July 20, 2016, 23:50 / Business

Rosseti passed the audit of the Accounts Chamber

The activities of Rosseti in the last two years were unprofitable, but in 2016 the situation began to change, concluded auditor Ivan Peschinsky

The activities of Rosseti in the last two years have been unprofitable / D. Abramov / Vedomosti

The Accounts Chamber checked the work of Rosseti in 2014–2015. The activities of the state-owned company turned out to be unprofitable, states the auditor of the Accounts Chamber Valery Bogomolov (excerpts from his report were published on the website of the control body). At the end of 2015, the accumulated loss of the holding according to RAS amounted to 234 billion rubles. The main reason is the depreciation of financial investments in shares of subsidiaries over the past three years by more than four times, Bogomolov noted; the market price of shares of Rosseti itself decreased by 72%. As a result, the value of Rosseti’s net assets turned out to be lower than the authorized capital, the auditor emphasized.

In 2015, Rosseti conducted an additional issue of 35 billion rubles. to help its subsidiary Lenenergo (32 billion rubles were spent on this). But the increase in the authorized capital did not lead to an increase in the value of net assets, Bogomolov noted. This indicates ineffective management of state property, he concluded.

As of the end of April, Rosseti’s net assets were 226.3 billion rubles, a company representative told Vedomosti. This is 40% higher than the authorized capital, which complies with legal requirements, he noted.

For 2015, Rosseti shareholders decided not to pay dividends due to a loss under RAS. But since the beginning of 2016, the position of Rosseti began to change. The company's capitalization increased by 53.5% to RUB 115.2 billion. The subsidiaries of Rosseti paid dividends, and payments were also expected from the state holding itself, Raiffeisenbank analyst Fedor Kornachev speaks about the reasons for the growth. According to Interfax, Rosseti's subsidiaries will receive 23 billion rubles. But this money will come back - the holding will distribute 26.6 billion rubles between its subsidiaries. as financial support. Of these, 10.8 billion rubles. will receive Yantarenergo for the modernization of networks in the Kaliningrad region. However, Rosseti shareholders will wait for dividends - for the first quarter the state holding will pay 1.8 billion rubles.

Rosseti's investment program attracted special attention of the Accounts Chamber; its full size is 2 trillion rubles, the report says. A significant part of the money is spent on technical connections of consumers to power grids, but the average capacity load for new connections is only 30%, the report notes. Consumers declare according to the maximum required power, but in reality the average consumption is always lower, says Sergei Pikin, director of the Energy Development Fund. “Everything is taken in reserve, since there is no responsibility for it,” he explains.

The Accounts Chamber also noted several positive aspects. The situation with the availability of energy infrastructure has improved: the number of technical connection stages has decreased and the number of completed applications has increased. Over three years, Rosseti put into operation 89,000 km of power lines and 56,000 MVA of transformer capacity, but failed to overcome the trend of aging fixed assets.

The Accounts Chamber's report itself is advisory in nature, but it can lead to more serious consequences if, for example, it is sent to the prosecutor's office for further verification, says Mikhail Alexandrov, partner at the A2 law office. So far, information letters have been sent to the government, the Ministry of Energy and the Federal Antimonopoly Service, the Accounts Chamber said in a statement. At the end of May, the head of the FAS, Igor Artemyev, spoke about the desire to check the activities of Rosseti.