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Synergy in Action SYNERGY IN ACTION ANNUAL REPORT 2017 REPORT IN THE REPORT IDGC OF CENTRE ANNUAL REPORT 2017 REPORT IN DEVELOPMENT OPERATING CORPORATE CORPORATE FINANCIAL APPENDICES THE REPORT STRATEGY REVIEW GOVERNANCE RESPONSIBILITY REVIEW IDGC OF CENTRE, PJSC Disclaimer IDGC of Centre, PJSC (the “Company”) is a Russian power grid company primarily The Annual Report contains forward-looking statements that reflect expectations of engaged in providing power transmission and grid connection services. With the Company’s management. These forward-looking statements are not based on fact the Executive Office sitting in Moscow, the Company’s branches operate in Belgorod, and include statements of intent, opinions or current expectations of the Company Bryansk, Voronezh, Kursk, Kostroma, Lipetsk, Orel, Smolensk, Tambov, Tver, regarding its operating results, financial position, liquidity, growth prospects, and Yaroslavl. strategies, and the industry in which IDGC of Centre operates. By their nature, such forward-looking statements involve risks and uncertainties because they relate In September 2017, powers of the sole executive body of IDGC of Center and Volga to events and depend on circumstances that may or may not occur in the future. Region, PJSC were delegated to IDGC of Centre, PJSC. The Decision was approved by the Board of Directors of PJSC ROSSETI and by the Annual General Meeting of We generally use words such as “intends”, “aims”, “expects”, “estimates”, “plans”, Shareholders of IDGC of Center and Volga Region, PJSC. “believes”, “anticipates”, “may”, “should”, “will”, “continues” and other similar to identify forward-looking statements, and assume that the occurrence of specified events is dependent on various factors. Therefore, future performance may differ from current expectations, and users of the Report should not rely exclusively on the information presented therein. REPORT DATA AND DISCLAIMER Apart from official data on IDGC of Centre’s performance, this Annual Report contains Scope of the Report information provided by third parties. Such information has been received from sources that are believed by the Company to be reliable. However, the Company does The information contained herein, including financials based on the accounting not warrant that third-party information is accurate, complete or comprehensive. (financial) statements under RAS, comprises the IDGC of Centre’s activity data. IDGC of Centre cautions that forward-looking statements are not guarantees of future This Annual Report is based on the information available to IDGC of Centre as performance. The Company’s actual operating results, financial position, liquidity, and at the date of this report. The document contains an overview of the Company’s development of the industry in which it operates may significantly differ from those performance in 2017 and its historical evolution since 2015. contained in the forward-looking statements set forth in this Report. Furthermore, even if the above indicators are consistent with the forward-looking statements Information about the members of the Company’s management and supervisory contained herein, those results or developments may not be indicative of results bodies, committees of the Board of Directors, Corporate Secretary, and their or developments in future periods. remuneration is provided in this Report in compliance with the Russian laws on personal data. The Company makes no warranties or representations, whether express or implied, and bears no liability for any losses incurred by individuals or entities for any reason, whether directly or indirectly, as a result of using the forward-looking statements contained in the Annual Report. These individuals and entities should not rely solely on the forward-looking statements contained in this document, since they do not represent the only possible scenario. Save as provided for by the Russian laws, the Company undertakes no obligation to update or confirm its expectations and estimates, or publish updated and revised forward-looking statements contained herein as a result of future events or new information. 1 REPORT IN THE REPORT IDGC OF CENTRE ANNUAL REPORT 2017 REPORT IN DEVELOPMENT OPERATING CORPORATE CORPORATE FINANCIAL APPENDICES THE REPORT STRATEGY REVIEW GOVERNANCE RESPONSIBILITY REVIEW CONTENTS REPORT IN THE REPORT 4 CORPORATE GOVERNANCE 72 2017 Highlights 6 Chairman of the Board of Directors’ Report on corporate governance in IDGC of Centre 74 Statement by the Сhairman of the board of Directors and General Director 8 Management Dodies 80 Performance Highlights 12 Internal Audit, Risk Control and Management 116 IDGC of Centre Investment Case 14 Securities 138 Outstanding Securities 16 Shareholder and Investor Relations 150 Shareholding structure 16 Corporate Structure 17 Business Model 18 CORPORATE RESPONSIBILITY 154 HR and Social Policy 156 DEVELOPMENT STRATEGY 28 Environmental Policy 174 Third-Party Safety 178 Market Overview 30 Public Relations 180 Charitable Initiatives 182 Procurement 183 OPERATING REVIEW 38 Assets 40 FINANCIAL REVIEW 184 Consolidation of Grid Assets 44 Operational highlights 46 Credit ratings 186 Innovative Development Programme 58 Tariff policy 188 Digitisation 64 Financial review 194 Information Technologies 66 Investments 212 Management systems 70 APPENDICES 218 Statement of financial position 225 List of Abbreviations 238 Contact Details 242 2 3 REPORT IN THE REPORT IDGC OF CENTRE ANNUAL REPORT 2017 REPORT IN DEVELOPMENT OPERATING CORPORATE CORPORATE FINANCIAL APPENDICES THE REPORT STRATEGY REVIEW GOVERNANCE RESPONSIBILITY REVIEW REPORT IN THE REPORT REPORT IN THE REPORT IDGC OF CENTRE ANNUAL REPORT 2017 REPORT IN DEVELOPMENT OPERATING CORPORATE CORPORATE FINANCIAL APPENDICES THE REPORT STRATEGY REVIEW GOVERNANCE RESPONSIBILITY REVIEW 2017 Highlights Powers of the sole executive body An automated system for mass Consolidation of operational and of IDGC of Center and Volga Region power outages recording put into situational methods in power grids delegated to IDGC of Centre commercial operation management 11 September 2017, an Agreement on the Delegation The main objectives of creating this system IDGC of Centre and IDGC of Center and Volga Region arranged of Powers of Sole Executive Body of IDGC of Center are to obtain a tool for operational control and a Single Responsible Centre to receive and transmit on-line data. and Volga Region to IDGC of Centre was signed. situational management in various modes of PJCS ROSSETI , made a decision to introduce unified operation of the power grid complex, as well From December 1, 2017, all functions of providing on-line data management in IDGC of Centre and IDGC of Center and as to provide the crisis management centre of regarding the condition of the grid facilities of all branches of both Volga Region to improve productive and financial IDGC of Centre and crisis management centres Companies were entrusted to the Emergency Operations Centre, efficiency of IDGC of Center and Volga Region, decrease of branches with operational information on which belongs to the Operational Technological and Situational the operational costs and provide reliable power grid the course of emergency recovery work for making Management Department of IDGC of Centre (the “EOC”). The EOC supply for all categories of consumers. managerial decisions. is enforced with duty operators, who passed special training. The Agreement terms are approved by the Boards of All information is visualised according to Restructuring allowed to increase efficiency of management Directors of both Companies. the existing boundaries of the regions. The data solutions and improve use and coordination of forces in case includes number of de-energised households, of accidents elimination in relation to electrical grids of two de-energised transformer substations, emergency Companies’ branches. The resources for emergency and repair power lines, number of working crews. The works almost doubled. map in real time displays the actual weather conditions: ambient temperature, wind force, precipitation, storm warnings about unfavourable weather events. 6 7 REPORT IN THE REPORT IDGC OF CENTRE ANNUAL REPORT 2017 REPORT IN DEVELOPMENT OPERATING CORPORATE CORPORATE FINANCIAL APPENDICES THE REPORT STRATEGY REVIEW GOVERNANCE RESPONSIBILITY REVIEW Statement by the chairman of the board of directors and general director Chairman of the Board of Directors General Director IDGC of Centre IDGC of Centre YURY N. MANGAROV OLEG YU. ISAEV Dear shareholders, investors, customers, partners and employees of IDGC of Centre, Another year of our collaboration has ended. The time is now to highlight the main outcomes and to outline the tasks for future. In 2017, despite a complicated macroeconomic environment, the Company proved its leader status by key industry indicators and created required conditions for future development. As per the results of the year, the Company’s revenue reached its maximum across the last four years, i.e. RUB 91.1 bn. Only the power transmission services yielded RUB 87.9 bn (including the territories covered as a guaranteeing supplier), that is RUB 3.3 bn more than it was planned. Scope of net electricity delivery by “single pot” tariffs in comparable terms of 2016 increased by 0.7% up to 51.7 bn kWh, that is 1.1 bn kWh more than the parameters specified in the Business Plan. Capacity Operating Efficiency RUB of 560 MVA and 4,075 km of power transmission lines were commissioned under 13 days While there are some restrictions for the
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