THAN ENERGY INVESTMENT VERSION Contact Details Registrar Postal Address: 4, 2Nd Yamskaya St., Trade Name: RSM RUS Ltd
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MORE 2015 ANNUAL REPORT THAN ENERGY INVESTMENT VERSION Contact Details Registrar Postal address: 4, 2nd Yamskaya St., Trade name: RSM RUS Ltd. Moscow 127018, Russia Address: Bldg. 3-4, 2/6 Podkopaevsky alley, Tel/Fax: +7 (495) 747-9292 Moscow, Russia +7 (495) 747-9295 Tel/Fax: +7 (499) 681-1899, Website: https://www.mrsk-1.ru/en/ +7 (495) 411-8312 Email: [email protected] Website: http://www.reestrrn.ru/ Email: [email protected] License: Licence of the Federal Service for Financial Markets at the activity to register, number 10-000-1-00330 issued on December 16, 2004, without expiration date. Auditor Depository Trade name: RSM RUS Ltd. Trade name: NCO CJSC NSD Address: 4 Pudovkina street, Address: 12, Spartakovskaya St., Moscow 119285, Russia Moscow 105066, Russia Tel/Fax: +7 (495) 363-28-48 Tel/Fax: +7 (495) 234-48-27 +7 (495) 981-41-21 +7 (495) 956-09-38 Website: http://rsmrus.ru/ Website: https://www.nsd.ru/en/ Email: [email protected] Licence: Licence of the Federal Service for Membership in a self-regulatory organisation Financial Markets at the activity to register, of Auditors: Membership certificate # 6938, number 177-12042-000100 issued on February issued in accordance with the resolution of NP 19, 2009, without expiration date. AAC, in self-regulatory organisation Not-for-Profit Partnership "Auditing Association Sodruzhestvo". Development strategy Production report Social responsibility Financial analysis Corporate governance IDGC OF CENTRE, PJSC DISCLAIMER IDGC of Centre, PJSC (hereinafter, the Company) is a Russian The Annual Report contains the information on the Company's power grid company that supplies electricity and connects 2015 operating results and forecast indicators, statements new consumers to power grids. The Executive Body is located of intent, opinions or current expectations pertaining to in Moscow. The Company's branches operate in the cities of operating results, financial standing, liquidity, growth Belgorod, Bryansk, Voronezh, Kursk, Kostroma, Lipetsk, Orel, prospects, strategies, as well as growth in the industry where Smolensk, Tambov, Tver, and Yaroslavl. IDGC of Centre operates. Certain risks and uncertainties are inherent to such forecasts, since they are related to and depend on events and circumstances that may or may not Among the Company's customers are large industrial occur in the future. companies, transport and agriculture enterprises, socially important facilities, as well as guaranteed electricity suppliers. Words such as 'intends', 'aims', 'expects', 'assesses', 'plans', 'considers', 'assumes', 'may', 'should', 'will', 'continues' and other such expressions generally mean that the statement is a forecast and thus entails the risk that the said events and actions may or may not occur, as a result of various factors. SCOPE OF THE REPORT The Company forewarns that such forecasts do not constitute The Annual Report, including financial and economic indicators a guarantee of future indicators. The Company’s actual based on the RAS financial statements, contains data on operating results, its financial position and liquidity, and the IDGC of Centre operations. growth of the industry where it operates, may significantly differ from the forecasts in this document. Furthermore, should the above indicators correspond to the forecasts made The Annual Report contains information on the Company's in this Report, such results and events do not imply that 2015 operating results as of the date of the Report. Data similar results and events will occur in the future. from 2013 and 2014 is provided to monitor the changes in indicators. The Company provides no explicit or implied assurances or guarantees and shall bear no liability, in case that any All information about the members of the management and individuals or legal entities incur any losses resulting from supervision bodies of the Company, members of the Board of the use of the forecasts of this Annual Report for any reason, Directors' committees and the Corporate Secretary, and the directly or indirectly. These individuals and legal entities amount of their remuneration, is given in this Report to meet should not fully rely on the forecasts in this document, since the requirements of Russian legislation on personal data. they do not represent the only possible future scenario. Except for the cases stipulated by the law of the Russian Federation, the Company assumes no obligations to review or confirm expectations or estimates, or to publish updated and adjusted forecasts presented in this Annual Report due to subsequent events or the receipt of new information. 1 Annual Report of IDGC of Centre, PJSC 2015 CONTENTS Development strategy 4 Company history 01 6 Milestones of 2015 22 Market overview 8 Key indicators 28 Development of strategic priorities 14 Business model 35 Key performance indicators 16 Address from the Chair 36 Quality management system of the Board of Directors 37 Board of Directors’s report on priority areas and General Director USING THE DIGITAL TECHNOLOGIES p. 40↑ WITH APPLICATION OF IEC 61850 The project of automation of the substation 110/10 kV “Yartsevo–2”, including relay protection and automation equipment, data collection and exchange systems which comply with IEC 61850 “Communication Networks and Systems in Substations”, was completed at the Smolenskenergo branch. Production Social 02 report 03 responsibility 44 Characteristics of assets 68 Personnel management 47 Operating results 87 Environmental safety 62 Programme of innovative development 90 Third party safety 63 Information technology 91 Procurement activities 65 Prevention of emergency situations 94 Public relations RECONSTRUCTION AND AUTOMATION OF THE 35 KV GRIDS USING SIMPLIFIED TECHNICAL SOLUTIONS BASED ON STANDALONE p. 41↑ COMMUTATION DEVICES (RECLOSERS) 35 KV In 2015, the Company successfully implemented several projects for the installation of 35 kV switching devices (reclosers) at overhead lines and substations. 2 Development strategy Production report Social responsibility Financial analysis Corporate governance TRAINING CENTRE ON THE BASIS OF THE ENERGY COLLEGE – p. 42↑ NATIONAL RESEARCH UNIVERSITY “MPEI” BRANCH IN THE CITY OF KONAKOVO The creation of the training centre (laboratory) became the next step in implementing the preparation plan for specialists under the Cooperation Agreement between IDGC of Centre and National Research University “MPEI”. Financial 04 analysis News 98 Credit ratings 72 KOSTROMA REGION 99 Tariff policy 72 YAROSLAVL REGION 106 Financial results analysis 73 TVER REGION 121 Investments 73 SMOLENSK REGION 73 BRYANSK REGION 74 KURSK REGION 74 OREL REGION Corporate 75 BELGOROD REGION 76 LIPETSK REGION governance 76 TAMBOV REGION 05 77 VORONEZH REGION 128 Corporate governance system 132 General Meeting of Shareholders 133 Board of Directors 155 General Director 156 Management Board Appendices 160 Control 165 Risk management 184 Auditor conclusion on 2015 172 Securities Accounting Statements 179 Dividend policy 186 Balance Sheet as of 31.12.2015 182 Investor relations 190 Profit and Loss Statement for 2015 183 Frequently asked questions 192 List of abbreviations 183 Information disclosure policy CREATING 6-10/0.4 KV POWER GRIDS WITH THE APPLICATION OF A POLE-MOUNTED TRANSFORMER SUBSTATION p. 43↑ In 2015, IDGC of Centre adopted the Guidelines on creating 0.4–10 kV power grids using the pole-mounted 6–10/0.4 kV transformer substations. 3 Annual Report of IDGC of Centre, PJSC 2015 COMPANY HISTORY 17.12.200 4 2010 IDGC of Centre and North Caucasus, JSC was incorporated The following substations were put into operation: as a target company for the interregional integration • the 100 kV Krapivenskaya substation in Belgorodenergo, of distribution grid facilities. The participatory interest of JSC • the 110 kV Kotorosl substation in Yarenergo providing RAO UES of Russia in the Company’s share capital is 100%. large facilities with reliable electric energy supply which were built in honour of the 1,000th anniversary of 2006 Yaroslsavl, • the 110 kV Zapadnaya substation in Orelenergo. The 110 kV Severnaya substation was put into operation in Belgorod. The company acquired JSC Yargorelectroset. As a result of the transaction, the Company owns 90% power grid assets 2007 in the Yaroslavl Region. The final Company structure was approved. This structure 2011 is comprised of 11 regional grid companies (hereinafter referred to as RGCs): JSC Belgorodenergo, All branches of IDGC of Centre switched to a new method JSC Bryanskenergo, JSC Voronezhenergo, of tariff regulation system based on RAB methodology. JSC Kostromaenergo, JSC Kurskenergo, JSC Lipetskenergo, JSC Orelenergo, JSC Tambovenergo, JSC Smolenskenergo, The following substations were put into operation: JSC Tverenergo, JSC Yarenergo. • the 110/35/10 kV Pochepskaya substation in the Bryansk Region, IDGC of Centre and North Caucasus, JSC was renamed as • the110/10 kV Rodniki substation in Kursk, IDGC of Centre, JSC. • the 110 kV Kotelnaya substation in the Kursk Region. IDGC of Centre, JSC was first assigned an NCGR 6+ rating The 110/10 PTF substation was put into operation, built for (according to RID-Expert RA). the purpose of the Inzhavinskaya poultry farm, which is one of the most modern poultry farms in Russia. 2008 2012 Affiliation of RGC and change to single share. Transfer of RGC’s assets to the balance of IDGC of Centre, JSC. The company purchased the power grid infrastructure in Stariy Oskol, making it possible to complete the process of IDGC of Centre, JSC’s shares started