Annual report 2014
Since 1886
Shares. Capitalization
SHAREHOLDERS’ EQUITY
As at 31 December 2014, Lenenergo had a charter capital of 1,658,814,839.05 ordinary shares and 93,264311 preferred shares (each with a par value of RUB 1.0) amounting in total to RUB 1,752,079,150.05.
Authorized shares totaled 1,267,206,839.99 (each ordinary share with a par value of RUB 1.0). The authorized ordinary shares have the same rights as the placed ordinary shares.
Shareholders’ equity structure
| Interest in a charter capital, % | Interest in ordinary shares, % | |
|---|---|---|
| National Settlement Depository (nominal holder) | 39.44 | 38.72 |
| Depositary and Corporate Technologies (DCT) (nominal holder) | 35.18 | 37.19 |
| The subject of the Russian Federation — Federal city of St. Petersburg represented by the Committee on city property management | 17.50 | 18.50 |
| IDGC of Ural | 6.03 | 4.98 |
| Other | 1.85 | 0.61 |
| Total | 100.00 | 100.00 |
| Interest in a charter capital, % | Interest in ordinary shares, % | |
|---|---|---|
| National Settlement Depository (nominal holder) | 75.07 | 76.34 |
| The subject of the Russian Federation — Federal city of St. Petersburg represented by the Committee on city property management | 17.22 | 18.18 |
| IDGC of Ural | 5.93 | 4.89 |
| Other | 1.78 | 0.59 |
| Total | 100.00 | 100.00 |
| Information about shareholders | Number of shareholders | Interest in a charter capital, % |
|---|---|---|
| Nominal shareholders | 1 | 75.07 |
| Owners, legal entities | 43 | 23.25 |
| Owners, individuals | 6,196 | 1.67 |
| Shares in the shared ownership | 47 | 0.01 |
| Third-party-payment account | 1 | 0.002 |
| Total number of accounts in the shareholders register | 6,288 | 100.00 |
Shareholder’s equity is given including disclosure of the nominal holder for the last closing date of the share register i.e. 19 May 2014 (before holding of the Annual General Shareholder Meeting on 23 June 2014) and including placement of additional shares during the additional issue of ordinary shares (SRN 1-01-00073-A-003D).Structure of shareholders — owners of at least 1% of ordinary shares including disclosure of the nominal holder
Shareholder’s equity is given including disclosure of the nominal holder for the last closing date of the share register i.e. 19 May 2014 (before holding of the Annual General Shareholder Meeting on 23 June 2014) and including placement of additional shares during the additional issue of ordinary shares (SRN 1-01-00073-A-003D).Structure of shareholders — owners of at least 1% of the charter capital including disclosure of the nominal holder
| Ordinary shares | Preferred shares |
|---|---|
| 9% | 99% |
Key shareholders of Lenenergo
Russian Grids (Rosseti), JSC is the largest in Russia and worldwide energy company providing transmission and distribution of electricity. http://www.rosseti.ru/
CCPM (Committee on city property management) is the executive body of the government of St. Petersburg. http://commim.spb.ru/
IDGC of Ural, JSC is a SDC of Rosseti, carries out electricity transmssion in electric networks
Rusenergo Fund (run by XENON Capital Partners) is the largest fund in Russia in the energy sector; its funds are long-term invested in the shares of Russian power generating and grid companies. http://www.xenoncp.com/
Energyo Solutions Russia Cyprus Limited (EOS) is the subsidiary of Swedish EOS AB investing in Russian power grid assets. http://www.eos-russia.se/
Citigroup Global Markets Limited is a part of Citigroup Inc., the largest international corporation which is one of the world leaders in the field of financial services. http://www.citiglobalmarkets.ru/
| State registration number (SRN) | Quantity | |
|---|---|---|
| Initial issue | 72-1p-191 | 2,951,852 |
|
The shares were issued in connection with the Company privatization on the basis of the Decree of the President of the Russian Federation of 15 August 1992, # 923 The issue was registered by the financial Committee of the city hall of St. Petersburg on 1 February 1993 During the issue the Company placed: |
||
| Ordinary shares | 2,519,852 | |
| Preferred shares | 432,000 | |
|
Par value of each security of the issue: RUB 1,000 (non-denominated) Date of state registration of the report on issue results: 6 September 1999 |
||
| Additional issue (1) | 894,411,156 | |
|
The issue was registered by the Committee on economics and finance of St. Petersburg on 29 November 1995 During the additional issue the Company placed: |
||
| Ordinary shares | 763,515,156 | |
| A-type preferred shares | 130,896,000 | |
|
Par value of each security of the issue: RUB 1,000 (non-denominated) Date of state registration of the report on issue results: 9 August 1999 |
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| Consolidation of issues | ||
|
Consolidation of the issues of issue-grade securities was carried out by Order of the Federal Commission on Securities of Russia of 27 June 2003, # 03-1269/R Par value of each security of the issue: RUB 1.0 The size of charter capital decreased as a result of repayment of shares pursuant to the decision on reorganization of the General Shareholder Meeting of 8 April 2005 (the report on repayment results of 1 August 2005) By results of the shares repayment the charter capital included: |
||
| Ordinary registered shares | 1-01-00073-A | 691,854,144 |
| A-type preferred shares | 2-01-00073-A | 93,264,311 |
| The main objective of the additional issue of Lenenergo in 2008 was the creation on the territory of St. Petersburg of a joint network company with the increase in both technological and economic reliability, on the basis of technically indissoluble and interconnected network equipment.Additional issue (2) | 1-01-00073-A-001D | 234,167,535.04 |
|
The issue was registered by the Federal Financial Markets Service (FFMS of Russia) on 25 October 2007 During the additional issue the Company placed: |
||
| Ordinary registered shares | 234,167,535.04 | |
|
Par value of each security of the issue: RUB 1.0 Date of state registration of the report on issue results: 12 December 2008 After 3 months from the date of state registration of the report on results of additional issue of ordinary registered shares of Lenenergo the individual number of additional issue — 001D (SRN 1-01-00073-A-001D) was cancelled (notification of 1 April 2009, #09-EK-03/6679) |
||
| The main objective of the additional issues of Lenenergo ordinary shares in |
1-01-00073-A-002D | 209 039 634.04 |
|
The issue was registered by the Federal Financial Markets Service (FFMS of Russia) on 21 February 2012. During the additional issue the Company placed: |
||
| Ordinary registered shares | 209,039,634.04 | |
|
Par value of each security of the issue: RUB 1.0 Date of state registration of the report on issue results: 18 September 2012 After 3 months from the date of state registration of the report on results of additional issue of ordinary registered shares of Lenenergo the individual number of additional issue — 002D (SRN 1-01-00073-A-002D) was cancelled (notification of FFMS of Russia of 7 February 2013, #13-EK-03/3554) |
||
| The main objective of the additional issues of Lenenergo ordinary shares in |
1-01-00073-A-003D | 926,876,304 |
|
The issue was registered by the Financial Markets Service of the Bank of Russia on 10 September 2013 During the additional issue the Company placed: |
||
| Ordinary registered shares | 523,753,525.97 | |
|
Par value of each security of the issue: RUB 1.0 Date of state registration of the report on issue results: 16 October 2014. After 3 months from the date of state registration of the report on results of additional issue of ordinary registered shares of Lenenergo the individual number of additional issue — 003D (SRN 1-01-00073-A-003D) was cancelled (the notification the of Bank of Russia of 16 January 2015, #52-4/290) |
||
| Type of shares | Ordinary non-documentary registered shares | A-type preferred non-documentary registered shares |
| State registration number | 1-01-00073-A | 2-01-00073-A |
| Volume of issue | 1,658,814,839.05 | 93,264,311 |
| Par value | RUB 1.0 | RUB 1.0 |
| Exchange | MICEX Stock Exchange | MICEX Stock Exchange |
| Start date of trading | 16 July 2003 | 16 July 2003 |
| ISIN | RU0009034490 | RU0009092134 |
| Ticker | LSNG | LSNGP |
| Quotation list | level 2 | level 2 |
| Inclusion in stock indices |
MICEX BMI MICEX PWR MICEX SC |
MICEX BMI MICEX PWR MICEX SC |
Over the past year, share prices of the Rosseti Group companies have declined. The decrease in market capitalization of distribution grid companies amounted to an average of 1.16%. In some cases the decline accounted for 51%. The industry index MICEX PWR lost 22.75% for the reporting period.
In 2014, Lenenergo shares were traded in the general downward trend with distribution grid companies and industry index, reflecting the mistrust of investors to the sector due to the ongoing uncertainty of state policy in respect of the distribution grid sector.
| Indicator | 2012 | 2013 | 2014 | 2014 / 2013, % |
|---|---|---|---|---|
| Ordinary shares | ||||
| Minimum price, RUB | 5.47 | 2.15 | 1.40 | — 34.88 |
| Maximum price, RUB | 11.48 | 7.00 | 3.17 | — 54.71 |
| Year-end price, RUB | 6.55 | 2.32 | 1.75 | — 24.57 |
| Trading volume, shares | 29,703,000 | 47,366,000 | 79,899,400 | 68.69 |
| Trading volume, RUB | 221,671,745 | 183,900,139 | 196,710,215 | 6.97 |
| Quantity of trades | 23,151 | 19,255 | 22,145 | 15.01 |
| Preferred shares | ||||
| Minimum price, RUB | 15.271 | 10.8 | 10.401 | — 3.69 |
| Maximum price, RUB | 26.749 | 20.29 | — 9.36 | |
| Year-end price, RUB | 17.60 | 11.37 | 11.20 | — 1.53 |
| Trading volume, shares | 11,231,700 | 12,735,500 | 14,989,700 | 17.70 |
| Trading volume, RUB | 211,066,571 | 157,571,099 | 201,232,486 | 27.70 |
| Quantity of trades | 11,073 | 12,020 | 9,664 | — 19.60 |
| Indicator | 2012 | 2013 | 2014 |
|---|---|---|---|
| Calculated as (net profit for the reporting year under RAS minus accrued dividends on preferred shares for the year)/number of outstanding ordinary shares.EPS, RUB | 0.98 | 0.34 | — 4.80 |
| Calculated as the weighted average price of one ordinary share at the end of reporting period / earnings per share.P/E | 6.75 | 7.04 | — 0.37 |
|
As at 31 December 2012 |
As at 31 December 2013 |
As at 31 December 2014 |
2014 / 2013, % | |
|---|---|---|---|---|
| MICEX | 1474.72 | 1504.08 | 1396.61 | –7 |
| MICEX PWR | 1707.42 | 1032.39 | 797.54 | –23 |
| The weighted average share price on the last trading day of the reporting year.Ordinary shares (LSNG), RUB | 6.60 | 2.37 | 1.77 | –25 |
| The weighted average share price on the last trading day of the reporting year.Preferred shares (LSNGP), RUB | 17.63 | 11.26 | 11.05 | –2 |
Market capitalization
Hereinafter, calculation of market capitalization is made at the weighted average share price on MICEX Stock Exchange on the last trading day of the reporting period.
1 RUB 3,967 mln — market capitalization with regard to the additional issue of ordinary registered shares of Lenenergo — 003D (SRN 1-01-00073-A-003D).
Dynamics of market capitalization of Lenenergo on MICEX Stock Exchange in 2014, RUB mln
Market capitalization of distribution grid companies on MICEX Stock Exchange in 2014, RUB bn
| Index |
31 December 2012 |
31 December 2013 |
31 December 2014 |
2014/2013, % |
|---|---|---|---|---|
| S&P 500 | 1402.4 | 1841.1 | 2058.9 | 11.83 |
| Dow Jones Industrial Average | 12938.1 | 16576.7 | 17823.1 | 7.52 |
| CAC 40 | 3620.3 | 4247.7 | 4245.5 | –0.05 |
| DAX | 7612.4 | 9552.2 | 9805.6 | 2.65 |
| UK FTSE 100 | 5925.4 | 6730.7 | 6566.1 | –2.45 |
| Nikkei 225 | 10395.2 | 16291.3 | 17450.8 | 7.12 |
| Hang Seng | 22666.6 | 23306.4 | 23605.0 | 1.28 |
| MSCI World (MXWO Ind) | 1338.5 | 1661.1 | 1709.7 | 2.93 |
| MSCI EM (MXEF Ind) | 1055.2 | 1002.7 | 956.3 | –4.63 |
| MSCI Russia (MXRU IND) | 807.5 | 786.9 | 404.9 | –48.54 |
| USD/RUB | 30.6 | 32.7 | 56.3 | 71.89 |
| EUR/RUB | 40.3 | 45.0 | 68.3 | 51.97 |
| Oil, Brent | 110.4 | 110.9 | 57.5 | –48.12 |
GDR program
On 30 September 2008, Federal Service for Financial Markets (FFMS) of Russia issued permission for circulation of ordinary and preferred shares of Lenenergo outside the Russian Federation. The circulation of 74,206,626 ordinary shares and 19,585,504 preferred shares of the Company that accounts for 12.0% of total placed shares (at the moment of permission delivery) is authorized.
In Q4 2008, Lenenergo launched four sponsored programs of depository receipts (GDRs) with the right of circulation on the territory of Central Europe and USA. The issue of GDRs was carried out in the framework of the rule 144A and Regulation S. GDRs on Lenenergo shares are available in the over-the-counter (OTC) market. The Depositary Bank for Lenenergo GDRs is The Bank of New York Mellon.
| Program | Launch date | Factor | Number of GDRs, units | |
|---|---|---|---|---|
| Ordinary shares | 144A | 24 October 2008 | 1:10 | 0 |
| Preferred shares | 144A | 28 October 2008 | 1:10 | 0 |
| Ordinary shares | RegS | 24 October 2008 | 1:10 | 7,496 |
| Preferred shares | RegS | 28 October 2008 | 1:10 | 0 |