The annual report presents the operating results of the open joint stock company Power Supply and Electrification of the Kuban (hereafter Kubanenergo or the Company) for 2011, as well as various important events in the Company’s activities after the end of the accounting year — in the period from 1 January 2012 to provisional approval of this annual report by the Board of Directors of Kubanenergo on 3 May 2012.
In 2011, in light of the changing legislation in the Russian Federation on keeping accounts and financial statements, the Company made changes to its accounting policy for 2011, and incorrectly expressed facts regarding operations in 2099, 2010 and 2011 held to be significant according to the Statement on keeping accounts approved by Decree of the Ministry of Finance of Russia of 28 July 2010 were corrected. These changes made to the Company accounts in 2011 were expressed in financial statements for 2011 by retrospective recalculation in the forms of comparative index accounting against the same components of the preceding periods. Therefore the financial and economic indicators of the Company for 2009-2010 given in this annual report were calculated proceeding from the corrected annual financial statements.
Disclaimer
The annual report (hereafter the Annual Report) was drawn up from information available to Kubanenergo and its subsidiaries at the time of its compilation.
The Annual Report contains among other things information relating to production and commercial operations of the Company in the future, based on forecasts and assessments by the management of the Company made on the basis of the current situation. In view of the effect of various objective factors actual operational results might differ from the forecasts and assessments made.
The Annual Report contains particular forecasts in relations to business activities, economic indicators and the financial standing of the Company, its plans, projects and expected results. The Annual Report might also contain assessments of trends in relation to changes in prices for services/products, volumes of production and demand, expenditure, estimated costs, development prospects and other similar factors, as well as forecasts relating to developing the sector and markets, deadlines for starting and completing various projects in carrying out the Company’s activities.
The prognosticative nature of statements is usually shown by the use of such words as intend, aim to, plan, expect, assess, consider, presume, might, should, will, continue, and other similar words or words and phrases derived from them.
In the light of their specific nature are related to inherent risk and indeterminacy both overall and specifically, and there is a danger that proposals, forecasts, projects and other types of forecast will not come to fruition. In the light of these risks, uncertainties and assumptions the Company warns that actual results can differ significantly from those expressed directly or indirectly in forecasts and the latter are valid only at the time the Annual Report is drawn up.
The Company does not assert and does not guarantee that the results of activities specified in forecasts will be achieved. The Company bears no responsibility for losses suffered by corporate entities or natural persons acting on the basis of forecasts. Such forecasts in each particular case are only one of many ways events could develop and should not necessarily be regarded as the most likely.
With the exception of cases directly stipulated in legislation, the Company does not commit itself to publish updates and alterations to forecasts arising either from new information or from subsequent events.