Annual General Meeting of Shareholders of Kubanenergo PJSC took place today on 24th of June in Krasnodar chaired by Yuriy Mangarov, chairperson of the Company’s Management Board and Chief Advisor at Rosseti PJSC. The meeting addressed the results of operational and financial activities of the Company in 2015.

The following issues were discussed at the meeting: approval of Company’s annual report, annual accounting report, election of Company’s Board of Directors and Auditing commission, approval of restated Regulations for the Board of Directors and distribution of profit of the Company by the results of the year.  

The meeting was attended by Andrey Alexeyenko, deputy governor of the Krasnodar region, Andrey Krasnov, head of Regional Office of Federal Agency for the Administration of State Property in the Krasnodar region, Nikolay Varlamov, member of Rosseti Board of Directors, deputy director general – chief of staff at Rosseti PJSC and Alexandr Gavrilov, director general of Kubanenergo PJSC.

Nikolay Varlamov, in his welcome speech, noted that despite ongoing economic hardship, Kubanenergo, the affiliate of Rosseti PJSC, kept on its sustainable development. Thanks to Rosseti’s coordination of operational, investment and financial processes, the Company managed to ensure stable operation of networks and reliable electricity supply to customers. Such synchronous approach allowed to reach positive results on the key production indicators. High level of professionalism of Kubanenergo employees made it possible to reduce the number of technological faults by 43% in 2015.

In his speech on the basic activities of the company and the goals reached in 2015, Alexandr Gavrilov, director general of Kubanenergo PJSC, stressed that the Company adhered to the plan of development aimed at reliability and safety of power supply, provision of sufficient energy infrastructure in the Krasnodar region and the Republic of Adygea. In 2015 Kubanenergo spent 10 billion rubles in its investment programme, commissioned about 400MVA of transformer capacity and over 10 thousand kilometres of power lines. The net profit of the Company amounted around 1.5 billion rubles.

In general by the results of 2015 Kubanenergo fulfilled its main goal, i.e. provision of reliable, safe and good-quality electricity supply, and enhanced its image of a company of great importance for stable social and economic development of the Krasnodar region and the Republic of Adygea.

At the AGM shareholders discussed recommendation of the BoD of Kubanenergo PJSC concerning the distribution of profit, which amounted 1.452 billion rubles, dividends  payment from common stock shares of the Company by the results of 2015 and a proposition to embark 4.047105 rubles per one common stock share of the Company in cash form.

The information on the results of voting and the adopted resolutions will be disclosed in Interfax no later than 28 June 2016.