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Joining Efforts Annual Report 2018 | Joining Efforts JOINING EFFORTS JOINING EFFORTS ANNUAL REPORT IDGC OF CENTER AND VOLGA REGION, PJSC ANNUAL REPORT 2018 | JOINING EFFORTS INFORMATION ABOUT THE REPORT The Annual Report of IDGC of Center and Volga Region for 2018 (hereinafter “the Annual Report”) represents the production and financial results and covers certain aspects of the Company’s corporate governance activities. The Annual Report also includes a brief disclosure of information about the Company’s activities associated with its sustainable growth using certain elements of the GRI Standards methodology, and identifying the UN goals, to which the Company is committed. A more detailed information disclosure on sustainable development issues in full compliance with the requirements of the GRI Standards methodology is provided as part of a specialized report published on the Company’s official website every two years (https://www.mrsk-cp.ru/stockholder_investor/ disclosure_reporting_info/sotsialnye-otchety/). The Annual Report was prepared based on the effective data available to the Company at the time of its drafting. Financial and economic indicators contained in the Annual Report comply with the IFRS, unless otherwise specified. In a number of sections of the Annual Report, figures for the previous periods and expectations, forecasts or plans of the Company regarding future periods are provided to demonstrate the dynamics of significant processes. The information disclosed in the Annual Report, with the exception of financial results under the IFRS, does not include subsidiaries and affiliates of IDGC of Center and Volga Region, as they do not have a significant impact neither on the Company’s performance indicators, nor on the results of its activities aimed at sustainable development. Compared to the 2017 Annual Report, the scope of the disclosed information remains unchanged. The Annual Report was prepared in accordance with all official documents regulating the disclosure of information in annual reports of joint stock companies, including the requirements of the Central Bank of the Russian Federation and the Moscow Exchange, as well as the recommendations of the Corporate Governance Code. CONTENTS COMPANY PROFILE 8 Key Performance Indicators 9 History of the Company’s Development 12 Statement of the Chairman of the Board of Directors of IDGC of Center and Volga Region, PJSC 16 Statement of the Director General of IDGC of Centre, PJSC, the Мanagement Сompany 18 Corporate Structure and Regional Reach 22 Core Assets 24 Business Model 26 Industry Overview and Competitive Analysis 28 STRATEGY 38 Digitization 46 Integration of IDGC of Center and Volga Region, PJSC with IDGC of Centre, PJSC 50 Innovation Development 52 Investment Program 54 Improving Power Supply Reliability and Quality 58 PERFORMANCE RESULTS 60 Production Results 62 RAS Financial Results Analysis 66 IFRS Financial Results Analysis 70 SUSTAINABLE DEVELOPMENT 74 Corporate Management System for Sustainable Development 76 Stakeholder Engagement and Stakeholder Map 78 Concern for Environmental Protection 81 Procurements and Supplier Relationships 85 Human Capital Management and Social Responsibility 87 CORPORATE GOVERNANCE 98 Corporate Governance Principles 100 Corporate Governance Audit 101 Assessment of Compliance of the Corporate Governance Level with the Corporate Governance Code 102 Corporate Governance System 104 Shareholder Value Formation 148 ANNEXES AND CONTACT INFORMATION 156 THE ANNUAL REPORT 2018 | JOINING EFFORTS COMPANY STRATEGY PERFORMANCE SUSTAINABLE CORPORATE PROFILE RESULTS DEVELOPMENT GOVERNANCE FIRST RESULTS OF THE JOINT EFFORT EFFICIENCY IMPROVEMENT THROUGH THE JOINT WORK WITH IDGC OF CENTRE, PJSC IN 2018 SAVINGS DUE TO A TRANSFER TO REPAIRS BASED ON THE TECHNICAL CONDITION, SAVINGS DUE TO AN OPTIMIZATION OF THE CENTRALIZED EMERGENCY STOCK, RUB mn RESERVE ENERGY SOURCES, FORMATION OF UNIFIED CREWS FOR RECOVERY WORKS, RUB mn In September 2017, the authority of the sole executive body of IDGC of Center and Volga Region, PJSC, was 93.3 30.3 37.9 -1.0 transferred to IDGC of Centre, PJSC. 36.9 63.0 Within a short period, the following was achieved: Consolidation of best corporate Combining the operational and governance practices situational management of the SAVINGS DUE TO THE OPTIMIZATION OF COSTS AND TERMS OF PAYMENTS FOR SAVINGS DUE TO CONSOLIDATED PURCHASES, RUB mn network complexes of the two LOCAL GRID OPERATORS, RUB mn companies 191.0 91.0 226.0 42.0 184.0 Comprehensive network Combining emergency stocks and 100.0 modernization programs for 20 backup energy sources regions of both companies activities Automation of data collection on the Application of uniform customer readings of metering instruments and service standards staff performance SAVINGS DUE TO REDUCED ELECTRIC POWER LOSSES ACHIEVED THROUGH THE IMPROVED PROCESS OF DETECTION AND STOPPING OF UNACCOUNTED ELECTRICITY CONSUMPTION, RUB mn 139.0 Unification of the process of cost of Transfer of authority for the work formation and introduction of a approval of technical conditions 116.5 Plan single directory of prices for material and signing of grid connection and technical resources using standard contracts of over 150 kW from the technical specifications branches to the executive office Actual 22.5 Deviation 2 3 THE ANNUAL REPORT 2018 | JOINING EFFORTS COMPANY STRATEGY PERFORMANCE SUSTAINABLE CORPORATE PROFILE RESULTS DEVELOPMENT GOVERNANCE EXPECTED EFFECTS DIGITIZING GRIDS BY 2030: [ Improve the reliability and availability of electric power supply TIMES REDUCTION OF In December 2018, a concept of Digital Transformation 2030 was THE AVERAGE ACCIDENT approved in the course of the face-to-face meeting of the Board 2 ELIMINATION TIME of Directors of PJSC Rosseti. The concept involves a complete transformation of the power grid infrastructure of the affiliated companies by 2030 through the introduction of digital technologies and solutions. TIMES [ Cut down the expenses 1,5 when implementing HIGHER AVAILABILITY investment programs OF TECHNOLOGICAL THIS WILL HELP TO DO THE FOLLOWING: CONNECTION TO ELECTRICITY NETWORKS [ Ensure that the [ Reduce BY infrastructure is ready electric power for new technological losses challenges 30 % REDUCTION OF LINE LOSSES, OPERATING COSTS, AND COSTS OF THE ACQUISITION AND [ Build the most accurate MODERNIZATION OF POWER forecast models of [ Significantly reduce the GRID ASSETS behavior of the network operating and investment and its components expenses of grid operators BY [ Create a set of additional 50 % services for clients KEY EVENTS OF THE 1ST STAGE OF THE CONCEPT LOWER SADI/SAIFI IMPLEMENTATION IN IDGC OF CENTRE, PJSC, AND IDGC OF CENTER AND VOLGA REGION, PJSC: All measures to implement the program of digital transformation of BY the power grid infrastructure will be taken as part of the existing tariff [ Digital power distribution zone (PDZ) and balance solutions, i.e. based on the possibilities of the investment 10 % [ programs of grid operators, which will not affect the end user tariff. The Digital substation INCREASE IN THE LIFE [ OF ASSETS payback of the program, as well as the effects obtained, are expected to Development of digital radio communication [ increase the amount of dividend payments. Creation of unified network control centers of all voltage types 4 5 THE ANNUAL REPORT 2018 | JOINING EFFORTS COMPANY STRATEGY PERFORMANCE SUSTAINABLE CORPORATE PROFILE RESULTS DEVELOPMENT GOVERNANCE SUSTAINABLE DEVELOPMENT COMMUNICATION ISO 9001:2015 IS THE GOAL CHANNELS FOR SERVICE USERS: ISO 14001:2015 IN ITS ACTIVITIES, IDGC OF CENTER AND VOLGA REGION, PJSC, IS OPEN FOR DIALOG AND COOPERATION WITH THE OHSAS 18001:2007 PUBLIC AND ALL INTERESTED PARTIES SERVICE ISO 50001:2011 32 CENTERS CONFIRMED COMPLIANCE WITH INTERNATIONAL STANDARDS THAT SAID, Respect for the opinions and interests of all parties THE COMPANY IS CALL CENTER “HOT LINE” GUIDED BY THE Timely sharing of information TH PLACE FOLLOWING PRINCIPLES: Regular interaction 8-800-100-33-00 6 IN THE RANKING OF 150 LARGEST Open and productive collaboration COMPANIES IN RUSSIA AND KAZAKHSTAN IN TERMS OF Mutual execution of the assumed obligations ENVIRONMENTAL AND ENERGY EFFICIENCY SECTION “FOR CONSUMERS” THE COST OF ENVIRONMENTAL PROTECTION, INTERACTION WITH THE YOUTH ON THE CORPORATE WEBSITE RUB mn PARTICIPATION IN THE FIRST ALL-RUSSIAN TRAINING SESSIONS FOR THE REPRESENTATIVES OF ROSSETI 1,189 GROUP OF COMPANIES: [ Buiding up cooperation between Rosseti Group 1,006 INTERACTIVE SERVICES 34.3 852 Companies during the process of accidents elimination 70,000 “PERSONAL OFFICE” [ Assistance to regional grid operators in 61,000 AND “ONLINE RECEPTION” 25.6 52,000 improving the energy supply reliability and reducing energy losses 21.6 18.5 Number of pupils, who have taken part in [ the Company’s training for electrical injuries Unique experience and new professional skills prevention, ppl for participants 2019 2016 2017 2018 2016 2017 2018 Number of students, who have undertaken a (estimated) [ work experience internship in the Company, Substantial improvement of the regional ppl MESSENGERS network infrastructure and quality of life of the WHATSAPP AND VIBER population 6 7 THE ANNUAL REPORT 2018 | JOINING EFFORTS COMPANY STRATEGY PERFORMANCE SUSTAINABLE CORPORATE PROFILE RESULTS DEVELOPMENT GOVERNANCE COMPANY PROFILE KEY PERFORMANCE INDICATORS AND UN SUSTAINABLE DEVELOPMENT IDGC OF CENTER AND VOLGA REGION, PJSC IS: GOALS CONTRIBUTION The key supplier of power distribution and grid connection services in Vladimir, Ivanovo, Kaluga, Kirov, Nizhny
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