FAS vs Arconic
The head of the international corporation Arconic, Timothy Myers, spoke in an interview with the Vedomosti newspaper about the company’s dispute with the Federal Antimonopoly Service of the Russian Federation, as well as about the letter that he sent to Prime Minister Mikhail Mishustin with a request for assistance in resolving the conflict situation. Lenta.ru decided to get to the bottom of the dispute and found out that the sending of the letter to the Prime Minister was preceded by months of negotiations between Arconic and the FAS on a pre-trial settlement, and the next meeting on the antimonopoly service’s claim against metallurgists will take place on the eve of the first and, as experts hope, fateful meeting of the leaders Russia and the USA. About the prospects of the trial - in the material of Lenta.ru.
In March 2021, it became known that the Federal Antimonopoly Service filed a lawsuit with the Arbitration Court of the Samara Region. It concerns one of the largest producers of aluminum semi-finished products in Russia - Samara Metallurgical Plant, which employs about 3,000 people, and its joint venture with PJSC VSMPO-AVISMA Corporation - AlTi Forge JSC. FAS demanded that OOO Arkonik Rus Investment Holdings and Alti Forge Holding Sarl, the parent and JSC AlTi Forge, be deprived of their voting rights at general meetings of shareholders.
Photo: Yuri Strelets / RIA Novosti
According to the department, in 2021, violations of the provisions of Federal Law No. 57 “On the procedure for making foreign investments in business entities of strategic importance for ensuring the country’s defense and state security” were committed: without prior approval from the government commission for monitoring foreign investments in the Russian Federation, the Arconic corporation allegedly came under the control of a group of American investment companies, which nominated their “representatives” to the board of directors of the corporation. Thus, according to the FAS, the Elliott group established illegal indirect control over the Russian assets of Arconic.
“Arconic has many shareholders; the Elliott group accounts for less than 10 percent of the shares, the corporation explained to Lenta.ru. — This shareholder does not have any influence on our activities, and is currently not even represented on the board of directors. This position has been repeatedly brought to the attention of the FAS.”
As follows from the electronic file of cases of the Arbitration Court of the Samara Region, several hearings have already been held on the FAS claim. Thus, in April, the court imposed unprecedented interim measures on the parent and AlT Forge JSC: at the request of the FAS, they are prohibited from making any significant decisions, including the approval of major transactions, the payment of dividends and the appointment of management, which entails a significant restriction Arconic proprietary rights.
Attempts to appeal interim measures in the courts of first and appellate instances were unsuccessful. Proving that the Elliott group never controlled Arconic, the Americans are seeking to lift the restrictions imposed by the FAS lawsuit. As the company explained, these restrictions do not in any way affect the current activities of the enterprises - Arkonik SMZ and AlTi Forge JSC, but seriously limit the rights of shareholders and call into question the feasibility of further investment in production development.
It is known that Arconic (the successor company to Alcoa) became the owner of the Samara Metallurgical Plant in 2005. And before purchasing the plant, investors received all the necessary FAS permits. In accordance with them, the foreign investor controlling the enterprise must maintain production and technological capabilities and ensure conscientious execution of contracts for the supply of products related to the state defense order and federal target programs in the field of aviation and space activities.
Photo: Arkonik Russia Career Facebook page
Over the past years, the company has invested more than $500 million in modernizing production, and during this time the enterprise itself has become one of the world's leading producers of semi-finished aluminum products. An Arconic representative emphasizes that “for 15 years, there have been no significant unresolved claims from the Russian regulatory authorities, we have conscientiously fulfilled all obligations prescribed by law.” In 2021, on the basis of Arkonik SMZ, a joint venture was created with PJSC VSMPO-AVISMA Corporation to produce semi-finished titanium products for customers in Russia and abroad.
Claims from the FAS against Arconic, as the legal information portal Legal Report writes, in the opinion of many lawyers, really require in-depth analysis, primarily of the rules of applicable US law, and the statement that the Elliott group controlled the directors on the board of Arconic does not correspond reality. According to Natalia Kozlova, professor of the department of civil law at the Faculty of Law of Moscow State University named after M.V. Lomonosov, “in order to elect a person proposed by a shareholder, other shareholders who did not nominate him must also vote for him. Accordingly, the nomination of candidates to the board of directors in itself is not enough for the nominated candidate to become a director and through him to somehow influence the corporation.” “Under the general rules of American public corporations, they are subject to an independent director standard that applies equally to all members of the board of directors. That is, from a factual point of view, the Elliott group never controlled the members of the board of directors it nominated. She did not and could not give them instructions to make certain decisions,” notes the Legal Report. In addition, in April 2021, Arconic Corporation completed the reorganization announced in 2019 and previously discussed with the FAS. As a result, as the corporation explained to Lenta.ru, only one of the ten directors once appointed to the Arconic Board of Directors could be considered a candidate from Elliott. However, he also left the council last year, and his position remained vacant.
Photo: arconic.ru
“Most likely, the FAS claim is the result of a misunderstanding. The numerous shareholders of Arconic, among which, by the way, there is not one controlling one, in addition to private investors, include investment, pension and mutual funds. Claiming that in 2019 the Elliott group nominated more than its status as a minority shareholder of the board of directors of Arconic Corporation, the FAS could mistakenly consider this a sign of control, explains Lev Kovalev, director of legal affairs at Arconic Russia. “Under New York State law, which applies to public corporations, a majority of the board of directors must be independent, which means that the Elliott group had no control over their decisions.” This position has been stated and defended by us in court.”
It seems that the Arbitration Court of the Samara Region also agreed with this, deciding based on the results of the meeting on April 20 (the court’s ruling was published on arbitr.ru) to grant Arconic’s petition “to determine the procedure for establishing the content of US law.” In particular, the court decided to investigate “what requirements the Commission Securities and Exchange Commission of the United States makes claims against independent directors, who should have been candidates proposed by the Elliott group." That is, the court, in essence, recognized that the members of the board of directors proposed by the Elliott group cannot be considered as representatives of this investor A detailed position on this issue is due to be submitted to Arconic by the date of its next meeting on June 8th.
As Lenta.ru was told by the corporation, for several months the antimonopoly service had been negotiating with Arconic on a pre-trial settlement of the dispute. But the settlement agreement has not yet been concluded - the day before the court hearing on March 20, the FAS suddenly and unilaterally interrupted joint work on its project. “Both then and now we are committed to dialogue, especially since over the years of work in Russia we have never had any significant claims either from the antimonopoly agency, or from other departments, or from our partners in Russia and abroad,” says the representative Arconic. “We are committed to business development and further investment in Russia as soon as this dispute is resolved.”
Photo: Arkonik Russia Career Facebook page
The trial between FAS and Arconic may become a precedent not only from a legal and corporate point of view, but even from a foreign policy point of view. The next court hearing on the claim is scheduled on the eve of the upcoming meeting of Presidents Vladimir Putin and Joe Biden in June. It is unlikely that the conflict between the two sides will affect the agenda of the meeting between the two leaders, but international investors will definitely monitor the progress of this matter and draw their own conclusions.
“The timing was not chosen to sort things out with the American investor. Businesses in both countries are uncomfortable operating in the context of tense political relations between the countries. This carries great risks for the economic activities of both American companies in the Russian Federation and the international operations of domestic entrepreneurs,” says economist Sergei Suverov. “If Arconic has to prove its case in international courts, this will certainly not benefit the already not very favorable climate for foreign investment. Technological and financial investments from the West are necessary to accelerate economic growth in Russia and improve the culture of entrepreneurship. They need to be developed and scaled up.”
Perhaps, in the hope of a settlement agreement and support from the government, Arconic turned to Mikhail Mishustin with a request for assistance in resolving the controversial situation. “We are interested in resolving the problem with the FAS as soon as possible,” Tim Myers told Vedomosti. — Apart from this misunderstanding with the FAS, the only thing holding back investment in the development of the company is the presence of sufficient demand for the product. But we see opportunities for the growth of our business in Russia, which means there are prerequisites for investment.”
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Debriefing in Arconic
Arconic (ARNC) is an American metallurgical company with a capitalization of about $8.6 billion.
The company was formed in 2021 as a result of the division of the “old” Alcoa into two parts. The previous review was devoted to an analysis of the situation in the “new” Alcoa.
The other part, Arconic, produces aluminum products for various industries.
At the end of 2021, 80% of Arconic's revenue came from segments where the company ranks 1st or 2nd in the relevant market. At the same time, 42% came from the aerospace sector, including supplies from Boeing, and 25% from the automotive sector. 65% of sales were generated in the North American market.
Source: arconic.com
Sounds impressive, but how much of the innovative brilliance is supported by the company's financials, and is Arconic worth investing in? This review will provide an answer to this question.
ARNC shares are traded on the NYSE and the St. Petersburg Stock Exchange, which means they are available for purchases on the IIS.
Financial indicators
Despite the formally attractive business, the company has been unprofitable for three years.
Dynamics of annual net profit
Hereinafter source Reuters
Formally, the enterprise's income negatively depends on the prices of incoming raw materials - aluminum. However, the metal showed signs of weakness in 2015-2016.
Chart of 3-month forwards for aluminum since 2010
The “phenomenon” of losses is partly due to an increase in operating expenses and tax deductions. I note that Arconic’s high-tech business was the weak link in the activities of the “old” Alcoa.
The company's reporting for the first quarter disappointed investors. Net profit fell to $143 million from $322 million in the same period last year. Revenue grew by 8% to $3.4 billion.
The weak results were due to rising prices for aluminum, shortages of a number of components, an unfavorable product mix in the aerospace segment, as well as changes in accounting for the pension scheme.
Arconic's top management has called 2021 the "year" of transformation. The head of the company admitted to the operational inefficiency of a number of areas, while expecting an increase in aluminum prices. As a result, a weak financial forecast for the current year was presented.
The dynamics of Arconic's free cash flows (FCF, operating flow minus capex) cannot yet be called consistently positive. On a quarterly basis, seasonality is visible with dips in the first quarter.
At the end of the previous quarter, FCF amounted to minus $533 million due to an increase in accounts receivable.
Dynamics of quarterly FCF
As a result, the stock of “cache” and equivalents on the company’s balance sheet is only $1.2 billion, with total assets of $18.2 billion. At the same time, the debt burden is quite high - the debt/equity ratio is almost 140% (with a conditional borderline of 70%).
There are $6.1 billion of Arconic bonds traded on the market. $402 million of bonds are due to be repaid in October 2019, and another $1 billion in 2021. Debt refinancing may be difficult due to rising Fed interest rates.
I note that the company pays dividends. You can't call it a strong story in this regard. The yield is a modest 1.4%. The nearest ex-dividend date is scheduled for August 2, the expected quarterly payment amount is $0.06 per share (Reuters data).
Last year, the level of dividend payments from net profit amounted to 75%, which is slightly higher than the conditionally borderline value of 60-70%. Considering the intentions announced in February to reduce the debt burden, it is hardly worth counting on an increase in payments in the foreseeable future. The company announced a $500 million buyback program for 2021.
Conclusion 1: Arconic’s financial position cannot yet be called particularly strong. However, markets live in the future. Expectations will be discussed in the following paragraphs.
Comparative assessment
According to market multiples, overall, Arconic is not particularly undervalued compared to the median values for its peer group. The P/E multiplier is completely absent due to last year's losses.
An interesting indicator is EV/EBITDA (enterprise value including debt/earnings before depreciation, interest and taxes), equal to 7.5, with an average of 8.7 for competitors. At the same time, the value of the multiplier has noticeably decreased since January 2021, and the discount to the median for comparable companies has widened.
But I wouldn’t bet on a single multiplier; the situation needs to be considered as a whole.
Dynamics of the ratio (EV/EBITDA)/median for a group of comparable companies
Forward multiples (including 12-month earnings forecasts from Reuters) paint a similar picture. There is no undervaluation, even in terms of EV/EBITDA.
To confirm the validity of the conclusions, let’s look at the company’s financial indicators. In this regard, the picture is even more obvious - the current metrics are weak.
Arconic's return on equity (ROE, net income/equity) is minus 0.3% (median +11%). And this is with an operating profit margin of only 2.5%, as well as the already mentioned high debt load.
Looking to the distant future is more positive. According to the Reuters forecast, for the next five years we can talk about a 20% increase in earnings per share on average per year, with a median of 16.7%.
Conclusion 2: in general, there is no undervaluation in terms of multiples, and Arconic's financial metrics are clearly suffering. Compared to comparable companies, it is not the best choice.
However, in absolute terms, the PEG (P/E adjusted for net profit expectations) is 0.61. All other things being equal, a PEG value below 1 is a factor in favor of buying the stock.
Risks
• The US has imposed tariffs on aluminum imports; China is delaying the launch of aluminum projects. Combined with sanctions against Rusal, we have a factor in favor of rising metal prices.
In April, Alcoa forecast an aluminum shortage of 600,000 to 1 million metric tons for 2021, following a previous forecast of 300,000 to 700,000. The company estimated the aluminum bauxite shortage to be 1.1 million metric tons, compared to the previously assumed balance in the market.
I note that now the correlation of ARNC shares with metal prices is negative and amounts to minus 0.39.
• a new round of correction in the US market. ARNC stock trades at a beta of 1.16, meaning it tends to rise and fall slightly more than the S&P 500.
“Chinese risks” can create another information noise, hitting the securities of Arconic’s major clients - Boeing and Ford, thereby indirectly harming the shares of the company we are considering.
A touch of positivity
It's about stock levels. Since the beginning of the year, Arconic has lost almost 40% of its capitalization. Median target of analysts for 12 months. is $22, which implies approximately 29% growth potential from the closing level of Thursday, 07/05/2018.
The low PEG multiple indicates high expectations for long-term earnings per share growth, which have not yet been factored into ARCN's stock price.
According to preliminary data, the company's quarterly release is scheduled for July 31. Locally, expectations are lowered, so if positive surprises appear, we will have a rise in shares.
Source: finance.yahoo.com
Where to buy shares
The securities are consolidating near the upper border of the medium-term downward channel, preparing for a new movement.
1) during a drawdown to the lower border of the medium-term downward channel - in the zone of $16-15.5.
2) when the static resistance of $17.5 is broken. In this situation, I will set $19 as a technical target.
Arconic stock chart for the year, daily timeframe
Oksana Kholodenko, international markets expert BCS Broker
Alcoa presented Arconic to the world
The American corporation Alcoa today unveiled the name, logo and slogan of its division for the production of high added value products - “Arconic.
Innovation, Engineered.” The primary aluminum division will operate under the Alcoa name. The process of separating Alcoa into two independent, publicly traded companies in the second half of 2021 is progressing as planned. The Arconic name reflects the company's storied legacy of high value-added products and its commitment to industry-shaping innovation:
"A" is a reminder of Alcoa's heritage, of which Arconic can be justifiably proud;
"Arc" (arch, arc) combines progress and the constant pursuit of improvement for the benefit of customers, employees, shareholders and communities;
“-conic” speaks of the history of creating legendary (iconic) products and the continuous search for innovative solutions.
The slogan "Innovation, Engineered" speaks to the company's calling - to invent, develop and deliver products and technological solutions for customers and industries that require high quality. This is achieved through precision engineering and advanced manufacturing technologies.
News on the topic 06:08, May 21, 2021 What will the division of Rusal lead to?
The logo is a two-dimensional sign that is perceived as a three-dimensional projection. This logo symbolizes Arconic's commitment to making what is often considered impossible a reality. The logo's silhouette is reminiscent of the Alcoa brand, and its color reflects its energetic, dynamic culture.
Related news 10:39, April 27, 2021 RUSAL announces operating results for the first quarter of 2021.
The company also introduced an updated version of the Alcoa brand name for its upstream primary aluminum business. Without a traditional frame, the new symbol represents a transformed and dynamic commodity company that can think outside the box. The logo's geometric, sharp, sharp-edged capital "A" in bold font expresses upward movement and the constant pursuit of better results. Finally, the color of the new Alcoa logo will remain “Alcoa blue”, reflecting the fundamental basis on which the company is built.
The legal addresses of Arconic and Alcoa will be located in the United States. Both companies will list shares on the New York Stock Exchange, Arconic as ARNC and Alcoa as AA. The upstream primary aluminum company will bring together the five business units that now make up the global primary products group: bauxite mining, alumina production, aluminum smelting, casting and energy assets. The value-add company for the production of high-tech products Arconic will unite three divisions: the rolling products group, the engineering products and solutions group and the transport and construction solutions group.
Development trends in the global aluminum industry will be discussed at the 8th International Conference “Aluminum: Alloys, Rolled Products and Profiles for Industry and Construction” , which will be held on June 8-9, 2021 in Moscow.
Apply for participation in the conference
JSC Arkonik SMZ is one of the largest enterprises producing aluminum semi-finished products in Russia. The company, which employs about 3,000 people, produces a wide range of rolled, pressed and forged products. Traditional consumers of the plant's products are enterprises in the aviation, space, packaging, shipbuilding, automotive, construction, oil and gas industries, transport engineering and other industries.
For the attention of suppliers - Policy for working with suppliers of Arkonik SMZ JSC
The name of the enterprise until August 22, 2021 is CJSC Alcoa SMZ. Below you will find the issuer information of Alcoa SMZ CJSC subject to disclosure.
CJSC "ALCOA SMZ"
(Formerly OJSC Samara Metallurgical Plant)
“In accordance with clause 1 of part 2.1 of article 1, part 20 of article 4 and part 7 of article 8 of Federal Law No. 223-FZ of July 18, 2011 “On the procurement of goods, works, services by certain types of legal entities,” we inform business entities - suppliers of goods , works and services that the revenue of Alcoa SMZ CJSC from regulated activities in the field of electricity supply, heat supply, water supply, sanitation for 2012 amounted to less than 10% of the total revenue of Alcoa SMZ CJSC, in connection with which the effect of Federal Law No. 223-FZ of July 18, 2011 “On the procurement of goods, works, services by certain types of legal entities” does not apply to Alcoa SMZ CJSC.”
Annual financial statements
Annual financial statements for 2015 Auditor's report for 2015 Annual financial statements for 2014 Auditor's report for 2014 Annual financial statements for 2013 Explanations for the financial statements for 2013 Annual financial statements for 2012 Auditor's report for 2012 Annual financial statements for 2013 2011 Auditor's report for 2011 Annual financial statements for 2010 Auditor's report for 2010 Annual financial statements for 2009 Auditor's report for 2009
Supply
STP — Providing the enterprise with services and inventory items (TMTs) (2013) STP — Providing the enterprise with services and inventory items (T&M items) (2012) STP — Providing the enterprise with services and inventory items (T&M items) (2011 ) STP - Providing the enterprise with services and inventory (materials and materials) (2010)
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Industrial Safety Policy Statement 2015
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Standards for disclosure of information by subjects of the wholesale and retail electricity markets
Proposals on the size of tariffs for 2021 Proposals on the size of tariffs for 2021 Proposals on adjusting the NGR for 2021 Extract from the minutes of the board of the Ministry of Energy dated December 19, 2014. To pr 523 dated December 19, 2014. on the establishment of the NVV Order No. 523 of December 19, 2014 “On the establishment of the necessary gross revenue of territorial network organizations of the Samara region for the long-term period of regulation. (Pub. VK No. 345 (29197) of December 31, 2014) Approved tariffs for electric transmission services. energy for Alcoa SMZ CJSC for 2015. Extract from the minutes of the board of the Ministry of Energy dated December 29, 2014. To project 566 of December 29, 2014 on the establishment of tariffs for technical connection. Order No. 566 dated December 29, 2014 “On approval of standardized tariff rates, rates per unit of maximum power, payment formula for technological connection to the power grids of Alcoa SMZ CJSC for 2015. (Pub. VK No. 447 (29199) dated December 31. 2014) Notification about posting information on the TSO website Name of work PTP 2015 Useful supply of electricity for January 2015 Useful supply of electricity for February 2015 Useful supply of electricity for March 2015 Useful supply of electricity for April 2015 Useful supply of electricity for May 2015 Useful supply of electricity for June 2015 Useful supply of electricity for July 2015 Useful electricity supply for August 2015 Useful supply of electricity for September 2015 Useful supply of electricity for October 2015 Useful supply of electricity for November 2015 Useful supply of electricity for December 2015 Expenses to pay for losses for January 2015 Expenses to pay for losses for February 2015 Costs to pay for losses for March 2015 Costs for payment of losses for April 2015 Expenses to pay for losses for May 2015 Costs for payment of losses for June 2015 Expenses to pay for losses for July 2015 Expenses for payment of losses for August 2015. Costs to pay for losses for September 2015 Costs of paying for losses for October 2015 Costs for payment of losses for November 2015 Costs for payment of losses for December 2015 Information about the list of activity areas for January 2015. Information about the list of activity areas for February 2015. Information about the list of activity areas for March 2015. Information about the list of activity areas for April 2015. Information about the list of activity areas for May 2015. Information about the list of activity areas for June 2015. Information on the list of activity areas for July 2015. Information on the list of activity areas for August 2015. Information on the list of activity areas for September 2015. Information on the list of activity areas for October 2015. Information on the list of activity areas for November 2015. Information on the list of activity areas for December 2015. Information on the technical condition of networks for January 2015 Information on the technical condition of networks for February 2015 Information on the technical condition of networks for March 2015 Information on the technical condition of networks for April 2015 Information on the technical condition of networks for May 2015 Information about the technical condition of networks for June 2015 Information about the technical condition of networks for July 2015 Information about the technical condition of networks for August 2015 Information about the technical condition of networks for September 2015 Information about the technical condition of networks for October 2015 Information about technical condition of networks for November 2015 Information on the technical condition of networks for December 2015 Information on the commissioning of equipment for repair and removal from repair for January 2015. Information on commissioning and removal of equipment from repair for February 2015. Information on the commissioning of equipment for repair and removal from repair for March 2015. Information on equipment commissioning and removal from repair for April 2015. Information on commissioning and removal of equipment from repair for May 2015. Information on commissioning and removal of equipment from repair for June 2015. Information on commissioning and removal of equipment from repair for July 2015. Information on equipment commissioning and removal from repair for August 2015. Information on the commissioning of equipment for repair and removal from repair for September 2015. Information on equipment commissioning and removal from repair for October 2015. Information on commissioning and removal of equipment from repair for November 2015. Information on commissioning and removal of equipment from repair for December 2015. Information on the possibility of technical access to regulated goods (services) for January 2015. Information on the possibility of technical access to regulated goods (services) for February 2015. Information on the possibility of technical access to regulated goods (services) for March 2015. Information on the possibility of technical access to regulated goods (services) for April 2015. Information on the possibility of technical access to regulated goods (services) for May 2015. Information on the possibility of technical access to regulated goods (services) for June 2015. Information on the possibility of technical access to regulated goods (services) for July 2015. Information on the possibility of technical access to regulated goods (services) for August 2015. Information on the possibility of technical access to regulated goods (services) for September 2015. Information on the possibility of technical access to regulated goods (services) for October 2015. Information on the possibility of technical access to regulated goods (services) for November 2015. Information on the possibility of technical access to regulated goods (services) for December 2015. Information about the amount of reserve. capacity for January 2015 Information about the amount of reserve. capacity for February 2015 Information about the amount of reserve. capacity for March 2015 Information about the amount of reserve. capacity for April 2015 Information about the amount of reserve. capacity for May 2015 Information about the amount of reserve. capacity for June 2015 Information about the amount of reserve. capacity for July 2015 Information about the amount of reserve. capacity for August 2015 Information about the amount of reserve. capacity for September 2015 Information about the amount of reserve. capacity for October 2015 Information about the amount of reserve. capacity for November 2015 Information about the amount of reserve. capacity for December 2015 Approved tariffs for electricity transmission services for Alcoa SMZ CJSC for 2015. Information on costs associated with the implementation of technological connection, not included in the fee for technological connection (and subject to accounting (accounted for) in tariffs for services for the transmission of electric energy) Appendix No. 2 to the FTS order dated October 24, 2014 Information on the purchase of materials for 2014 Net supply of electricity for December 2014 Costs of paying for losses for December 2014 Information on the list of areas of activity for December 2014 Information on the technical condition of networks for December 2014 Information about the commissioning of equipment for repair and removal from repair for December 2014 Information about the possibility of technical .access to regulated goods (services) for December 2014 Information on the amount of reserved capacity for December 2014 Information on the technical condition of networks for November 2014 Information on the amount of reserved capacity for November 2014 Net supply of electricity for November 2014 Information on the list of activity areas for November 2014 Information on the possibility of technical access for November 2014 Information on the commissioning of equipment for repair and removal from repair for November 2014 Costs of paying for losses for November 2014 Costs of paying for losses for October 2014 Information on the commissioning of equipment for repair and removal from repair for October 2014 Information about the list of activity areas for October 2014 Information about the investment program Useful supply of electricity for October 2014 Calculation of reserved power for October 2014 Information on the technical condition of networks for October 2014. Technical possibility of access to regulated goods and services for October 2014 Approved tariffs Useful supply of electricity July-September 2014 Information on the technical condition of networks July-September 2014. Technical ability to access the regulator. goods 2014 Calculation of reserved capacity July-September 2014 Information on the list of zones July-September 2014 Information about commissioning and removal from repairs July-September 2014. Approved tariffs July 2014 Costs to pay for losses July-September 2014 Information on the technical condition of networks for June 2014. Information on equipment commissioning and removal from repair for June 2014. Calculation of reserved capacity for June 2014. Useful supply of electricity for June 2014 Useful supply of electricity for May 2014 Useful supply of electricity for April 2014 Information on the possibility of technical access to regulated goods (services) for June 2014. Costs for payment of losses for June 2014 Information on the list of activity areas for June 2014. Proposal on the size of prices (tariffs) of Alcoa SMZ CJSC Long-term regulation parameters (when applying the long-term NRR method) Net supply of electricity for January-May 2014 Costs of paying for losses for January-May 2014 Information on tariffs for 01/01/2014 - 06/30/2014. Information on the list of activity areas for January-May 2014. Information on the technical condition of networks for January-May 2014. Information on the commissioning of equipment for repair and removal from repair for January-May 2014. Information about the possibility of technical access to regulated goods (services) for January-May 2014. Information about the amount of reserve. capacity for January-May 2014 Information about the investment program PTP plan for 2014-2016. Agreement form 2014. Proposals of Alcoa SMZ CJSC on the size of the NVV for 2015-2019 Plan for 2014 Proposals on the size of the NVV and long-term regulatory parameters for 2014 Structure of useful supply for 2014 (proposals) Plan-fact 2013 Information on the purchase of materials for 2013 Fact 4Q 2013 Fact 3rd quarter 2013 Fact 2Q 2013 Fact 1st quarter 2013 Plan 2013 Contract form (2013) Plan fact 2012 Information on the purchase of materials for 2012 Fact 4th quarter 2012 fact 3rd quarter 2012 Add. information fact 2nd quarter 2012 fact 1st quarter 2012 Plan 2012 Standard technological agreement. connections for legal entities power up to 15 kW Standard technological agreement. connections for individuals power up to 15 kW Standard technological agreement. connections for legal entities power up to 100 kW Standard technological agreement. connections for legal entities power up to 750 kVA Information on the purchase of materials for 2012 Form of contract 2012 Fact plan 2011 Information on the purchase of materials for 2011 3rd quarter of 2011 FACT Q2 2011 FACT Q1 2011 FACT Plan 2011 Contract form 2011 Fact plan 2010
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