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Home  Russian Company Guide  MOESK REGISTER LOG IN

MOESK  all about the company

  
Compilation Date: 29 Jul 10

Company Overview Shares Information Stock Market Fixed Income Instruments Key Financial Characteristics Production Overview
General Info
Corporate Management
Price Highlights
Operations Summary
Charter Capital Structure
Major Shareholders
Equity Positions in Other Companies
Dividends History
Instruments on Exchanges
Price Chart
Participation in DR Programs
Weightings in Indices
Issue Parameters
Coupons
Primary Market
 Balance Sheet
P&L Account
Key Ratios
Production
Capacity

Company Overview

General Info  
Full Company NameJSC "Moscow United Electric Grid Company"
Industrial GroupPower Industry
Number of Employees 14,500
Registration Date 01 Apr 05
Registered Address 27, Ordzhonikidze St., Podolsk, Moscow Region, 142100
Main Office Bld.2, 3, 2nd Paveletskiy Pr., Moscow, City of Moscow, 115114
Telephone / Fax (495) 984-5772, 984-5767, 984-5771 / (495) 984-5817
e-mail ir@moesk.ru odou@moesk.ru
Internet Home Page www.moesk.ru
Registrar Closed JSC "STATUS Registrar Society"
Auditor Closed JSC "HLB Vneshaudit"
Financial Adviser JSC "OTKRITIE Brokerage House"
Legal Adviser n. a.
Corporate Management
Chairman of the BoardNikolay Shvets
General DirectorAndrey Konovalov
Price Highlights  
Price per Common Share, USD0.044975
YTD Price Change, %17.05
P/E Ratio5.1792
Market Capitalization, USD 2,190,611,185
Common Shares in Free Float, % 8.00
Operations Summary  

JSC “Moscow United Electric Grid Company” was established on April 1, 2005 as a result of reorganization of JSC “Mosenergo” in the form of spinning-off. On December 29, 2007, the company founded and registered 3 subsidiaries with 100% interest owned by MOESK: JSC “Moskabelsetmontazh”, JSC “Electrical Equipment Maintenance Factory”, JSC “Moskabelenergoremont”. On June 30, 2008, JSC “MOESK” was reorganized by means of JSC “MGEsK” merging. The united operational company was formed on the basis of the power grids assets of Moscow and the Moscow Region as a result of the reorganization. JSC “MOESK” attends 98% of consumers in the territory of Moscow and 95% of consumers in the territory of the Moscow Region. The core business lines are rendering of services on transportation of electric power to consumers and technological connection to electric networks. The structure of the company includes 607 high-voltage feeding centers of 35/110/220 kV. The total length of 35-220 kV power transmission lines is 15,590 km; the total length of 35-110-220-500 kV high-voltage cable lines amounts to 1,408 km; the aggregate length of distribution electric networks is 121,145 km. The total number of distribution and transformer substations exceeds 30 thousand pieces. In 2009, capital investments of MOESK amounted to RUR 21,696 million. The company plans to increase capital investments to RUR 22,111 million in 2010. In February 2006, the shares of JSC “MOESK” were offered for trading on RTS and MICEX Stock Exchanges. The company has rating by Moody’s Investors Service (Ba2).

Shares Information

Charter Capital Structure
Type of ShareShares OutstandingNominal Value
Common Share48,707,091,574 0.50 RUR
Major Shareholders
Name% of Voting Stock% of Charter Capital
JSC "Interregional Distribution Grid Companies Holding"n. a. 50.91
Depository & Corporate Technology Ltd. 50.90 50.90
Closed JSC "The National Depository Center" 32.63 32.63
Closed JSC "Depository Clearing Company" 11.51 11.51
Equity Positions in Other Companies
Name% of Charter Capital
JSC "Moskabelenergoremont"100.00
JSC "Electrical Equipment Maintenance Factory"100.00
JSC "Moskabelsetmontazh"100.00
JSC "Energocenter"50.00
Dividends History
Period Payment
per Share,
USD		 Number
of Shares		Ex-DatePayment
Date		Payout
Ratio, %		Dividend
Yield, %
2005 / com 0.000066 28,249,359,700 11 May 0625 Aug 0615.010651n. a.
2006 / com 0.000083 28,249,359,700 10 May 0714 Aug 072.254120.000815
2007 / com n. p. 28,249,359,700 ----
2008 / com n. p. 48,707,091,574 ----
2009 / com 0.000296 48,707,091,574 14 May 1029 Aug 104.3588810.008381

Stock Market

Instruments on Exchanges
Type of InstrumentTickerISINMarket
MOESK MSRSRU000A0ET7Y7MICEX
MOESK MSRSRU000A0ET7Y7RTS Classic
MOESK MSRSGRU000A0ET7Y7RTS T+0
Price Chart
legend
Prices
prices
Volumes
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Performance Table
performance table

Shares
MICEX:Common Share
RTS Classic:Common Share
RTS T+0:Common Share
Indices
MT RusIndex
RusIndex Power Industry
DJ RusIndex Titans
RTS Index
Technical Analysis
Moving Average
Period (days)
Trend
  Year Month Day
  From: 
  To: 
Participation in DR Programs
LevelEffective
Date		Underlying
Share Ratio		CUSIPDepositary Bank
No DRs issued.
Weightings in Indices
NameWeightInclusion DateNotes
MT-RusIndex 0.3201 Jan 09
RusIndex 100 0.3001 Oct 07
RusIndex Fuel & Energy Complex 0.5101 Oct 07
RusIndex Industrials 0.3801 Oct 07
RusIndex Power Industry 2.8201 Oct 07

Fixed Income Instruments

Issue Parameters
Issue #/
Tranche #		Registration
Number		Registration
Date		PeriodPar
Value,
RUR		Issue
Volume,
RUR thnd		Number
of
Coupons		Coupon
Period		Guarantee
14-01-65116-D22 Jun 061,8201,0006,000,00010182Promtekhnika
Coupons
Issue #/
Tranche #		Coupon #Start
Coupon Period		End
Coupon Period		Coupon, %
1112 Sep 0613 Mar 078.05
1213 Mar 0711 Sep 078.05
1311 Sep 0711 Mar 088.05
1411 Mar 0809 Sep 088.05
1509 Sep 0810 Mar 098.05
1610 Mar 0908 Sep 098.05
1708 Sep 0909 Mar 108.05
1809 Mar 1007 Sep 108.05
1907 Sep 1008 Mar 118.05
11008 Mar 1106 Sep 118.05
Primary Market
Issue #/
Tranche #		Start
Placement
Date		End
Placement
Date		Placement
Price, %		Volume
Placed,
RUR thnd		Maturity
date		Offer
Date		Offer
price, %		StatusIssue
Placement
Registration
Date
112 Sep 0612 Sep 06100.006,000,00006 Sep 1116 Sep 08100.00outstanding24 Oct 06

Key Financial Characteristics

Balance Sheet
  31 Dec 07 31 Dec 08 31 Dec 09 31 Dec 07 31 Dec 08 31 Dec 09
 RUR mnRUR mnRUR mnUSD mnUSD mnUSD mn
RUR/USD Exchange rate 24.54 29.38 30.25
ASSETS, of which 120,990.66 219,513.06 218,815.13 4,930.37 7,472.22 7,234.03
Fixed Assets and Other Non-current Assets, of which 106,425.51 187,564.6 199,557.52 4,336.846,384.76,597.37
  Fixed Assets 98,223.19 172,626.97 177,111.22 4,002.6 5,876.22 5,855.3
  Intangible Assets 0 152.58 95.51 0 5.19 3.16
  Other Assets 8,202.32 14,785.06 22,350.78 334.24 503.28 738.92
Current Assets, of which 14,565.15 31,948.47 19,257.61 593.531,087.53636.66
  Inventories 1,771.72 2,849.91 2,199.53 72.2 97.01 72.72
  Accounts Receivable 5,445.48 22,945.97 9,463.69 221.9 781.08 312.87
  Cash 4,790.73 6,152.59 5,094.38 195.22 209.43 168.42
  Other Current Assets 2,557.22 0 2,500 104.21 0 82.65
OWNER'S EQUITY, of which 55,577.51 86,792.81 89,357.21 2,264.782,954.432,954.15
  Charter Capital 14,124.68 24,353.55 24,353.55 575.58 828.99 805.13
  Reserves 31,830.59 27,920.09 18,977.88 1,297.1 950.4 627.41
  Retained Earnings 9,622.24 34,519.18 46,025.79 392.11 1,175.03 1,521.61
LIABILITIES, of which 65,413.15 132,720.25 129,457.91 2,665.594,517.84,279.88
  Long-Term Debt 20,799.43 36,463.57 20,304.5 847.58 1,241.22 671.27
  Short-Term Debt 9,917 19,796.98 30,295.13 404.12 673.89 1,001.56
  Accounts Payable 23,787.7 65,867.46 39,020.71 969.35 2,242.13 1,290.02
  Other Liabilities 10,909.03 10,592.24 39,837.58 444.54360.561,317.03
Financial data standard IAS IAS IAS IASIASIAS
Audited Audited Audited AuditedAuditedAudited
Consolidated Consolidated Consolidated ConsolidatedConsolidatedConsolidated
P&L Account
  31 Dec 07 31 Dec 08 31 Dec 09 31 Dec 07 31 Dec 08 31 Dec 09
 RUR mnRUR mnRUR mnUSD mnUSD mnUSD mn
Average RUR/USD Exchange rate 25.5824.8731.75
Sales 38,669.6165,331.9385,830.811,511.682,627.152,703.42
Production Costs 28,812.7755,503.0665,345.051,126.362,231.92,058.18
Operating Profit 9,856.859,828.8720,485.76385.33395.24645.24
Other Income -774.56-1,910.87-6,501.28-30.28-76.84-204.77
Income Before Taxes 9,082.297,91813,984.48355.05318.4440.47
Net Income 6,626.696,737.910,508.26259.05270.95330.98
Financial data standard IAS IAS IAS IASIASIAS
Audited Audited Audited AuditedAuditedAudited
Consolidated Consolidated Consolidated ConsolidatedConsolidatedConsolidated
Key Ratios
  31 Dec 07 31 Dec 08 31 Dec 09
Company Valuation Coefficients  
P/BV 2.15 0.65 0.58
P/S 3.22 0.73 0.63
P/E 18.78 7.05 5.18
Company Efficiency Coefficients  
Sales/Employee, USD thnd 147.12 189.86 187.22
Net Profit Margin, % 17.14 10.31 12.24
ROA, % 6.69 3.81 4.62
ROE, % 12.69 8.81 11.79
Turnover Coefficients  
Receivables Turnover 7.36 4.02 8.12
Assets Turnover 0.39 0.37 0.38
Inventory Turnover 26.09 27.81 31.99
Liabilities Turnover 0.82 0.73 0.62
Capital Structure Coefficients  
Equity Ratio 0.46 0.40 0.41
Debt Ratio 0.54 0.60 0.59
Equity/Debt 0.85 0.65 0.69
Current Liquidity 0.41 0.37 0.27
Quick Liquidity 0.36 0.34 0.24

Production Overview

Production
ProductMeasure200720082009Units
Volume of electric power transferred1,000,00065,92972,811.171,127.91kWh
Capacity
ProductMeasureCapacityUnits
Installed transformer capacity of the substations143,182MW
Installed transformer capacity of distribution grids124,002MW

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