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Annual Report 2015
RU

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

Stable Financial Position

Assets and Liabilities, RUB million

  31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.2015
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 assets

Over the year, the structure of assets did not change significantly. The shares of current and non-recurrent assets were 89% and 11%, respectively, as of 31.12.2015.

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

  2011 2012 2013 2014 2015
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

Accounts Receivable, RUB million

   31.12.2013 31.12.2014 31.12.2015
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
Other receivables 1,705 1,106 849
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
Advance payments 1,933 1,559 766
Other receivables 28,138 19,992 19,468

Accounts Payable, RUB million

  31.12.2013 31.12.2014 31.12.2015
Accounts payable, including: 58,051 77,551 54,748
Suppliers and contractors 41,424 67,206 42,280
Wages/salaries 205 221 18
Payables to state non-budget funds 55 84 310
Taxes and levies 961 1,326 4,063
Advance payments 8,498 6,085 6,130
Dividends due to Shareholders 13 9 8
Other payables 6,895 2,620 1,939

Key Financial Indicators, %

  2011 2012 2013 2014 2015
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%

Claim-related work

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.

My Annual Report

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