This annual report includes the results of the activities of Open Joint-Stock Company of Energy and Electrification of Kuban (hereinafter “OJSC Kubanenergo” or the “Company”) for the year 2013, as well as certain important developments in the Company’s activities, which took place after the reporting date - in the period from 1/1/2014 to the preliminary approval of this Annual Report by OJSC Kubanenergo Board of Directors on 4/29/2014.
This annual report (hereinafter the “Annual Report“) has been prepared with the use of information available to OJSC Kubanenergo and its subsidiaries at the time of its drafting.
On April 4th, 2013, the largest shareholder in the Company - OJSC IDGC Holding - was renamed as OJSC Russian Grids. Accordingly, both old (when referenced before 4/4/2013) and new names of this shareholder can be found in the text of the Annual Report.
The Annual Report also includes information relating to productive and economic activities of the Company in the future based on estimates and forecasts of the Company’s management and made on the basis of the current situation. Due to various objective factors, the actual results of the activities may differ from these forecasts and assessments.
The Annual Report contains certain forecasting statements in relation to economic activity, economic performance and financial status of the Company and its plans, projects and expected results. The Annual Report may also contain evaluations of trends in the changes of prices for services/products, volumes of production and consumption, costs, estimated expenditure, development prospects and other similar factors, as well as forecasts in respect of the development of the industry and markets, start and end dates of certain projects for the Company’s activities.
Words such as “intends”, “seeks”, “designs”, “expects”, “evaluates”, “plans”, “considers”, “supposes”, “may”, “should”, “will”, “will continue” and other similar words and words derived from them usually indicate the forecasting nature of a statement.
Forecasting statements, by their nature, are connected to inherent risks and uncertainties, both general and specific. There is a danger of forecasts, projects and other such statements not coming to fruition. In the light of these risks, uncertainties and assumptions, the Company warns that the actual results may significantly differ from the values valid only at the time of drafting the Annual Report, which are expressed directly or indirectly in forecasting statements.
The Company does not definitely state and does not guarantee that the results indicated in the forecasting statements will be achieved. The Company does not bear any responsibility for any damages that may be incurred by physical or legal persons who relied on such statements. In each particular case, such forecasting statements constitute only one of the ways events can develop, and should not be seen as the most likely ones.
Except as expressly provided for by the law, the Company is not obligated to publish updates and changes in such statements, either on the basis of new information, or on the basis of subsequent events.