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RELIABLE INCOME FOR INVESTORS PROVIDED
http://artsakhtert.com/eng/index.php?option=com_content&view=article&id=656:-reliable-income-for-investors-provided&catid=6:economy&Itemid=18
Saturday, 05 May 2012 11:05
Annual Meeting of ArtsakhHES Company
On April 30, the annual meeting of ArtsakhHES Company took place,
which was attended by NKR Prime Minister Ara Harutyunian.
The meeting participants presented the annual reports and approved the
financial reports, introduced the auditor's conclusion on the
financial activities of the year under review and chose the audit
organization for the current year's financial activities.
The Supervisory Committee presented a report on the reliability of the
data comprised in the annual reports. On the results of the company's
2011 activities, a resolution was adopted on paying annual dividends
and their size was established.
The provisions of the company on the Board of Directors' staff were
amended. Elections of the Board of Directors' members took place. NKR
Vice-Prime Minister, Minister of Finance Spartak Tevosian was elected
Chairman of the Board of Directors. The Board comprised also Hayk
Beglarian, Raffy Baloghian, Arman Hakobian, Karen Arabian, Emin
Ohanjanian, and Vahram Beglarian.
Chairman of the Board of Directors Spartak Tevosian presented
ArtsakhHES Company's current and further development.
«The company was founded four years ago, and the current general
meeting of the shareholders is taking place in the conditions that the
company can make considerable contribution to the development of the
Artsakh energy system, as well as to the solution of important issues
in the country's economy», he said.
In the reporting year, the company managed to provide over 40% of the
Republic's electricity demand and the goal of the launched investment
programs on expanding its production capacity is to fully satisfy the
domestic demand and to create corresponding prerequisites for export.
Among the most important achievements of the company were emphasized
the creation of hundreds of jobs, the identification and realization
of the available potential in the energy sector, and the provision of
a progressive rate of growth in the energy sphere. Today, the
ArtsakhHES is one of the big companies, which are ready for
implementing large-scale investment projects. The company has more
than 1,200 shareholders, and, as mentioned by the speakers, is
constantly improving its corporate governance system.
To date, the company's share capital amounts to 10 650 million AMD,
47.9% of which is owned by the Government.
Noting that 2011 was marked by the exploitation of Trghe-2 HES and by
considerable works on building Mataghis-1 and Mataghis-2 hydroelectric
stations, S. Tevosian expressed confidence that the resolutions
adopted at the general meeting of the company's shareholders would
create favorable conditions for the further development of the
company.
ArtsakhHES OJSC General Director Mr. Beglarian presented the company's
annual financial-economic report, according to which, in 2011, the
company's revenues amounted to 1 031 960 thousand AMD, the expenses -
780 253 thousand AMD, and the capital investments - 2 445 000 thousand
AMD. In 2011, ArtsakhHES company's assets made 15 445 223 thousand
AMD, the equity capital - 11 795 535 thousand AMD, the liabilities - 3
649 668 thousand AMD, and the net profit - 227 442 thousand AMD.
Moreover, the profitability of the equity capital makes 2.2%, the
assets profitability - 1.6%, the operating income on net profit
redemption - 22%, and the net profit per share - 25 AMD.
In short, the company managed to ensure reliable income for investors
through continuous and successful projects - this idea was expressed
by all the speakers. And this promoted the shares' public
distribution. Last year, as we know, the third, additional issue of
shares took place, distributing shares at 3 287, 9 million AMD of
nominal value. 65% of the noted amount was acquired by companies and
35% - by individuals. 32% of the distributed shares were acquired by
resident shareholders and 68% - non-resident shareholders. The general
meeting of the ArtsakhHES was also attended by major shareholder
Joseph Ughurlian, whose share in the company's assets makes 11.86%.
Srbuhi Vanian
http://artsakhtert.com/eng/index.php?option=com_content&view=article&id=656:-reliable-income-for-investors-provided&catid=6:economy&Itemid=18
Saturday, 05 May 2012 11:05
Annual Meeting of ArtsakhHES Company
On April 30, the annual meeting of ArtsakhHES Company took place,
which was attended by NKR Prime Minister Ara Harutyunian.
The meeting participants presented the annual reports and approved the
financial reports, introduced the auditor's conclusion on the
financial activities of the year under review and chose the audit
organization for the current year's financial activities.
The Supervisory Committee presented a report on the reliability of the
data comprised in the annual reports. On the results of the company's
2011 activities, a resolution was adopted on paying annual dividends
and their size was established.
The provisions of the company on the Board of Directors' staff were
amended. Elections of the Board of Directors' members took place. NKR
Vice-Prime Minister, Minister of Finance Spartak Tevosian was elected
Chairman of the Board of Directors. The Board comprised also Hayk
Beglarian, Raffy Baloghian, Arman Hakobian, Karen Arabian, Emin
Ohanjanian, and Vahram Beglarian.
Chairman of the Board of Directors Spartak Tevosian presented
ArtsakhHES Company's current and further development.
«The company was founded four years ago, and the current general
meeting of the shareholders is taking place in the conditions that the
company can make considerable contribution to the development of the
Artsakh energy system, as well as to the solution of important issues
in the country's economy», he said.
In the reporting year, the company managed to provide over 40% of the
Republic's electricity demand and the goal of the launched investment
programs on expanding its production capacity is to fully satisfy the
domestic demand and to create corresponding prerequisites for export.
Among the most important achievements of the company were emphasized
the creation of hundreds of jobs, the identification and realization
of the available potential in the energy sector, and the provision of
a progressive rate of growth in the energy sphere. Today, the
ArtsakhHES is one of the big companies, which are ready for
implementing large-scale investment projects. The company has more
than 1,200 shareholders, and, as mentioned by the speakers, is
constantly improving its corporate governance system.
To date, the company's share capital amounts to 10 650 million AMD,
47.9% of which is owned by the Government.
Noting that 2011 was marked by the exploitation of Trghe-2 HES and by
considerable works on building Mataghis-1 and Mataghis-2 hydroelectric
stations, S. Tevosian expressed confidence that the resolutions
adopted at the general meeting of the company's shareholders would
create favorable conditions for the further development of the
company.
ArtsakhHES OJSC General Director Mr. Beglarian presented the company's
annual financial-economic report, according to which, in 2011, the
company's revenues amounted to 1 031 960 thousand AMD, the expenses -
780 253 thousand AMD, and the capital investments - 2 445 000 thousand
AMD. In 2011, ArtsakhHES company's assets made 15 445 223 thousand
AMD, the equity capital - 11 795 535 thousand AMD, the liabilities - 3
649 668 thousand AMD, and the net profit - 227 442 thousand AMD.
Moreover, the profitability of the equity capital makes 2.2%, the
assets profitability - 1.6%, the operating income on net profit
redemption - 22%, and the net profit per share - 25 AMD.
In short, the company managed to ensure reliable income for investors
through continuous and successful projects - this idea was expressed
by all the speakers. And this promoted the shares' public
distribution. Last year, as we know, the third, additional issue of
shares took place, distributing shares at 3 287, 9 million AMD of
nominal value. 65% of the noted amount was acquired by companies and
35% - by individuals. 32% of the distributed shares were acquired by
resident shareholders and 68% - non-resident shareholders. The general
meeting of the ArtsakhHES was also attended by major shareholder
Joseph Ughurlian, whose share in the company's assets makes 11.86%.
Srbuhi Vanian