Assets and Liabilities, RUB million
|Total assets||1 037 493||1 122 995||1 214 291||1 231 217||1 268 301|
|Non-current assets||919 501||1 011 667||1 092 629||1 117 921||1 124 338|
|Current assets||117 992||111 328||121 662||113 296||143 963|
|Total liabilities||1 037 493||1 122 995||1 214 291||1 231 217||1 268 301|
|Shareholders’ equity||853 079||849 125||842 975||854 490||885 386|
|Long-term liabilities||138 054||209 361||282 429||267 435||294 159|
|Short-term liabilities||46 360||64 509||88 887||109 292||88 756|
The dynamics of balance sheet items demonstrates that both assets and liabilities of Federal Grid are increasing from year to year.
As of 31.12.2015, Federal Grid’s total assets in 2015 were higher as compared with 2014 by RUB37,084 million (or by 3%) due to the following, inter alia:
- Increase in the value of current assets by RUB30,667 million (27.1%) as a result of the growth of investments and receivables that was offset by reduction in the Company’s settlement account balances
- Increase in the value of non-current assets
by RUB6,417 (0.6%) due to investments into
construction as a part of the investment programme
and reduction of construction-in-progress and
advance payments for the purchase of non-current
In liabilities, the shareholders’ equity forms the largest share – 69.8%. The share of short-term and long-term liabilities amounts to 30.2%.
Federal Grid’s equity increased by RUB30,896 million (3.6%) in the reporting period due to booking of the 2015 financial results and non-current asset revaluation and implemented decision No. 16 of the annual Shareholders’ Meeting dated 30.06.2015 on allocation of 2014 earnings.
In 2015, Federal Grid placed RUB40billion in revenueyielding bonds at acceptable terms – consumer price index + 1% with the tenor of 35 years and the offer in 30 years. The said funds will be used for investment programme funding. Moreover, the debt of RUB23,210 million was repaid.
At the same time, when exercising put options of 2015, Federal Grid has reduced its debt load by RUB23,210 million at its own expense.
Therefore, Federal Grid’s total borrowings (without accrued interest) increased by RUB16,889 million to RUB274,660 million by the end of 2015.
Asset Structure Trends, RUB million
Net Asset Value, RUB million
|Nominal net asset value*||853,354||849,400||842,975||855,251||886,127|
|Net asset value including contributions to the authorised capital**||855,573||852,647||846,731||855,251||886,127|
|* Estimate based on the annual accounting statements with retrospective adjustments.
** In 2012 and 2013, the authorised capital of Federal Grid was increased through the issue of additional shares. Consequently, current payables on Shareholders’ contributions to the authorised capital were booked in accounts payable (other short-term liabilities). Upon registration of the placement of additional shares with Russia’s FFMS this debt will be converted to the authorised capital of Federal Grid Company. The estimate of net asset value includes the payables on authorised capital contributions into the authorised capital in the amount of RUB2,219.2 million in 2011, RUB3,247.3 million in 2012 and RUB3,755.6 million in 2013.
Accounts Receivable, RUB million
|Accounts receivable, including:||53,842||60,163||69,491|
|Receivables with the maturity over 12 months from the reporting date||1,710||1,111||9,504|
|Buyers and customers||5||5||8,655|
|Receivables with the maturity within 12 months from the reporting date||52,132||59,052||59,987|
|Buyers and customers||22,061||37,501||39,753|
Accounts Payable, RUB million
|Accounts payable, including:||58,051||77,551||54,748|
|Suppliers and contractors||41,424||67,206||42,280|
|Payables to state non-budget funds||55||84||310|
|Taxes and levies||961||1,326||4,063|
|Dividends due to Shareholders||13||9||8|
Key Financial Indicators, %
|Return on equity (ROE)||4.09%||1.57%||1.97%||1.63%||2.34%|
|Return on net assets||3.95%||1.58%||1.99%||1.62%||2.30%|
In 2015, as a result of claim-related work on collecting overdue receivables for services on electricity transmission, Federal Grid Company received favourable judgements within 65 trials for the total amount of RUB10,882.802 million. In the reporting year, there were no court cases under which claims were denied.
The share of claims satisfied in favour of Federal Grid was 100%. In 2015, in accordance with judgements given, writs for execution for the amount of RUB7,535.746 million were issued, RUB5,022.163 million of which were repaid.
For 2014, favourable judgments were made in respect of claims for the amount of RUB7,339.541 million (12 cases). In 2014, there were no court cases that denied recovery. Writs for execution in the previous year were received in the amount of RUB5,952.213 million, of which RUB5,174.445 million were repaid.