On August 25, the Board of Directors of JSC Russian Grids discussed the preparation of the company's long-term development program, the audit of its implementation and the standard of such an audit procedure, the company informed.
The Board of Directors instructed the company's general director to ensure the preliminary consideration of the long-term development program and the audit of its implementation by an expert organization (starting 2015) on or before September 10, to have the program objectives and KPIs reviewed and approved by the Ministry of Energy and the Russian Government's Advisory Council on or before September 1.
JSC Russian Grids (OJSC IDGC Holding until April 4, 2013, tax number: 7728662669) is the largest Russian company in the electricity transmission and distribution sector uniting the bulk and distribution electrical grid facilities covering most of the Russian regions. Russian Grids co-owns and manages 11 inter-regional and 5 regional distribution grid companies and the Federal Grid Company in Russia. The total length of the holding transmission lines including those operated by the company's subsidiaries, reaches 2.2 million km, the total transformer capacity being 748 GVA. The company provides services in 73 subjects of the Russian Federation.
The controlling shareholder of Russian Grids is the Russian Federation whose equity position reaches 61.7%. Also, pursuant to the RF President's Decree dated June 14, 2013, the state-owned block of shares in OJSC FGC UES was contributed to the authorized capital of Russian Grids to complete the key stage of the structural reorganization process for the bulk transmission and distribution grid assets.
IFRS net loss of Russian Grids for 2013 was RUB 159.389 billion against a profit of RUB 43.855 billion the year before. Revenue increased by 16.5% to RUB 759.779 billion from RUB 652.183 billion, loss from operations was RUB 148.821 billion against a profit of RUB 91.077 billion for 2012, loss before tax totaled RUB 190.401 billion against a profit of RUB 59.608 billion. EBITDA was (-58.6) billion rubles against RUB 168.8 billion the year before, adjusted EBITDA grew by 10.31% to RUB 233.2 billion from RUB 211.4 billion.
According to the DataCapital information retrieval system, RAS net profit of JSC Russian Grids for H1 2014 decreased by 39.07% to RUB 3.012 billion from RUB 4.943 billion for the same period in 2013. Revenue decreased by 6.1% to RUB 4.284 billion from RUB 4.562 billion, sales profit by 27.91% to RUB 2.616 billion from RUB 3.629 billion, pre-tax profit by 41.74% to RUB 3.082 billion from RUB 5.29 billion.