JSC TGC-1 Annual Report 2015

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JSC TGC-1 Annual Report 2015 Pre-approved APPROVED by resolution of the Board of Directors by resolution of the General JSC «TGC-1» Shareholders' Meeting of JSC «TGC-1» as of May 12, 2016 as of ________________,2016 (Minutes No. 14) (Minutes No.____) ANNUAL REPORT of Joint Stock Company «Territorial Generating Company №1» on 2015 results A.V.Barvinok General Director, JSC «TGC-1» St. Petersburg 2016 CONTENTS 1. LETTER TO SHAREHOLDERS ........................................................................................................................................ 4 2. COMPANY OVERVIEW..................................................................................................................................................... 6 2.1. KEY INDICATORS .................................................................................................................................................................... 6 2.2. OVERVIEW .............................................................................................................................................................................. 6 2.3. COMPANY’S ORGANISATIONAL STRUCTURE AS OF DECEMBER 31, 2015 ................................................................................ 8 2.4. BASIC COMPANY EVENTS IN 2015 .......................................................................................................................................... 9 3. JSC «TGC-1» IN THE ECONOMY AND INDUSTRY ....................................................................................................12 3.1. ECONOMIC SITUATION AND POWER INDUSTRY .......................................................................................................................12 3.2. COMPETITIVE ENVIRONMENT .................................................................................................................................................14 3.2.1. Electricity market............................................................................................................................................................14 3.2.2. Heat market ....................................................................................................................................................................16 3.3. KEY DEVELOPMENT AREAS IN 2015 .......................................................................................................................................17 3.4. RISKS RELATED TO THE COMPANY'S OPERATIONS .................................................................................................................19 4. OVERVIEW OF PRODUCTION OPERATIONS ...........................................................................................................23 4.1. PRODUCTION CAPACITIES ......................................................................................................................................................23 4.2. ELECTRICITY GENERATION ....................................................................................................................................................24 4.3. HEAT GENERATION ................................................................................................................................................................27 4.4. ANALYSIS OF FUEL CONSUMPTION BY CHPPS OF JSC «TGC-1» ..........................................................................................28 4.5. ENERGY SAVING AND ENERGY EFFICIENCY ............................................................................................................................28 4.6. REPAIR AND MAINTENANCE PROGRAM .................................................................................................................................29 5. OVERVIEW OF SALES .....................................................................................................................................................31 5.1. ELECTRICITY AND CAPACITY SALES.......................................................................................................................................31 5.1.1. Electricity and capacity purchase ...................................................................................................................................36 5.1.2. Electricity exports ...........................................................................................................................................................37 5.2. HEAT SALES ...........................................................................................................................................................................39 6. FUEL SUPPLY AND PROCUREMENT ...........................................................................................................................42 6.1. FUEL SUPPLY .........................................................................................................................................................................42 6.2. PROCUREMENT ......................................................................................................................................................................44 7. INVESTMENT ACTIVITY OF JSC «TGC-1» .................................................................................................................48 7.1. OVERVIEW OF THE IMPLEMENTATION OF THE INVESTMENT PROGRAM OF JSC «TGC-1» IN 2015..........................................48 7.2. IMPACT OF THE KEY PROJECTS IN 2015 ..................................................................................................................................50 7.3. NEW SYSTEMS AND TECHNOLOGY ........................................................................................................................................55 7.4. KEY OBJECTIVES OF THE INVESTMENT ACTIVITIES IN 2016 ....................................................................................................55 8. FINANCIAL PERFORMANCE OVERVIEW .................................................................................................................58 8.1. MAIN FACTORS IMPACTING THE COMPANY'S PERFORMANCE .................................................................................................58 8.2. ACCOUNTING PRINCIPLES ......................................................................................................................................................58 8.3. RAS FINANCIAL RESULTS ......................................................................................................................................................61 8.4. IFRS FINANCIAL STATEMENT ................................................................................................................................................69 9. SECURITIES AND CORPORATE GOVERNANCE ......................................................................................................71 9.1. EQUITY STRUCTURE ..............................................................................................................................................................71 9.2. TRANSACTIONS WITH SECURITIES .........................................................................................................................................71 9.3. CORPORATE GOVERNANCE PRINCIPLES .................................................................................................................................75 9.4. MANAGEMENT AND CONTROL BODIES ..................................................................................................................................76 9.4.1. General Shareholders' Meeting ......................................................................................................................................76 9.4.2. Board of Directors ..........................................................................................................................................................78 9.4.3. Committees of the Board of Directors ............................................................................................................................83 9.4.4. Auditing Commission ......................................................................................................................................................85 9.4.5. Management Board and General Director .....................................................................................................................86 9.5. SUBSIDIARIES AND AFFILIATES OF JSC «TGC-1» .................................................................................................................90 9.5.1. Governance Principles Applicable to Subsidiaries and Affiliates ..................................................................................90 9.5.2. Performance of the Subsidiaries and Affiliates in 2015..................................................................................................90 10. PERSONAL AND SOCIAL RESPONSIBILITY ..............................................................................................................95 10.1. MAIN PRINCIPLES AND GOALS OF THE HR POLICY .........................................................................................................95 10.2. HEADCOUNT AND HR STRUCTURE ..................................................................................................................................95 10.3. HR DEVELOPMENT SYSTEM ............................................................................................................................................97
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