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December 10, 2018

Results of the Board of Directors Meeting on December 6, 2018

December10, 2018. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on December 6, 2018.


The Board of Directors approved the report on the interim results of the Company's 2018 Business Plan execution including actual results for nine months of 2018 (including the report on execution of the Investment program, as well as Comprehensive modernization program for nine months of 2018).

PJSC RusHydro’s production increased by 3.2% y-o-y and reached 72.6 GWh. Revenue reached RUB 124.7 bn, while net profit amounted to RUB 37.51 bn.

Financing of investment program for the nine months of 2018 came in at RUB 19.7 bn or 100.2% of the planned figure. In addition, financing of investment program of the company’s subsidiaries amounted to RUB 17.7 bn or 100% of plan. Actual financing of the hydropower rehabilitation & modernization program in the same period was RUB 11 bn or 100.4% of the planned amount.


Following relabeling of equipment upon the rehabilitation & modernization program in the first nine months of the year the installed capacity of Novosibirskaya HPP, HPPs on the upper Volga, Votkinskaya HPP and Zhiugulevskaya HPP increased by 5 MW, 10 MW, 15 MW and 10.5 MW, respectively.


The Board of Directors approved the report on execution of PJSC RusHydro’s comprehensive procurement program for the nine months of 2018. The Company has carried out 1,799 procurement procedures, 97% of which were in electronic format.


The Board approved cancellation of participation in authorized share capital of JSC Maliye GES Altaya in accordance with PJSC RusHydro’s Program on divestment of none-core assets. The Board of Directors authorized PJSC RusHydro representatives in the management body of JSC Maliye GES Altaya to approve the decision on liquidation of the Organization.

JSC Maliye GES Altaya (a PJSC RusHydro subsidiary with 100% ownership) was founded in 2010 in order to carry out design and construction work on small HPP Chibit project. In 2012 by order of the Ministry of Energy of the Russian Federation, the project has been excluded from RusHydro’s investment program.


The Board of Directors preliminarily approved the Organization entering into fiduciary management agreements.

Within the scope of the agreement JSC ESC RusHydro, JSC RAO ES of East, JSC Gidroinvest and PJSC Kolymaenergo are transferring to PJSC RusHydro their owned shares of JSC Gidroinvest, JSC ESC RusHydro, JSC ChirkeyGESstroi and JSC Ust-Srednekanskaya GES named after A.F. Dyakov into fiduciary management. The goal is to optimize corporate governance of subsidiaries where RusHydro Group’s share in authorized capital is equal to 100%.


The Board of Directors approved cancellation of PJSC RusHydro’s participation in CJSC Verkhne-Narynskiye GES by means of sale of 2,500,000 ordinary registered shares or 50% of the authorized share capital to JSC Energeticheskiye stantsii (Kyrgyz Republic) for the price determined by the Board of Directors based on the appraiser’s report. The Board of Directors approved the sale of shares by PJSC RusHydro.

CJSC Verkhne-Narynskiye GES was registered in October 2012 in accordance with the agreement between the Government of Kyrgyz Republic and the Government of the Russian Federation to construct and manage Verkhne-Narynsk cascade of hydropower plants. The joint venture was established to build and manage Akbulynskaya HPP, Narynskaya HPP-1, Narynskaya HPP-2 and Narynskaya HPP-3. Construction of the project came to an end following cancellation of the agreement by the Kyrgyz side on 09.08.2016.

PJSC RusHydro claims to accept its share in the joint venture CJSC Verkhne-Narynskiye GES by JSC Energeticheskiye stantsii and be compensated by the Kyrgyz Republic for the costs incurred as a result of participation in the construction project of Verkhne-Narynsk cascade of hydropower plants. On October 31, 2018 PJSC RusHydro has filed for international arbitration against Kyrgyz Republic. Kyrgyz Republic has to respond not later than April 15, 2019.


The Board of Directors approved transfer without compensation of the automobile road to domestic waste landfill into municipal possession of Talakan township in the Bureysk district of the Amur region. The road is classified as a none-core asset with no effect on the company’s operations. Initially built during construction of the Bureyskaya HPP, it is now a part of the public transportation infrastructure of the region.


The Board of Directors approved transfer without compensation of two non-residential buildings of the electric boiler-house suited for laboratory of the Siberian Federal University to the Russian Federation represented by the Federal Property Management Agency in the Krasnoyarsk, Khakassia and Tyva regions. The buildings are classified as a none-core assets with no effect on the company’s operations. They were initially built during construction of the Sayano-Shushenskaya HPP.


The Board of Directors authorized PJSC RusHydro representatives in the management body of JSC Sulakskiy Gidrokaskad to approve sale of Gotsaltinskaya HPP property complex to PJSC RusHydro.

JSC Sulakskiy Gidrokaskad a subsidiary of PJSC RusHydro with 100% ownership, was established to construct Gotsaltinskaya HPP with an installed capacity of 100 MW. Following the completion of hydropower plant’s construction in 2016 in order to improve the structure of operating assets, the HPP was planned to be transferred to PJSC RusHydro via purchase and sale agreement.


The Board of Directors approved the new edition of PJSC RusHydro’s charity and sponsorship policy.

The new edition of the policy expands the company’s sponsorship area of activity from the PJSC RusHydro’s generating facilities regions of presence to the regions of subsidiaries’ facilities presence.


The Board of Directors took into consideration the information on the first phase of construction of two single-circuit 110 kV Pevek-Bilibino overhead lines.

The project for construction of high-voltage overhead lines is implemented in light of upcoming reconstruction of the Chaun-Bilibino power system following decommissioning of the Bilibinskaya nuclear power plant. Construction of 110 kV lines is essential for the development of the power system of Chukotka Autonomous Region as well as for general sustainable development of the Far East power system.


The Board of Directors approved the progress report on the Plan of measures to implement professional standards in the Organization in the second and third quarters of 2018.


The Board of Directors terminated the powers of Tupikin Vladimir Vladimirovich, member of the Far East Energy Development Committee ahead of schedule and elected Lebedev Sergey Yurievich, deputy Chairman of the Management Board of NP Market Council into the Committee. 

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