ROSSETI  |
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| Compilation Date: | 10 Dec 18 |
Company Overview
 General Info | |
| Full Company Name | PJSC "Russian Grids" |
| Industrial Group | Power Industry |
| Number of Employees | 684,000 |
| Registration Date | 01 Jul 08 |
| Registered Address | 4, Belovezhskaya st., Moscow, 121353 |
| Main Office | 4, Belovezhskaya st., Moscow, 121353 |
| Telephone / Fax | (495) 995-53-33 / (495) 995-53-33 |
| e-mail | info@rosseti.ru |
| Internet Home Page | www.rosseti.ru |
| Registrar | Closed JSC "STATUS Registrar Society" |
| Auditor | RSM RUS Ltd. |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
|
| Corporate Management |
| Chairman of the Board | Alexander Novak | | General Director | Pavel Livinsky |
| Price Highlights | |
| Price per Common Share, USD | 0,011129 |
| YTD Price Change, % | -21,83 |
| P/E Ratio | 0,8492 |
| Market Capitalization, USD | 2,230,036,546 |
| Common Shares in Free Float, % | 36,00 |
| Operations Summary | |
JSC “Russian Grids” (previously known as JSC “MRSK Holding”) was created during the reformation of JSC “Unified Energy System of Russia” and registered in July 2008. Charter capital of Russian Grids is made of UES additional capital and retained earnings from previous period. The Company controls IDGC of Centre, IDGC of Centre and Volga Region, IDGC of Northern Caucasus, IDGC of Siberia, IDGC of South, IDGC of the North-West, IDGC of Urals, IDGC of Volga. The total spread of networks of Russian Grids’s operating subsidiaries exceeds 2.3 million kilometers. Russian Grids ranks among the world's largest electric grid companies in terms of network spread and customers. The investment program of Russian Grids for the period 2011-2015 includes the construction of 113,332 kilometers of distribution lines and the commissioning of transformer capacity of 69,253 MVA, totaling RUB 921,107 million. In December 2008, shares of JSC “IDGC Holding” were offered for trading on RTS and MICEX Stock Exchanges. The company has rating by Moody’s Investors Service (Ba2) and Standard & Poor's (BB+). |
Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 198,827,865,141 | 1,00 RUR | | Preferred Share | 2,075,149,384 | 1,00 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| Federal Agency for State Property Management | 88,89 | 88,04 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| JSC "Karachaevo-Cherkesskenergo" | 100,00 | | JSC "Kalmenergosbyt" | 100,00 | | JSC "Tyvaenergosbyt" | 100,00 | | JSC "Yantarenergo" | 100,00 | | JSC "Tyumenenergo" | 100,00 | | PJSC "Kuban power and electrification" | 92,24 | | PJSC "Interregional Distribution Grid Company of Northern Caucasus" | 92,00 | | PJSC "Tomsk Distribution Company" | 85,77 | | PJSC "Federal Grid Company of Unified Energy System" | 80,13 | | JSC "Chechenenergo" | 72,66 | | PJSC "Interregional Distribution Grid Company of Volga" | 68,08 | | PJSC "Lenenergo" | 67,49 | | PJSC "Interregional Distribution Grid Company of South" | 60,64 | | PJSC "Interregional Distribution Grid Company of Siberia" | 57,84 | | PJSC "Interregional Distribution Grid Company of the North-West" | 55,38 | | JSC "Interregional Distribution Grid Company Of Urals" | 51,52 | | PJSC "Dagestan Energy Retail Company " | 51,00 | | PJSC "Moscow United Electric Grid Company" | 50,90 | | PJSC "Interregional Distribution Grid Company of Centre and Volga Region" | 50,40 | | PJSC "Interregional Distribution Grid Company of Centre" | 50,23 | | JSC "Sevkavkazenergo Energy and Electrification Company" | 49,00 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 2008 / com | n. p. | 41,041,753,984 | - | - | - | - | | 2008 / pref | n. p. | 2,075,149,384 | - | - | - | - | | 2009 / com | n. p. | 41,041,753,984 | - | - | - | - | | 2009 / pref | n. p. | 2,075,149,384 | - | - | - | - | | 2010 / com | n. p. | 42,964,067,081 | - | - | - | - | | 2010 / pref | 0,001708 | 2,075,149,384 | 16 May 11 | 22 Aug 11 | 0,222942 | 1,620089 | | 2011 / com | n. p. | 47,871,694,416 | - | - | - | - | | 2011 / pref | 0,002186 | 2,075,149,384 | 24 May 12 | 29 Aug 12 | 0,342113 | 3,643745 | | 2012 / com | n. p. | 57,247,302,465 | - | - | - | - | | 2012 / pref | n. p. | 2,075,149,384 | - | - | - | - | | 2012 / pref | 0,002427 | 2,075,149,384 | 22 May 13 | 27 Aug 13 | 0,49469 | 5,711642 | | 2013 / com | n. p. | 161,078,853,310 | - | - | - | - | | 2013 / pref | n. p. | 2,075,149,384 | - | - | - | - | | 2014 / com | n. p. | 161,078,853,310 | - | - | - | - | | 2014 / pref | n. p. | 2,075,149,384 | - | - | - | - | | 2015 / com | n. p. | 161,078,853,310 | - | - | - | - | | 2015 / pref | n. p. | 2,075,149,384 | - | - | - | - | | 1Q16 / com | 0,00013 | 161,078,853,310 | 18 Jul 16 | 23 Aug 16 | 4,214882 | 1,520587 | | 2016 / com | 0,000105 | 198,827,865,141 | 18 Jul 17 | 23 Aug 17 | 1,425578 | 0,554619 | | 1Q16 / pref | 0,001161 | 2,075,149,384 | 18 Jul 16 | 23 Aug 16 | 0,486496 | 11,439115 | | 2016 / pref | 0,006239 | 2,075,149,384 | 18 Jul 17 | 23 Aug 17 | 0,881915 | 17,02356 | | 2017 / com | n. p. | 198,827,865,141 | - | - | - | - | | / pref | n. p. | 2,075,149,384 | - | - | - | - | | 2017 / pref | n. p. | 2,075,149,384 | - | - | - | - | | 1Q18 / com | 0,000179 | 198,827,865,141 | 06 Jul 18 | 13 Aug 18 | 5,306786 | 1,360238 | | 1Q18 / pref | 0,000641 | 2,075,149,384 | 06 Jul 18 | 13 Aug 18 | 0,198447 | 2,366407 |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| ROSSETI | RSTI | RU000A0JPVJ0 | MOEX | | ROSSETI GDR | 2M1G | US69343X2071 | Berlin Stock Ex | | ROSSETI GDR | 2M1G | US69343X2071 | Frankfurt SE | | ROSSETI GDR | RSTI | US69343X2071 | London SE | | ROSSETI GDR | | US69343X1081 | PORTAL | | ROSSETI GDR | | US69343X3061 | PORTAL | | ROSSETI GDR | 2M1G | US69343X2071 | XETRA | | ROSSETI pref | RSTIP | RU000A0JPVK8 | MOEX |
| Price Chart |
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| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| GDR Reg S | 27 Jul 11 | 1: 200 | 69343X207 | Bank of New York Mellon | | GDR 144 A | 27 Jul 11 | 1: 200 | 69343X108 | Bank of New York Mellon | | GDR Reg S, pref | 27 Jul 11 | 1: 200 | 69343X405 | Bank of New York Mellon | | GDR 144 A, pref | 27 Jul 11 | 1: 200 | 69343X306 | Bank of New York Mellon |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| MT-RusIndex | 0,42 | 01 Apr 09 | | | RusIndex 100 | 0,40 | 01 Apr 09 | | | RusIndex Fuel & Energy Complex | 0,66 | 01 Apr 09 | | | RusIndex Industrials | 0,49 | 01 Apr 09 | | | RusIndex Power Industry | 9,38 | 01 Apr 09 | |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| No bonds issued. |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| No bonds issued. |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| No bonds issued. |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 16 | 31 Dec 17 | 30 Sep 18 | 31 Dec 16 | 31 Dec 17 | 30 Sep 18 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 60,66 | 57,60 | 65,59 |
| ASSETS, of which | 2,266,678 | 2,409,399 | 418,773,2 | 37,368,91 | 41,829,82 | 6,384,66 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 1,959,990 | 2,116,152 | 350,354,88 | 32,312,79 | 36,738,73 | 5,341,55 |
|---|
| | Fixed Assets | 1,798,568 | 1,940,227 | 265,71 | 29,651,55 | 33,684,47 | 4,05 |
| | Intangible Assets | 16,804 | 16,758 | 13,67 | 277,03 | 290,94 | 0,21 |
| | Other Assets | 144,618 | 159,167 | 350,075,5 | 2,384,2 | 2,763,31 | 5,337,29 |
| Current Assets, of which | 306,688 | 293,247 | 68,418,33 | 5,056,12 | 5,091,09 | 1,043,11 |
|---|
| | Inventories | 33,143 | 35,050 | 7,45 | 546,4 | 608,51 | 0,11 |
| | Accounts Receivable | 173,955 | 155,994 | 8,898,27 | 2,867,86 | 2,708,23 | 135,66 |
| | Cash | 86,970 | 102,054 | 54,446,69 | 1,433,8 | 1,771,77 | 830,1 |
| | Other Current Assets | 12,620 | 149 | 5,065,92 | 208,06 | 2,59 | 77,24 |
| OWNER'S EQUITY, of which | 1,304,639 | 1,423,561 | 386,093,86 | 21,508,54 | 24,714,58 | 5,886,43 |
|---|
| | Charter Capital | 411,049 | 414,001 | 200,903,02 | 6,776,64 | 7,187,51 | 3,062,99 |
| | Reserves | 372,290 | 388,483 | 223,001,73 | 6,137,65 | 6,744,49 | 3,399,91 |
| | Retained Earnings | 521,300 | 621,077 | -37,810,89 | 8,594,26 | 10,782,58 | -576,47 |
| LIABILITIES, of which | 962,039 | 985,838 | 32,679,34 | 15,860,37 | 17,115,23 | 498,23 |
|---|
| | Long-Term Debt | 472,057 | 506,990 | 31,000 | 7,782,43 | 8,801,9 | 472,63 |
| | Short-Term Debt | 86,829 | 51,244 | 764,38 | 1,431,48 | 889,65 | 11,65 |
| | Accounts Payable | 261,754 | 261,926 | 417,84 | 4,315,33 | 4,547,32 | 6,37 |
| | Other Liabilities | 141,399 | 165,678 | 497,12 | 2,331,13 | 2,876,35 | 7,58 |
| Financial data standard | IAS | IAS | RAS | IAS | IAS | RAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Consolidated | Consolidated | Non-consolidated | Consolidated | Consolidated | Non-consolidated |
| P&L Account |
| | 31 Dec 16 | 31 Dec 17 | 30 Sep 18 | 31 Dec 16 | 31 Dec 17 | 30 Sep 18 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 66,99 | 58,34 | 61,47 |
| Sales | 903,981 | 948,344 | 26,419,53 | 13,494,95 | 16,256,78 | 429,81 |
| Production Costs | 760,524 | 757,027 | 3,093,74 | 11,353,37 | 12,977,17 | 50,33 |
| Operating Profit | 143,457 | 191,317 | 23,325,79 | 2,141,58 | 3,279,61 | 379,48 |
| Other Income | -23,615 | -13,713 | -4,006,25 | -352,53 | -235,07 | -65,18 |
| Income Before Taxes | 119,842 | 177,604 | 19,319,54 | 1,789,04 | 3,044,54 | 314,3 |
| Net Income | 98,341 | 137,122 | 19,212,57 | 1,468,07 | 2,350,58 | 312,56 |
| Financial data standard | IAS | IAS | RAS | IAS | IAS | RAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Consolidated | Consolidated | Non-consolidated | Consolidated | Consolidated | Non-consolidated |
| Key Ratios |
| | 31 Dec 16 | 31 Dec 17 | 30 Sep 18 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 0,18 | 0,11 | 0,37 |
| P/S | 0,28 | 0,17 | 0,13 |
| P/E | 2,56 | 1,20 | 0,85 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 72,49 | 23,78 | 23,77 |
| Net Profit Margin, % | 10,88 | 14,46 | 15,62 |
| ROA, % | 4,42 | 5,94 | 39,10 |
| ROE, % | 7,86 | 10,18 | 42,51 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 5,26 | 5,83 | 190,91 |
| Assets Turnover | 0,41 | 0,41 | 2,50 |
| Inventory Turnover | 26,81 | 28,16 | 159,629,11 |
| Liabilities Turnover | 0,93 | 0,99 | 31,12 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0,58 | 0,59 | 0,92 |
| Debt Ratio | 0,42 | 0,41 | 0,08 |
| Equity/Debt | 1,36 | 1,44 | 11,81 |
| Current Liquidity | 0,83 | 0,89 | 41,25 |
| Quick Liquidity | 0,74 | 0,78 | 41,25 |
Production Overview
| Production |
| Product | Measure | 2015 | 2016 | 2017 | Units |
|---|
| Volume of electric power transferred | 1,000,000 | 577,310,4 | 587,350,2 | 619,488 | kWh |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Information is not available yet. |
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