OREANDA-NEWS. On 13 March 2009 was announced, that results of the Board of Directors held by absentee voting, have been announced. The BoD considered a number of corporate issues, particularly, approved the Company’s business plan for 2009.

Based on the approved business plan the following key performance indicators are targeted:         electricity and heat output – 25.6bn kWh, and 23.1m GCal correspondingly (not including JSC Murmanskaya CHPP’s indicators.) Total revenue is projected to be RUR35.9bn (of which RUR20.1bn is from electricity sales, RUR14.9bn is from heat sales.) The cost of sales is expected to be RUR34.5bn. The BoD approved operating profit at RUR1.47m, EBITDA – RUR3.94bn млрд. рублей, and forecasted net profit - at RUR367m. 

The net profit forecast was adjusted upward (as compared to previously projected RUR153m, the BoD of 26.01.09.) owing to optimization of administrative, organization, and other costs.     

Besides, the General Director’s report on execution of the Company’s Insurance Coverage Programme for 2008 was approved. Based on its operation activity, together with motor vehicle insurance andvoluntary medical insuranceTGC-1 also insures most risks as a company operating hazardous facilities. Thus, in 2008 the Company paid RUR679k for compensation of third parties’ loss in events of a default at power grid.