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THE PRODUCTION OF ELECTRIC POWER INCREASED BY ABOUT 50% IN 2010
Norayr Hovsepian
http://artsakhtert.com/eng/index.php?option=com_content&view=article&id=232:t he-production-of-electric-power-increased-by-about-50-in-2010&catid=1:all&Itemid=1
Friday, 03 June 2011 09:16
The second general meeting of the Artsakh HES shareholders
On May 30, the second general meeting of the shareholders of Artsakh
HES open joint-stock company took place. NKR Prime Minister Ara
Harutyunian, Government members, and the chairman of the company's
general partner board on the Armsvissbank stock floatation attended
the meeting.
Most probably, the Artsakh HES has the largest team of owners in
Artsakh. 135 of the total number of shareholders attended the general
meeting, providing the needed quorum, thanks to their stocks. Chairman
of the Board of Directors Spartak Tevosian introduced the way the
Artsakh HES had passed. In 2007, when it was established, the Artsakh
HES had the status of closed joint-stock company and only an owner -
the Government. In 2008, it was reorganized into an open joint-stock
company. In 2009, the first issue and distribution of the company's
stocks took place. As a result, the Artsakh HES gained new owners from
Artsakh, Armenia, and the Diaspora. The demand for stocks increased
and additional funds for the launched programs were needed. As a
result of the second, additional issue in 2010, stocks at par value
of 1 billion and 400 million drams were distributed. The number of
the company's shareholders also increased, reaching 1200 people.
The company's officials introduced the previous year's activity.
Executive Director of the Artsakh HES OJSC Vahram Beglarian considers
putting the small HES Trghe -1 into operation the largest achievement
in 2010. Launching the HES, with 3 MW power, was also symbolic. But,
the indexes fixed in the production of electric power are not symbolic
at all. Compared with the previous year, they increased by 50%. "In
2010, the company produced 177 million and 639 thousand kW of electric
power, 175 million and 845 thousand of which were produced by the
Sarsang HES and 1 million and 794 thousand - by Trghe-1 HES", noted
Vahram Beglarian.
The year was also distinguished by the volume of construction works.
Works at 1 billion and 261 million drams were conducted at the
Mataghis-1, 958 million drams - at the Mataghis-2, 1 billion and 458
million drams - at the Trghe-2. Putting all the noted objects into
operation is planned for the end of the year. Works at 67 million
drams were conducted at the Trghe-3.
Among the year's achievements, the Executive Director noted also the
progress in the stocks' distribution and establishment of security
service in the company's structure.
Technical Director of the company Armen Gasparian made a report on
the 2010 works on the hydro-electric stations' service and current
renovation, as well as the works' security and efficiency. The
priorities of 2011 were also introduced.
Along with the production increase and works' efficiency, the incomes
increased by 61,6%, compared with the previous year. As of the
expenses, they increased by 21% for the same period. As a result, the
pure profit of the company increased by about 72%. "In the reported
year, the company's profits made 1 billion and 636 million drams,
and the expenses - 478 million drams. The capital investments of
the Artsakh HES made 3 billion and 750 million drams, exceeding the
previous year index by 45%", noted Financial Director of the company
Jan Hovhanisian.
Chief accountant of the Artsakh HES Araik Davidian introduced the
positive conclusion of the independent audit on the submitted figures
and the fiscal year report held by the SOS-audit company.
The conclusion on the annual report of the revision committee was also
positive. Committee Chairman Arthur Petrosian introduced corresponding
information.
The shareholders were, surely, interested in the figures introduced
at the meeting. They concerned the dividends. They made 10% of the
par value of a stock, or 100 drams. The shareholders will start
receiving the annual dividends from June 20, at the central office
of the Artsakh HES situated at 25/a
Vazgen Sargisian Street.
The last issue of the agenda was introduction of the Board of
Directors' new staff. The Board accepted new members - Haik Beglarian
and Emin Ohanjanian.
At the coming meeting of the Board of Directors, the Board Chairman
will be elected.
From: Baghdasarian
Norayr Hovsepian
http://artsakhtert.com/eng/index.php?option=com_content&view=article&id=232:t he-production-of-electric-power-increased-by-about-50-in-2010&catid=1:all&Itemid=1
Friday, 03 June 2011 09:16
The second general meeting of the Artsakh HES shareholders
On May 30, the second general meeting of the shareholders of Artsakh
HES open joint-stock company took place. NKR Prime Minister Ara
Harutyunian, Government members, and the chairman of the company's
general partner board on the Armsvissbank stock floatation attended
the meeting.
Most probably, the Artsakh HES has the largest team of owners in
Artsakh. 135 of the total number of shareholders attended the general
meeting, providing the needed quorum, thanks to their stocks. Chairman
of the Board of Directors Spartak Tevosian introduced the way the
Artsakh HES had passed. In 2007, when it was established, the Artsakh
HES had the status of closed joint-stock company and only an owner -
the Government. In 2008, it was reorganized into an open joint-stock
company. In 2009, the first issue and distribution of the company's
stocks took place. As a result, the Artsakh HES gained new owners from
Artsakh, Armenia, and the Diaspora. The demand for stocks increased
and additional funds for the launched programs were needed. As a
result of the second, additional issue in 2010, stocks at par value
of 1 billion and 400 million drams were distributed. The number of
the company's shareholders also increased, reaching 1200 people.
The company's officials introduced the previous year's activity.
Executive Director of the Artsakh HES OJSC Vahram Beglarian considers
putting the small HES Trghe -1 into operation the largest achievement
in 2010. Launching the HES, with 3 MW power, was also symbolic. But,
the indexes fixed in the production of electric power are not symbolic
at all. Compared with the previous year, they increased by 50%. "In
2010, the company produced 177 million and 639 thousand kW of electric
power, 175 million and 845 thousand of which were produced by the
Sarsang HES and 1 million and 794 thousand - by Trghe-1 HES", noted
Vahram Beglarian.
The year was also distinguished by the volume of construction works.
Works at 1 billion and 261 million drams were conducted at the
Mataghis-1, 958 million drams - at the Mataghis-2, 1 billion and 458
million drams - at the Trghe-2. Putting all the noted objects into
operation is planned for the end of the year. Works at 67 million
drams were conducted at the Trghe-3.
Among the year's achievements, the Executive Director noted also the
progress in the stocks' distribution and establishment of security
service in the company's structure.
Technical Director of the company Armen Gasparian made a report on
the 2010 works on the hydro-electric stations' service and current
renovation, as well as the works' security and efficiency. The
priorities of 2011 were also introduced.
Along with the production increase and works' efficiency, the incomes
increased by 61,6%, compared with the previous year. As of the
expenses, they increased by 21% for the same period. As a result, the
pure profit of the company increased by about 72%. "In the reported
year, the company's profits made 1 billion and 636 million drams,
and the expenses - 478 million drams. The capital investments of
the Artsakh HES made 3 billion and 750 million drams, exceeding the
previous year index by 45%", noted Financial Director of the company
Jan Hovhanisian.
Chief accountant of the Artsakh HES Araik Davidian introduced the
positive conclusion of the independent audit on the submitted figures
and the fiscal year report held by the SOS-audit company.
The conclusion on the annual report of the revision committee was also
positive. Committee Chairman Arthur Petrosian introduced corresponding
information.
The shareholders were, surely, interested in the figures introduced
at the meeting. They concerned the dividends. They made 10% of the
par value of a stock, or 100 drams. The shareholders will start
receiving the annual dividends from June 20, at the central office
of the Artsakh HES situated at 25/a
Vazgen Sargisian Street.
The last issue of the agenda was introduction of the Board of
Directors' new staff. The Board accepted new members - Haik Beglarian
and Emin Ohanjanian.
At the coming meeting of the Board of Directors, the Board Chairman
will be elected.
From: Baghdasarian