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Integrated Annual Report of PJSC FGC UES for 2018

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Integrated Annual Report of PJSC FGC UES for 2018 Integrated Annual Report of PJSC FGC UES for 2018 1 Approved by the Annual General Meeting of Shareholders of PJSC FGC UES on XX June 2019 (Meeting Minutes No. XX dated XX June 2019) Previously approved by resolution of the Board of Directors on 24.05.2019 (Meeting Minutes No. 450 dated 24.05.2019) Chairman of the Management Board of PJSC FGC UES __________________________ A. Murov ABOUT THE REPORT The Integrated Annual Report1 of the Public Joint Stock Company Federal Grid Company of the Unified Energy System for 2018 (the Report, the Annual Report) is aimed at informing stakeholders about the strategy and mission of PJSC FGC UES, policy in the field of social responsibility and sustainable development, key events and results of work, impact on the economy, society, and the environment, as well as about interaction with stakeholders. The Report has been prepared in accordance with international and Russian standards and regulatory requirements, including: ● GRI Sustainability Reporting Standards; ● International Integrated Reporting Framework; ● AA1000 Stakeholder Engagement Standard (AA1000SES). The Report is meant for a wide range of stakeholders. For detailed information on the Report, its development procedure, determination of key topics, and responsibility for information provided, see section Additional information/About the Report. An interactive version of the Report is available on the Company’s website www.fsk-ees.ru in the section Shareholders and Investors/Disclosures/Annual Reports. [102-1, 102-5] Within the text of the Report, the Public Joint Stock Company Federal Grid Company of the Unified Energy System is also referred to as PJSC FGC UES, JSC FGC UES (used until 7 July 2015), FGC, FGC UES or the Company. 1 An integrated report is a concise communication about how an organisation’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value over the short, medium and long term. An integrated report should be prepared in accordance with International Integrated Reporting Framework. 2 SPACE FOR DEVELOPMENT In May 2018, the President of the Russian Federation signed a Decree on National Goals and Strategic Development Objectives of the Russian Federation until 2024. Implementation of the spatial development strategy plays an important role, including lifting infrastructural restrictions and ensuring maximum use of potential in regions and cities. The instruction execution mechanism provides for integrated modernisation and expansion of the backbone electric grid infrastructure, including development of centralised power systems and implementation of digital smart control systems. As one of the key subjects of the infrastructure projects, PJSC FGC UES solves complex tasks for providing access to electric power in cooperation with representatives of all stakeholder groups. The Company's Investment Programme covers electric grid complex facilities throughout the Russian Federation. In 2018 alone, the Company put into operation 1,880 km of power lines and 3,160 MVA of transformer capacity. The Company focuses on the introduction and implementation of digital technologies and the use of modern equipment mainly produced in Russia, both in modernisation projects and in new construction. Our Annual Report provides information about the key implemented projects to improve power supply reliability, provide connection to isolated energy districts, provide connection to advanced development zones, carry out electrification of transport corridors and large ports, as well as about the Company's plans for further development of infrastructure. 3 CONTENTS Statement from the Chairman of the Board of Directors 6 Statement from the Chairman of the Management Board 9 About the Company 13 Geographic Reach 14 Company Structure 15 Key Results of the Year 16 Strategic Priorities and Tasks 22 Corporate Governance 24 STRATEGIC REPORT 26 Business Model 26 Industry Overview 28 Development Strategy 32 Key Performance Indicators (KPI) 51 Key Risks 55 Performance Results 2018 59 Manufactured Capital 59 Financial Capital 81 Intellectual Capital 92 Natural Capital 96 Human Capital 108 Social and Relationshio Capital 122 CORPORATE GOVERNANCE REPORT 140 General Information on the Company's Corporate Governance 140 General Meeting of Shareholders 144 Company's Board of Directors 146 Committees of the Company's Board Of Directors 160 Corporate Secretary 169 Executive Governing Bodies 170 Remuneration System for Governing Bodies 177 Settlement of Conflict of Interest 184 Risk Management System, Internal Control and Internal Audit 185 External Auditor 193 4 Anti-Corruption Policy and Economic Security 195 Share Capital, Securities Trading 197 FINANCIAL REPORT 205 Main Forms of Annual Financial Statements of PJSC FGC UES for 2018 as per RAS 205 Main Forms of Financial Statements of PJSC FGC UES for 2018 as per IFRS 205 Additional Information 206 Information on the Report 206 Disclaimer 210 Auditor's Report on Non-Financial Statements 211 Conclusion on Public Endorsement of the Integrated Report 211 Compliance with Standards (GRI and <IR>) 212 Glossary and Abbreviations 227 Contact Information 229 Appendices (for Saving on Electronic Media) 231 5 NAVIGATION IN THE REPORT For ease of navigation in the Report, we have included typical designations of the types of capital used by the Company, stakeholder groups, strategic priorities and information links. Our resources Who we work for Our goals Types of capital Stakeholder groups Strategic priorities Shareholders and Reliability of energy Manufactured Investors supply Partners, including Infrastructure Financial non-profit development Intellectual Consumers Customer satisfaction Internal Financial Natural stakeholders sustainability Human Society Economic efficiency Social and The State relationship Cross-link to other sections of the Link to the website Report or Appendices to the Report An indication of the Company's activities related to fulfilling the UN Sustainable Development Goals. For more information on the UN Sustainable Development Goals, see https://www.un.org/sustainabledevelopment/ru/sustainab le-development-goals/ 6 STATEMENT FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS [102-14] Dear shareholders and investors! Federal Grid Company is the largest subsidiary of PJSC Rosseti and the key element of the Unified National Electric Grid (UNEG), and is systemically important for Russia's entire power sector. FGC UES is entrusted with the tasks of ensuring the reliable operation and development of the main electric grid complex, which plays a fundamental role in providing electricity transmission to national consumers. FGC UES projects are of strategic nature and have great importance for the social and economic growth in Russian regions and for energy security. The Company's role as taxpayer, employer, consumer of both innovative products and equipment and services, including those supplied by small and medium-sized enterprises, is significant and extremely important. Expansion of the grid In 2018, the geographical reach of FGC UES was expanded and now covers 79 regions across the country. UNEG facilities were commissioned in the districts of the Republic of Sakha (Yakutia), which was previously isolated from the connection points of the Unified Energy System of Russia. In addition, the Company started supplying electricity to consumers in the Irkutsk Region. As part of the Investment Programme implementation, construction of significant substations and transit electric power transmission lines was completed, and more than 5,600 MVA of new transformer capacity and nearly 2,000 km of power transmission lines were launched. Meanwhile, the efforts of both the Board of Directors and the management were focused on achieving maximum investment efficiency in order to minimise capital costs, so the total amount of financing was a little more than RUB 100 billion. The implementation of FGC UES projects is always associated with the involvement of Russian suppliers and contractors. The share of main equipment produced in Russia accounts for 91% of the Company's procurements. The target is to achieve 95% by 2030 through expansion of comprehensive cooperation with domestic industrial companies. It is important that a significant portion of the contracts are signed with small and medium-sized enterprises, with more than 100 procurement items being purchased from this category of suppliers 7 alone. In the loyalty rating of the largest SME customers for 2018, put together by the Agency for Strategic Initiatives, FGC UES came in the top 5. Financial and economic indicators FGC UES consistently demonstrates high financial and economic indicators for a large volume of its production tasks. The Company has been making considerable amounts of net profit for more than five years already, including in 2018. This is the result of well-targeted coordinated work carried out by the Board of Directors, management, and all employees aimed at improving performance. PJSC FGC UES plays an important role in the overall financial result of Rosseti Group. Digital transformation Digital transformation is one of the priorities for all subjects of the Russian economy. All companies of Rosseti Group are fully involved in this work. Intermediate results of pilot projects have already shown tremendous positive effects in practice. Digital technologies today are not only a unique tool for solving existing problems, but also a powerful driver for growth in competitiveness
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