbank
48%
Alfabank
27%
Gazprombank
* National Rating Agency
18

19. Required Gross Revenue** structure and
structure of operating expenditures 2011
RUR billion
Required gross
Non-controllable costs– revenue
69.6 RUR 39.9 billion
structure, %
4.6
54.0 14.2 4.6 16.7
5.3 10 11 1
9
7.4
2011 8
11.5
Productive
supply, 2 13.4
7.5
billion kWh
53.7 FGC
services
7
8.6 6
7.9 3
Average TGO 5 4 11.9
130 services 5.0
tariff,
9.5
kop/kWh Losses 14.8 11.2
purchase
Others
Belgorod (1) Lipetsk (2)
Tariff 16.5%
growth Voronezh (3) Tver (4)
Yaroslavl (5) Kursk (6)
Revenue OPEX Controllable Bryansk (7) Smolensk (8)
incl. TGCs* costs *** Kostroma (9) Tambov (10)
* - RGR according to the Tariff Balanced Solutions for 2011 (according to the revision on 01.08.2011, Government Regulation
1172) Orel (11)
** - exc. Yargorelectroset
*** - Controllable costs within OPEX
19

20. Stock performance and liquidity increase
05.2008 04.2009 09.2010
08.2010 2Q2011 3Q2011 4Q2011
Company ‘s Company’s Company’s Confirmation of Dividends payment Launch of option
shares were shares were shares were presence in RTS EU USD 20.05 million program
listed on included in the included in and RTS-2 (RUR 610 million), DR program
MICEX index: RTS EU* MICEX A2
(quotation list MICEX PWR inclusion
B), RTS
Dividends for 2010: Company’s priorities for the stock performance
improvement:
Total (RUR million) 610.9 • Stable dividend policy
• Quotation list update (MICEX A1)
Net profit share 12.6%
• Depositary receipts launching
• Inclusion in international indexes
Dividend yield 1.37%
- forecast * - RTS energy utilities
20

21. Company’s shares and sector indexes dynamics
Beginning of trading:
Stock market indicators,multipliers May 21, 2008
Quotation list:
TSR (2010) 66% Peer companies Company reports the good
financials for 2009 and plans «А2» MICEX
P/E 4,5 6,6 8,8* on all the branches to adopt Shares of IDGC of Centre are part of the
RAB after Jul 01, 2010 calculation base in indices:
70% EV/ 3,2 3,2 5,1* - MICEX PWR
60% EBITDA - RTS-electricity
50% - RTS-2
40% EV/S 0,8 0,6 1,2*
30% Feb 17. Head of
EV/RAB 0,44 0,41 1,29* Russian Government
20%
announced the need to
10%
curb the growth rate of
0% tariffs on power
-10%
-20%
-30% Shares of the
-40% Remaining branches to adopt
Company have been
RAB (Nov’10, Jan’ 11)
-50% included into MICEX
-60% A2 quotation list
The information that government Company reports
-70%
intends to adopt RAB good IFRS financials
-80%
on 1H2011
-90%
Сентябрь 2008
Ноябрь 2008
October 2009
October 2008
June 2009
Ноябрь 2009
Март 2009
April 2009
July 2010
February 2010
October 2010
May 2010
June 2010
July 2011
Август 2011
Август 2008
Август 2010
Сентябрь 2009
April 2011
May 2011
June 2011
May 2009
Декабрь 2008
Декабрь 2010
Февраль 2011
Февраль 2009
April 2010
Август 2009
Ноябрь 2010
Декабрь 2009
Июль 2009
Сентябрь 2011
January 2010
September 2010
March 2010
January 2011
February 2011
Июль 2010
Май 2010
Март 2011
September 2008
August 2008
December 2010
Апрель 2011
September 2011
March 2009
September 2009
December 2009
Февраль 2010
Октябрь 2010
Июль 2011
Апрель 2009
July 2009
November 2010
Май 2011
August 2011
Май 2009
August 2009
December 2008
Апрель 2010
Июнь 2011
August 2010
Октябрь 2008
November2008
Июнь 2009
Сентябрь 2010
February 2009
Июнь 2010
Январь 2009
November 2009
Октябрь 2009
March 2011
January 2009
Январь
Январь
Март
МРСКof Centre
IDGC Центра Индекс ММВБ
MICEX Индекс ММВБ-Энергетика
MICEX Power
* - Average international peer companies
21

22. THANK YOU
FOR YOUR ATTENTION!
IR specialists will provide you with any additional information upon your request:
Head of IR
Miroshnichenko Tatiana
ir@mrsk-1.ru
IDGC of Center
4, 2nd Yamskaya str., Moscow, Russia 127018
T: +7 495 747 9292 F: +7 495 747 9292
www.mrsk-1.ru
Tickers:
MICEX: MRKC
RTS: MRKC, MRKCG
22

23. APPENDIX
23

24. RAS Financial indicators for 2008-11F*
RUR billion 2008 2009 2010 2011* CAGR
Revenue 43.6 49.1 60.4 68.2 16.1%
Costs 37.6 43.3 50.9 57.9 15.5%
EBITDA 6.76 7.64 10.96 11.49 19.3%
RUR billion
EBITDA margin 112.7% 131.7% 115.1% 112.4% 80
Net profit 0.87 1.33 4.71 3.28 55.6% 68,15 70
60,4
Net profit margin 2.00% 2.71% 7.80% 4.81% 60
49,05
50
43,55
The basic causes to correct business plan of
IDGC of Centre for 2011 are: 40
•Revision of the tariff balanced solutions for 2011 by the regional 30
regulation authorities;
20
•Correction of investment program as a result of revision of the
10,96 11,49
tariff balanced solutions for 2011. 7,64
6,76 10
4,71
1,33 3,28
0,87
0
2008 2009 2010 2011*
* - corrected business plan, which had been approved by BD in September 2011 Revenue
Выручка EBITDA Net profit
Чистая прибыль
24

25. Decrease in RGR
Decrease in RGR in accordance to Government Regulation №1172
offset by lower costs in 2011
75,00
73,00 -3.90
-5.87 -7.9%
71,00
74.02
69,00 -2.73
67,00
68.15
65,00
Revenue 2011
Выручка 2011г. (ТБР Decrease in OPEX
Сокращение Revenue 2011
Decrease in CAPEX Выручка 2011г. (ТБР
Сокращение
(TBS* 01.01.2011)
на 01.01.11) операционных капитальных с учетом ПП №1172)
(TBS* taking into
расходов расходов account GR №1172)
Figures Revenue from services OPEX CAPEX
2011
74.02 68.77 17.68
(TBS* 01.01.2011)
2011
68.15 64.87 14.95
(TBS* taking into account GR №1172)
Absolute CHNG -5.87 -3.90 -2.73
*Tariff Balanced Solutions
25

26. RAB adoption. Results
Date of Subsidiaries Total value IRAB,
transition of invested RUR million
Full value of IC and iRAB
capital 400
RUR
million 350
Belgorodenergo 50 609 19 930
300
115
from 01.01.2009 Lipetskenergo 250
25 726 10 030
Tverenergo 55 276 14 366 200
Kurskenergo 30 782 10 802 150
from 01.01.2010
Yarenergo 21 586 8 968 100 226
42
Bryanskenergo
20 045 5 989 50
from 01.11.2010 76
Orelenergo 0
21 571 6 407
Полная величина ИК
Full value of Остаточная величина ИК
Value of «new»
Kostromaenergo invested capital
(ПИК) invested capital
(ОИК)
17 058 7 603 IRAB
(IRAB)
Tambovenergo 18 609 5 515
Филиалы перешедшие01.01.2011
RAB subsidiaries after на RAB после 01.01.2011
from 01.01.2011 Voronezhenergo RAB subsidiaries before 01.01.2011
Филиалы перешедшие на RAB до 01.01.2011
38 110 12 650
Smolenskenergo
37 041 13 735 Approved iRAB on subsidiaries –
Yargorelectroset* USD 3.9 billion
3 969 2 168
(RUR 118 billion)*
Total 340 382 118 162 *Including Yargorelectroset 100% stake is owned by IDGC of Center
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