OJSC Kubanenergo
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Subsidiaries and Affiliates of the Company

As of 31.12.2014, OJSC Kubanenergo holds 100% stakes in three subsidiary open joint-stock companies:

Item No.

Name

Operation region

Type of activity

Share held by OJSC Kubanenergo
in the capital of S&A (%)

1

Open Joint-Stock Company Recreation Center Energetik
(OJSC Recreation Center Energetik)

4 Pionerskaya Street, 
Divnomorskoe settlement,  353490, Krasnodar Territory

Krasnodar Territory

Recreation services for children and adults, first of all, for employees of OJSC Kubanenergo and their family members; organization and holding of seminars and conferences.

100 %
/
100 %

2

Open Joint-Stock Company Recreation Center “Plamya” (OJSC Recreation Center “Plamya”),

Novomikhaylovsky-2 settlement, Tuapse district, 352856, Krasnodar Territory

Krasnodar Territory

Recreation services for children and adults, first of all, for children of employees of OJSC Kubanenergo; organization of training programs and sports competitions; organization and holding of seminars and conferences.

100 %
/
100 %

3

Open Joint-Stock Company Energoservice of Kuban
OJSC Energoservice of Kuban

47 Novorossiyskaya Street, Karasunsky district, 350080, Krasnodar

Krasnodar Territory

Design, construction and installation work for electric power meters, hot and cold water meters; design, installation and commissioning of electric power and gas meters and process equipment

100 %
/
100 %

The Company cooperates with S&A in accordance with the laws of the Russian Federation, constituent and in-house documents of OJSC Kubanenergo and its S&A, as well as the Procedure for Interaction between OJSC Kubanenergo and Business Entities Shares of Which are Owned by the Company approved in 2009 by the Board of Directors *.

The major goals of cooperations between the Company and S&A are as follows:

  • ensuring stable financial development and profitability of S&A,
  • ensuring protection of the rights and legally protected interests of shareholders of the Company and S&A,
  • enhancement of investment prospects of the Company and S&A through the provision to investment professionals of complete, up-to-date, and reliable information about S&A’s activities, as well as the balance and predictability of the corporate policy in general,
  • elaboration and implementation of coordinated and effective investment policy of S&A.

Management and control of S&A’s business operations is performed by the Company through the following corporate management mechanisms:

  • in accordance with the Charter of OJSC Kubanenergo, the Management Board of the Company shall perform the functions og general meetings of shareholders of 100% S&As;
  • general management of S&As shall be performed by their boards of directors, most of members whereof shall be representatives of OJSC Kubanenergo;
  • the position of OJSC Kubanenergo with regard to any issues on agendas of general meetings of shareholders and meetings of boards of directors of S&As shall be determined by the Board of Directors of the Company;
  • regular control of financial and economic activities of S&As shall be carried out by their revision commissions consisting of OJSC Kubanenergo’s representatives.

Operating management of each S&A shall be performed by a sole executive body, the General Director. S&As’ charters do not provide for any collective executive bodies (management boards).

Target values for S&As’ net profit and current liquidity ratios shall be fixed in S&As’ business plans for the purpose of monitoring and controlling their current business operations.

Information on Financial and Economic Activities of S&A

By the results of 2014, OJSC Kubanenergo consumed the following amounts of services to its subsidiaries and affiliates (S&A):

  • OJSC Recreation Center Energetik, 17.1% of the revenue;
  • OJSC Recreation Center “Plamya”, 0.0% of the revenue;
  • OJSC Energoservice of Kuban, 0.0% of the revenue;

Financial and Economic Performance of OJSC Recreation Center Energetik

Item No.

Name

2014

2013

2012

1

Revenue, RUB thou

63,921

54,302

54,509

2

Gross profit, RUB thou

1,263

-80

1,641

3

Net profit (undistributed profit / loss), RUB thou

223

-3,174

86

4

Return on equity, %

0.6

-8.2

0.2

5

Return on assets, %

0.5

-7.4

0.19

6

Net profitability ratio,%

0.3

-5.8

0.16

7

Profitability of products (sales),%

2.0

-0.1

3.0

8

Capital turnover

1.6

1.4

1.3

9

Uncovered loss at the balance sheet date, RUB thou

1,287

1,511

-

10

Uncovered loss at the balance sheet date to the balance-sheet total,%

3.01

3.5

-

Financial and Economic Performance of OJSC Energoservice of Kuban

Item No.

Name

2014

2013

2012

1

Revenue, RUB thou

7,461.5

4,150.0

15,532.0

2

Gross profit, RUB thou

-757.5

655.0

11,930.0

3

Net profit (undistributed profit / loss), RUB thou

-4,722.7

-4,359.0

6,279.0

4

Return on equity, %

459.4

-117.9

78.0

5

Return on assets, %

-46.7

-96.7

68.5

6

Net profitability ratio,%

-63.3

-105.0

40.4

7

Profitability of products (sales),%

-78.5

-126.4

51.3

8

Capital turnover

-7.3

1.1

1.9

9

Uncovered loss at the balance sheet date, RUB thou

1,133

-

-

10

Uncovered loss at the balance sheet date to the balance-sheet total,%

11.2

-

-

Financial and Economic Performance of OJSC Recreation Center Plamya

Item No.

Name

2014

2013

2012

1

Revenue, RUB thou

1,226

1,265

855

2

Gross profit, RUB thou

-881

-960

-1,651

3

Net profit (undistributed profit / loss), RUB thou

-1,302

-1,025

-1,651

4

Return on equity, %

-16.2

-11.0

-15.9

5

Return on assets, %

-6.9

-5.4

-9.0

6

Net profitability ratio,%

-106.20

-81.03

-193.10

7

Profitability of products (sales),%

-71.9

-75.9

-193.1

8

Capital turnover

0.15

0.14

0.08

9

Uncovered loss at the balance sheet date, RUB thou

-

-

4,105

10

Uncovered loss at the balance sheet date to the balance-sheet total,%

 -

22.44

Detailed information on all S&A is available at the website of OJSC Kubanenergo in section About the Company / Subsidiary companies


*  The Procedure for Interaction between OJSC Kubanenergo and Business Entities Shares of Which are Owned by the Company is available at www.kubanenergo.ru, in section About the Company / Constituent and in-house documents