OJSC Fortum retains 2010 earnings
MOSCOW. June 23 (Interfax) - Shareholders in generating company OJSC Fortum , which is controlled by Finland's Fortum, voted at their AGM to waive dividends for 2010, the company said in a statement.
All net profit of 1.309 billion rubles will be retained by the company. Last year's profit was 64% lower than in 2009.
The shareholders elected a new board of nine directors, eight of whom were on the previous board: directors: Tapio Kuula, Fortum's president and CEO, Alexander Chuvayev, general director for Fortum in Russia, Juha Laaksonen. Fortum's CFO, Irya Vekkilya, senior manager for mergers and acquisitions, Harri Pynna, vice president for legal issues, Kari Kautinen, vice president, Eristan Vekilov, vice president for personnel and administrative issues and Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs. Pyotr Yerokhin, general director for System Operator UES - United Dispatcher Division for the Urals, was replaced by Oleg Tarasov.
CJSC Deloitte and Touche CIS was approved as Fortum's auditor for 2011.
OJSC Fortum controls the Tyumen #1 and 2 CHP plants, Tobolsk CHP plant, Chelyabinsk #1, 2 and 3 CHP plants, Argayash CHP plant and Chelyabinsk GRES state district power plant. Installed capacity is 2.7 gigawatts.
Fortum earmarked its net profit from 2009 (3.7 billion rubles) for investment (3.55 billion rubles) and the reserve fund (146.14 million rubles).
