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Annual Report 2014

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Annual Report 2014 APPROVED: by the General Shareholders’ Meeting of Open Joint-Stock Company Enel Russia on June 17, 2015 Minutes № 2/15 dd. June 17, 2015 PRELIMINARY APPROVED: by the OJSC Enel Russia Board of Directors on April 22, 2015 Minutes № 05/15 dd. April 22, 2015 2014 ANNUAL REPORT General Director of OJSC Enel Russia June ___, 2015 __________ / K. Palasciano Villamagna/ Chief Accountant of OJSC Enel Russia June ___, 2015 _________ / E.A. Dubtsova/ Moscow 2015 TABLE OF CONTENTS 1. Address of the company management to shareholders .................................................................... 4 1.1. Address of the chairman of the board of directors .................................................................... 4 1.2. Address of the general director .................................................................................................. 6 2. Calendar of events ............................................................................................................................ 8 3. The company’s background............................................................................................................ 11 4. The board of directors report: results of the company priority activities ...................................... 12 4.1. Financial and economic performance of the company ............................................................ 12 4.1.1. Analysis of financial performance dynamics in comparison with the previous period........ 12 4.1.2. Dividend history ................................................................................................................... 13 4.2. Characteristic of activity of management and control bodies of the company ....................... 14 4.2.1. Principles of corporate governance ...................................................................................... 14 4.2.2. Information disclosure .......................................................................................................... 15 4.2.3. Management bodies of the company .................................................................................... 16 4.2.4. Control bodies of the company ............................................................................................. 26 5. Securities of the company............................................................................................................... 29 5.1. Data on the share capital of the company ................................................................................ 29 5.2. Market capitalization ............................................................................................................... 33 5.3. OJSC Enel Russia bonds ......................................................................................................... 33 5.4. Circulation of depository receipts of OJSC Enel Russia ......................................................... 34 6. Participation of the company in other organizations ...................................................................... 36 7. Position of OJSC Eenel Russia in the industry .............................................................................. 37 7.1. Competition ............................................................................................................................. 37 7.2. Key operating results ............................................................................................................... 39 7.3. Sales ......................................................................................................................................... 42 7.4. Regulatory authorities in the power area ................................................................................. 46 8. Strategy and priority activities of the company .............................................................................. 48 9. Main risk factors related to the company’s activity ....................................................................... 50 10. Investment activities ..................................................................................................................... 52 11. Innovations and it-technologies .................................................................................................... 54 12. HR policy ...................................................................................................................................... 56 12.1. HR strategy and policy .......................................................................................................... 56 12.2. Organization and business processes ..................................................................................... 56 12.3. HR structure ........................................................................................................................... 56 12.4. Labor turnover at OJSC Enel Russia ..................................................................................... 67 12.5. Personnel recruitment, training, evaluation and development .............................................. 73 12.6. Average salary level .............................................................................................................. 74 12.7. Social partnership and social policy. ..................................................................................... 75 13. Social responsibility ..................................................................................................................... 76 13.1. Environmental protection ...................................................................................................... 76 13.2. Health and safety ................................................................................................................... 87 13.3. Charity and sponsor activities................................................................................................ 88 14. Financial statements with appendices........................................................................................... 95 14.1. Balance sheet ......................................................................................................................... 95 2 14.2. Income statement ................................................................................................................... 95 14.3. Statement on changes in equity ............................................................................................. 95 14.4. Cash flow statement .............................................................................................................. 95 14.5. Explanations to balance sheet ................................................................................................ 95 14.6. Audit report. .......................................................................................................................... 95 15. The conclusion of the internal audit commission ......................................................................... 96 16. Information on observance by the company of the code of corporate conduct .......................... 100 17. Information about major transactions and related party transactions executed by the company in 2014 .................................................................................................................................................. 117 18. Structure of generating facilities................................................................................................. 126 19. Glossary ...................................................................................................................................... 128 20. Contact information .................................................................................................................... 129 3 1. ADDRESS OF THE COMPANY MANAGEMENT TO SHAREHOLDERS 1.1. Address of the Chairman of the Board of Directors We are happy to share with you the 2014 Annual Report of OJSC Enel Russia. Enel Russia efforts aimed at increasing the efficiency of our operations, allowed us to deliver strong results in spite of a complicated macroeconomic environment. Our 2014 operational and financial results of 2014 show that Enel Russia’s general development strategy and the specific measures taken in this connection were instrumental in meeting our targets. Enel Russia activities in 2014 were marked by a number of important events. First and foremost, for the first time in its history, the company distributed 40% of its net profit as dividends of its 2013 results - the decision was taken at the General Shareholders’ Meeting upon a recommendation from the Board of Directors. Thus the company kept the promise that it had given to the shareholders a year before. Another important decision made by the shareholders at the meeting was to change the name of the company from Enel OGK-5 to Enel Russia. The new name reflects the company’s link with the Enel Group and emphasizes its integration in the economic and social environment of the Russian Federation. Organizational changes in the company should also be mentioned. In December 2014 the Board of Directors approved the candidacy of Carlo Palasciano Villamagna to the position of General Director of Enel Russia provided two conditions precedent are met. As these conditions were fulfilled, Carlo officially took over the position of General Director in March 2015. Throughout the year the company paid particular attention to social responsibility and sustainable
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