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MOSENERGO Group PJSC MIPC Consolidated Financial Statements for the Year Ended 31 December 2016 Prepared in Accordance with International Financial Reporting Standards Moscow | 2017 FBK, LLC 44/1 Myasnitskaya st., Moscow, Russia 101990 T +7 (495) 737 5353 | F +7 (495) 737 5347 [email protected] | www.fbk.ru Independent Auditor’s Report To the Shareholders of PJSC MIPC Opinion We have audited the accompanying annual consolidated financial statements of PJSC MIPC and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at December 31, 2016, and the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flow for the year ended December 31, 2016, and Notes to the annual consolidated financial statements comprising a summary of significant accounting policies and other explanatory information. In our opinion, the accompanying annual consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2016, and its consolidated financial performance and its consolidated cash flows for 2016 in accordance with International Financial Reporting Standards (IFRSs). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the annual consolidated financial statements section of our report. We are independent of the Group in accordance with Independence Rules for Auditors and Audit Firms and Code of Professional Ethics of Auditors, that correspond to the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information Management is responsible for the other information. The other information comprises the Annual report of PJSC MIPC and the Quarterly report of the issuer for the first quarter of 2017, which are expected to be made available to us after the date of issue of this Auditor’s report. Our opinion on the annual consolidated financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. PJSC MIPC Auditor’s Report In connection with our audit of the annual consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the annual consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. When we read the Annual report of PJSC MIPC and the Quarterly report of the issuer for the first quarter of 2017, if we conclude that there is a material misstatement therein, we are required to report that facts to management. Responsibilities of Management for the consolidated financial statements Management is responsible for the preparation and fair presentation of these annual consolidated financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of the annual consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the annual consolidated financial statements, management is responsible for the Group’s ability to continue as a going concern, disclosure, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do. Auditor’s Responsibilities for the Audit of the annual consolidated financial statements Our objective are to obtain reasonable assurance about whether the annual consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basic of these annual consolidated financial statements. As a part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: a) Identify and assess the risks of material misstatement of the annual consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the audited entity’s internal control. c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management of the audited entity. PJSC MIPC Auditor’s Report (pБK d) Сonсludе on the appfopfiatеnеss of ma1ragemеnt's usе of thе going сonсetn Ьasis of aссounting and, Ьasеd on thе audit еvidеnсе obtainеd, urhейеt a material_ unсеttainty еxists tеlatеd to еvents or сonditions that may сast signifiсant douЬt on thе auditеd еntity's aЬiJity to сontinuе as a going сonсеffl. If wе сonсludе that a mateial uflсеftainty ехists, wе afе rеquitеd to dtaw attеntion in out auditor's fеpott to thе rеlatеd disсlosutеs in thе finanсial statеmеfits ot, if suсh disсlosufes afе inadеquatе, to modiф out opinion. out соnсlusions ate Ьasеd on thе audit ейdеnсе obtainеd up to thе date of our Auditot's fеpoft. Ho'wеvеf, fututе eveflts of сonditions may сausе thе auditеd еntity to сеasе to сontinue as a going сoflсeffl. .) Еvaluatе the ovetall ptesеntation, sttuсtutе and сofitеrrt of the financial statеmеflts, inсluding thе disсlosutеs, and whейеt thе finanсial Statеmеfits fеptesеnt undetlying ftansaсtions and еvеnts in a mannet tЬat aсhievеs fait ptеsеntation. f) obtain suffiсiеnt apptopriatе audit еvidеnсе tеgarding thе finanсialinfotmation of thе еntitiеs ot Ьusinеss aсtivitiеs $'thifl thе Gtoup to еxpfеss an opinion on thе '\Х/е сonsolidated finanсial Statеmeflts. arе tesponsiЬle fot thе ditесtion, supervision and petfotmanсe of йе Gtoup audit. \07е tеmain solеly tеsponsiblе fot out audit opinion. I0Ие сommuniсatе йth thosе сharged with govеtnanсe rеgarding, among othеt mattеfs, thе plannеd Sсopе and timing of thе audit and signifrсant audit findings, inсluding any siфfiсant dеfiсienсiеs in intеmal сonttol йat wе idеntiф dudng out audit. S.М. of thе Chattеt, audit qualifiсation сеttiГrсatе No. 01 -001 230, Ptеsidеnt of ФБK tegisttation numЬеt 21, 606043397) I(S. Shfuikova (audit qualiГrсation сеrtifiсatе No. 01- 0007 1'2 datеd July 9, 2012, tеgisшation Audit matlagеf numЬеt 20501042062) Thе datе of the Auditor's Repott <<Ф fu{at r еА 201'7 Audited entity Company name: PuЬliсJoint Stoсk Company Моsсow Intеgtatеd Powеt Сompany (PJSС MIPс). Address: 1,1,9048, Mosсow, Еftеmova St., 10. PJsо MlPо Auditor's Repoгt State registration certificate: Registered by the Moscow Inter-District Inspectorate of the Ministry of Taxes and Duties of the Russian Federation No. 46 on December 16, 2004, certificate: series 77 No. 006387601. Entered in the Uniform State Register of Legal Entities on December 16, 2004 under the main state number 10477969740952. Auditor Company name: Limited Liability Company “Accountants and business advisors” (FBK, LLC). Address: 101990, Moscow, Myasnitskaya St., 44/1, bld. 2AB. State registration certificate: Registered by the Moscow Registration Chamber on November 15, 1993, the certificate: series YZ 3 No. 484.58З RP. Entered in the Uniform State Register of Legal Entities on July 24, 2002 under the main state number 1027700058286. Membership in Self-Regulatory Organization of Auditors: Nonprofit Partnership “Auditor Association Sodruzhestvo”. Number in the register of Self-Regulatory Organization of Auditors: Certificate of membership in Nonprofit Partnership “Auditor Association Sodruzhestvo” No. 7198, number in the register – 11506030481. PJSC MIPC Auditor’s Report FJs{' ft,eЕ}С g.rf {]*ns*liti:ltесl st*t*lтlе:lt. Fi*ttлеi*l РоsЁtiq}fi aя *t 3.Е Т}оc*irзbe.r 20i {; ( i п mi ! l'i tln-c о {' Ilus s iа ri ilон b i е s) Notеs 31 Dесеmbеr 2016 31 Dесеmbеr 2015 AssЕTs Noп-сurrеnt аssеts ,7 Propеrty, plarrt and equipment 1 51,755 |42'6з6 Advanсеs for capital соnstruсtion |'зз6 915 Intangiblе assеts 9 3,з 10 4'1з4 Avаilablе_for_sale fi nancial assеts ll 796 Trade and otlrеr rrсеivablеs 12 513 792 Finanсе leasе rеоrivablеs 26 61 1,206 Dеfеrrеd tax assets zэ 1,668 624 otlrеr non-currеnt assots 16 7l Тotal non-сurrеnt assеts 159,455 150,378 сurrent assеts Invеntoriеs
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