At an ordinary meeting, the Board of Directors of JSC St. PetersburgHeatingGrid reviewed a report on the results of the Company's operation in 2011 and recommended the General Assembly of Shareholders to approve the accounting statements of JSC St. PetersburgHeatingGrid for 2011. The revenue amounted to 5.47 million rubles, and the net profit, 11 million rubles.
The Board of Directors made a decision to recommend the shareholders to pay no dividends on common shares of the Company by the results of the business year 2011 and to allocate all retained earnings of the reported period to the accumulation fund, which has been established for funding investment projects of JSC St. PetersburgHeatingGrid.