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Annual Report 2015

In the environment when the tariff increment is lower than the inflation rate for two consecutive years, Federal Grid Company is demonstrating the growth of earnings. Such results could not be achieved without efficiency improvements.

Maria Pichugina

Deputy Chairperson of the Management Board, member of the Management Board of Federal Grid Company

Cash flow

Net Cash Flows, RUB million

  2011 2012 2013 2014 2015
Net cash flows 6,004 281 -3,196 22,149 -17,503
Net cash flows from operations  99,194 100,494 86,688 101,013 99,090
Net cash flows from investments  -163,742 -173,183 -163,485  - 53,849  -132,629
Net cash flows from financial operations  70,552 72,970 73,601 - 25,015 16,037

Net cash flows from operations in 2015 were as follows:

  • Cash inflows from power transmission services via UNEG amounting to RUB160,139 million
  • Refund under bank guarantees of RUВ3,901 million under contracts for construction, technical upgrade and refurbishment of Federal Grid’s facilities because of contractors’ failure to perform or properly perform their contractual obligations
  • Cash inflows from property lease in the amount of RUB972 million
  • Payments to vendors for materials and supplies, work, services, and labour of RUB49,602millio
  • Profit tax refund payments of RUB1,165 million
  • Property tax payments of RUB6,802 million
  • Interest payments of RUB6,645 million

Net cash flows from investments in the reporting year included the following:

  • Gains from placement of temporarily free funds at bank deposits in the amount of RUB2,339 million.
  • Investment-related payments of RUB129,687 million
  • Loan/interest-related losses in the amount of RUB7,312 million

Net cash flows from financial operations of RUB16,037 million included the buy-out of Federal Grid’s infrastructure bonds (37th and 38th series) in the amount of RUB39,995 million and debt repayment of RUB23,210 million.

My Annual Report

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