ROSSETI VOLGA REPORT OF THE ISSUER OF ISSUE-GRADE SECURITIES
Rosseti Volga, Public Joint-Stock Company
Issuer's code: 04247-E
for H1 2022
Information contained in this Issuer's report is subject to disclosure in compliance with the
applicable laws on securities of the Russian Federation
The Issuer's | 42/44, Pervomayskaya street, Saratov, Saratov Region, 410031, |
address: | the Russian Federation |
Issuer's contact | Irina Vladimirovna Kakutina, Head of the Department of Corporate |
person | Governance and Shareholder Relations |
Phone: (8452) 30-29-89 | |
E-mail: iv.kakutina@rossetivolga.ru | |
Web-pageaddresswww.rossetivolga.ru/;http://www.e-disclosure.ru/portal/company.aspx?id=12131
General Director | _____________ V.A. Ryabikin |
Date: September 22, 2022 | |
signature | |
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Table of Contents | |
Table of Contents ..................................................................................................................................... | 2 |
Introduction .............................................................................................................................................. | 4 |
Section 1. The Issuer's Management Report ........................................................................................... | 5 |
1.1. General information about the Issuer and its activities.................................................................. | 5 |
1.2. Information on the Issuer's position in the industry ...................................................................... | 8 |
1.3. Key operational performance indicators characterizing the Issuer's activities............................ | 10 |
1.4. Key financial performance indicators of the Issuer ..................................................................... | 11 |
1.5. Information on main suppliers of significant importance to the Issuer ....................................... | 14 |
1.6. Information on main debtors of significant importance to the Issuer .......................................... | 14 |
1.7. Information on the Issuer's obligations ....................................................................................... | 16 |
1.7.1. Information on main creditors of significant importance to the Issuer..................................... | 16 |
1.7.2. Information on the Issuer's obligations from the security provided ......................................... | 17 |
1.7.3. Information on other material obligations of the Issuer............................................................ | 17 |
1.8. Information on the Issuer's development prospects .................................................................... | 17 |
1.9. Information on the risks associated with the Issuer's activities................................................... | 21 |
1.9.1. Industry-specific risks ............................................................................................................... | 21 |
1.9.2. Country and regional risks ........................................................................................................ | 23 |
1.9.3. Financial risks ........................................................................................................................... | 24 |
1.9.4. Legal risks ................................................................................................................................. | 26 |
1.9.5. Risk of loss of goodwill (reputation risk) ................................................................................. | 27 |
1.9.6. Strategic risk ............................................................................................................................. | 27 |
1.9.7. Risks associated with the Issuer's activities ............................................................................. | 28 |
1.9.8. Information security risk ........................................................................................................... | 29 |
1.9.9. Environmental risk.................................................................................................................... | 29 |
1.9.10. Natural and climatic risk ......................................................................................................... | 30 |
1.9.11. Risks of credit institutions ...................................................................................................... | 30 |
1.9.12. Other risks that are material to the Issuer (the Issuer's Group) .............................................. | 30 |
Section 2. Information on the persons who are members of the Issuer's management bodies, | |
information on the organization of risk management, control over financial and business activities and | |
internal control, internal audit at the Issuer's facilities, as well as information on the Issuer's | |
employees............................................................................................................................................... | 30 |
2.1. Information on the persons who are members of the Issuer's management bodies .................... | 30 |
2.1.1. Members of the Board of Directors (Supervisory Board) of the Issuer.................................... | 30 |
2.1.2. Details of the Issuer's Sole Executive Body............................................................................. | 45 |
2.1.3. Members of the collegial executive body of the Issuer ............................................................ | 46 |
2.2. Information on the remuneration and/or expense allowance policy, as well as the amount of | |
remuneration and/or expense allowance for each management body of the Issuer............................ | 54 |
2.3. Information on the Issuer's organization of risk management, control over financial and business | |
activities, internal control and internal audit....................................................................................... | 55 |
2.4. Information on the Issuer's persons responsible for organization and implementation of risk | |
management, control over financial and business activities and internal control, internal audit ....... | 66 |
2.5. Information on any obligations of the Issuer to employees of the Issuer and employees of organizations controlled by the Issuer regarding the possibility of their participation in the authorized
capital of the Issuer ............................................................................................................................. | 75 |
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Section 3. Information on the Issuer's shareholders (participants, members), as well as on the Issuer's | |
interested-party transactions and major transactions of the Issuer......................................................... | 75 |
3.1. Information on the total number of the Issuer's shareholders (participants, members) .............. | 75 |
3.2. Information on the Issuer's shareholders (participants, members) or persons/entities entitled to dispose of votes attributable to voting shares (stakes) constituting the Issuer's authorized (share)
capital (share fund) ............................................................................................................................. | 76 |
3.3. Information on the participation interest of the Russian Federation, a constituent entity of the
Russian Federation or a municipality in the Issuer's authorized capital, the availability of a special
right (golden share) ............................................................................................................................. | 77 |
3.4. The Issuer's interested-party transactions.................................................................................... | 77 |
3.5. Major transactions of the Issuer ................................................................................................... | 78 |
Section 4. Additional information on the Issuer and securities placed by the Issuer............................. | 78 |
4.1. Organizations controlled by the Issuer that are of material importance to the Issuer.................. | 78 |
4.2. Additional information disclosed by issuers of bonds with targeted use of funds received from | |
their placement.................................................................................................................................... | 82 |
4.3. Information on the person(-s)/entity(-ies) that provided a collateral for the Issuer's secured
bonds and details of such collateral provided for the Issuer's secured bonds .................................... | 82 |
4.3.1. Additional information on the mortgage collateral for the Issuer's mortgage-backed bonds .. | 82 |
4.3.2. Additional information on cash collateral arrangements for the Issuer's cash-backed bonds.. | 82 |
4.4. Information on declared and paid dividends on the Issuer's shares ............................................ | 82 |
4.5. Information on organizations in charge of recording rights to the Issuer's issue-grade | |
securities ............................................................................................................................................. | 86 |
4.5.1. Information on the registrar maintaining the register of holders of the Issuer's securities ...... | 86 |
4.5.2. Information on the depository performing centralized record of rights to the Issuer's | |
securities ............................................................................................................................................. | 86 |
4.6. Information about the Issuer's auditor ......................................................................................... | 86 |
Section 5. Consolidated financial statements (financial statements), accounting (financial) statements | |
of the Issuer ............................................................................................................................................ | 93 |
5.1. Consolidated financial statements (financial statements) of the Issuer ....................................... | 93 |
5.2. Accounting (financial) statements ............................................................................................... | 93 |
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Introduction
The information contained in the Issuer's report is subject to disclosure in accordance with Clause 4 of Article 30 of the Federal Law "On the Securities Market"
Basis for the Issuer's obligation to disclose information in the form of the Issuer's report
The securities prospectus has been registered with respect to the Issuer's securities The Issuer is a public joint-stock company
Information on the statements which (reference to which) are contained in the Issuer's report and on the basis of which the Issuer's report discloses information on the Issuer's financial and business operations:
The report contains a reference to the following types of statements: consolidated financial statements, on the basis of which the Issuer's report discloses information on the Issuer's financial and business operations
The report also contains a reference to the accounting (financial) statements, on the basis of which the Issuer's report discloses information on the Issuer's financial and business operations in the following Clauses: 1.5; 1.6; 1.7
Information on the Issuer's financial and business operations is reflective of its activities as an entity that, together with other entities, is defined as a group in accordance with IFRS.
The consolidated financial statements on the basis of which information on the Issuer's financial and business operations is disclosed in the Issuer's report give an objective and fair view of the Issuer's assets, liabilities, financial position, profit or loss. Information on the financial position and results of the Issuer's activities contains a fair view of the Issuer's activities, as well as the main risks associated with its activities.
This Issuer's report contains estimates and forecasts regarding future events and/or actions, prospects for the development of the economic sector in which the Issuer carries out its main activities, and the results of the Issuer's activities, its plans, the probability of certain events and certain actions. However, further actual results of the Issuer's activities may differ from the forecasted results for many reasons, thus investors shall not fully rely upon the estimates and forecasts provided in this Issuer's report. The acquisition of the Issuer's securities is associated with risks, including those described in this Issuer's report.
Other information that, in the Issuer's opinion, will be useful for stakeholders in making economic decisions:
In this Issuer's report, Rosseti Volga, Public Joint-Stock Company is also referred to as: Rosseti Volga, PJSC, the Issuer, the Company.
Full corporate name of the Issuer: in Russian - Публичное акционерное общество «Россети Волга», in English - Rosseti Volga, Public Joint-Stock Company;
Abbreviated name: in Russian - ПАО «Россети Волга», in English - Rosseti Volga, PJSC.
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Section 1. The Issuer's Management Report 1.1. General information about the Issuer and its activities
Full corporate name of the Issuer: Публичное акционерное общество «Россети Волга»
Abbreviated corporate name of the Issuer: ПАО «Россети Волга»
The following corporate name in a foreign language is registered in the Issuer's Charter: The Issuer's corporate name in a foreign language: Rosseti Volga, Public Joint-Stock
Company; Rosseti Volga, PJSC
Location of the Issuer: Saratov, the Russian Federation
The Issuer's address: 42/44, Pervomayskaya street, Saratov, Saratov Region, 410031, the Russian Federation
Information about the form of incorporation of the Issuer:
The Company was established on June 29, 2007 in Saratov as a wholly owned subsidiary of RAO UES of Russia, OJSC on the basis of a resolution of the sole incorporator of RAO UES of Russia, OJSC (Order of the Management Board of RAO UES of Russia, OJSC No. 191r dated June 22, 2007) as part of implementation of the decision made by the Board of Directors of RAO UES of Russia, OJSC on participation in IDGC (Minutes No. 250 dated April 27, 2007).
In accordance with the IDGC configuration approved by the decision of the Board of Directors of RAO UES of Russia, OJSC (Minutes No. 250 dated April 27, 2007), IDGC of Volga, OJSC included the following distribution grid companies (DGC): Volzhskaya IDC, OJSC, Mordovenergo, OJSC, Penzaenergo, OJSC, Orenburgenergo, OJSC, and Chuvashenergo, OJSC.
During the period from June 29, 2007 till March 31, 2008, IDGC of Volga, OJSC ensured operation of the distribution grid companies encompassed by the Company in accordance with the IDGC configuration. Since October 1, 2007, IDGC of Volga, OJSC has been the sole executive body of these companies.
On December 25, 2007, the Management Board of RAO UES of Russia, OJSC exercising functions of the extraordinary General Meeting of Shareholders of IDGC of Volga, OJSC (Minutes No. 1795pr/8 dated December 25, 2007) passed the resolution on the Company's re-organization through affiliation of Volzhskaya IDC, OJSC, Mordovenergo, OJSC, Orenburgenergo, OJSC, Penzaenergo, OJSC, and Chuvashenergo, OJSC.
On April 1, 2008, the re-organization of IDGC of Volga, OJSC was completed through affiliation of five distribution grid companies: Volzhskaya IDC, OJSC, Mordovenergo, OJSC, Orenburgenergo, OJSC, Penzaenergo, OJSC, and Chuvashenergo, OJSC. On April 1, 2008, DGCs, which became part of IDGC of Volga, OJSC, ceased their activities as legal entities and began to operate as branches: Mordovenergo, Orenburgenergo, Penzaenergo, Samara Distribution Grids, Saratov Distribution Grids, Ulyanovsk Distribution Grids, and Chuvashenergo.
Since April 1, 2008 to the present, IDGC of Volga, OJSC operates as a single operating company in the territory of 7 constituent entities of the Russian Federation: Chuvash Republic, Republic of Mordovia, Orenburg, Penza, Saratov, Samara and Ulyanovsk regions with a control center in Saratov.
In view of entry into force of amendments to the Civil Code of the Russian Federation (as amended on May 05, 2014) and abolition of closed and open joint-stock companies, the Company changed its form of incorporation: Interregional Distribution Grid Company of Volga, Open Joint- Stock Company (IDGC of Volga, OJSC) was renamed to Interregional Distribution Grid Company of Volga, Public Joint-Stock Company (IDGC of Volga, PJSC). New version of the Charter as amended was approved on June 16, 2015 by the annual General Meeting of Shareholders of the Company and registered by the Inter-district Inspectorate of the Federal Tax Service No. 19 for Saratov Region on June 29, 2015.
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IDGC of Volga JSC published this content on 11 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 October 2022 06:51:07 UTC.
