September 26, 2016. Moscow, Russia.
Results of the Board of Directors on September 20, 2016
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting on September 20, 2016.
The Board of Directors approved Board of Directors working plan for the 2nd half of 2016.
The Board of Directors approved interim results of 2016 business plan execution for the 1st half of 2016 (including reports on implementation of investment program (including comprehensive modernization program) and annual procurement plan for the 1st half of 2016).
The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board - General Director of PJSC RusHydro, to consider the amendments to 2016 business plan and report to Yuri Trutnev, Chairman of the Board of Directors of RusHydro, until October 31, 2016.
The Board of Directors reviewed consolidated business-plan (including consolidated investment program) of RusHydro Group for 2016-2020 and approved the target for ROE KPI for 2016.
The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board - General Director of PJSC RusHydro, to consider the amendments to Regulations on business planning system of PJSC RusHydro and report to Yuri Trutnev, Chairman of the Board of Directors of RusHydro, until October 31, 2016.
The Board of Directors moved the approval of the report on implementation of RusHydro's Innovative Development Program for 2011 - 2015 with an outlook for 2021 in 2015 to a later date.
The Board of Directors reviewed the report on execution of non-hydro renewable energy projects (RES) development program in the Far East.
The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board - General Director of PJSC RusHydro, to finalize the RES development program in the Far East in cooperation with JSC Far East development Fund and submit the document for the Board's review until March 31, 2017.
The Board of Directors took a note of the information on status of implementation of four priority projects in the Far East: Yakutskaya CHPP-2 (1st stage), 2nd stage of Blagoveshenskaya TPP, TPP in Sovetskaya Gavan', Sakhalinskaya CHPP-2 (1st stage) as of June 30, 2016.
The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board - General Director of PJSC RusHydro, to develop the list of measures aimed at efficiency improvement and construction control of four priority projects in the Far East, and submit them for the Board's review until October 31, 2016.
RusHydro Group is one of Russia's largest generating companies. RusHydro is the leading producer of renewable energy in Russia with over 70 generating facilities in Russia and abroad. The company also manages a number of R&D, engineering and electricity retail companies. Group's thermal assets are operated by subsidiary - RAO Energy System of East in the Far East of Russia. Total electricity generation capacity of the Group is 38.6 GW, heat capacity - 16.2 thousand GCal/h.
Russian Federation owns 66.8% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on Moscow Exchange (MOEX), and included in MSCI EM и MSCI Russia indexes. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.
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The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. One can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "plan", "aim", "target", "forecast", "project", "should", "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements.
We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic and political conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations.
This information is provided by RNS