18 Feb 2014 07:00
JSC Russian Grids
Appointment of Acting Director General at JSC IDGC Northern Caucasus
18 February 2014. Moscow, Russia. - JSC Russian Grids (LSE: RSTI) (the "Company"), the largest electricity transmission and distribution grid company in Russia, today announces that Sergey Arkhipov, Deputy Director General, Chief Engineer of the Company, has been appointed Acting Director General of JSC IDGC Northern Caucasus, a subsidiary of the Company.
The appointment became effective on 15 February 2014 and followed a meeting of the Board of Directors of JSC IDGC Northern Caucasus held on 14 February 2014.
Sergey Arkhipov has extensive experience in the industry and has held a number of senior executive positions. In January 2006, he joined JSC Rostovenergo, a subsidiary of JSC IDGC Northern Caucasus, as Operating Director. In July 2007, Sergey Arkhipov was appointed Deputy Director General for Economic Affairs and Finance at JSC South Generation Company TGC-8. From March 2008 to July 2010 Sergey Arkhipov was Operating Director at JSC Smolenskenergo, a division of JSC IDGC of Centre. From July 2010 to October 2012 he held the position of Director General of JSC IDGC of the South.
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For further information:
JSC Russian Grids
Maria Stepanova, Head of IR +7(495) 995 5333 (ext. 3961)
FTI Consulting
Larisa Millings +44 20 7831 3113
Oleg Leonov / Maria Shiryaevskaya +7 (495) 795 0623
JSC Russian Grids is the largest electricity transmission and distribution grid company in Russia. It is also one of the largest electricity transmission and distribution grid companies in the world by length of electricity lines and installed transformer capacity. JSC Russian Grids holds interests in and manages 11 interregional, 5 regional distribution grid companies and Federal Grid Company in Russia. The Company together with its subsidiaries owns and operates approximately 2.2 million kilometers of electricity transmission and distribution lines with a total installed transformer capacity of approximately 739 GVA. Through its subsidiaries, the Company operates in 73 regions of Russia. As of 30 June 2013, the Company's revenue amounted to RUB 348.8 bn, while adjusted net profit[1] totaled RUB 36.3 bn.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of JSC Russian Grids. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. We would like to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industry, as well as many other risks specifically related to JSC Russian Grids and its operations.
[1] Adjusted net profit is calculated as net profit not taking into account impairment of available-for-sale investments, impairment of promissory notes, provision for impairment receivables and deferred income tax liabilities referred to them.