This annual report includes the results of the activities of Kuban power and electrification public joint stock company (hereinafter “PJSC Kubanenergo” or the “Company”) for the year 2015, as well as certain important developments in the Company’s activities, which took place after the reporting date - in the period from 01.01.2016 to the preliminary approval of this Annual Report by PJSC Kubanenergo Board of Directors on 07.05.2016.

For the purposes of this document, Kuban power and electrification public joint stock company is referred to as PJSC Kubanenergo, Company and, for the period before June 22, 2015, OJSC Kubanenergo.

PJSC Rosseti (OJSC IDGC Holding before April 4, 2013 and OJSC Rosseti from April 4, 2013 to July 17, 2015) and other legal entities are referred to in the form relevant for the period stated in the text. 


This annual report (hereinafter the “Annual Report“) has been prepared with the use of information available to PJSC Kubanenergo and its subsidiaries at the time of its drafting.

The Annual Report also includes information relating to productive and economic activities of the Company in the future based on estimates and forecasts of the Company’s management and made on the basis of the current situation. Due to various objective factors, the actual results of the activities may differ from these forecasts and assessments.

The Annual Report contains certain forecasting statements in relation to economic activity, economic performance and financial status of the Company and its plans, projects and expected results. The Annual Report may also contain evaluations of trends in the changes of prices for services/products, volumes of production and consumption, costs, estimated expenditure, development prospects and other similar factors, as well as forecasts in respect of the development of the industry and markets, start and end dates of certain projects for the Company’s activities.

Words such as “intends”, “seeks”, “designs”, “expects”, “evaluates”, “plans”, “considers”, “supposes”, “may”, “should”, “will”, “will continue” and other similar words and words derived from them usually indicate the forecasting nature of a statement.

Forecasting statements, by their nature, are connected to inherent risks and uncertainties, both general and specific. There is a danger of forecasts, projects and other such statements not coming to fruition. In the light of these risks, uncertainties and assumptions, the Company warns that the actual results may significantly differ from the values valid only at the time of drafting the Annual Report, which are expressed directly or indirectly in forecasting statements.

The Company does not definitely state and does not guarantee that the results indicated in the forecasting statements will be achieved. The Company does not bear any responsibility for any damages that may be incurred by physical or legal persons who relied on such statements. In each particular case, such forecasting statements constitute only one of the ways events can develop, and should not be seen as the most likely ones.

Except as expressly provided for by the law, the Company is not obligated to publish updates and changes in such statements, either on the basis of new information, or on the basis of subsequent events.