Results of the Board of Directors on February 20, 2013
February 21 2013 - 1:54AM
OTC Markets
Results of
the Board of Directors on February 20,
2013
JSC
RusHydro announces that the Company's Board of Directors held a
meeting in absentia on February 20, 2013.
***
The Board
of Directors approved the strategy of reorganization of RusHydro’s
hydro engineering operations through consolidation of three
subsidiaries into a unified company.
The
consolidation aims to improve project complex efficiency and
increase the total economic effect through better usage and
planning of hydro engineering resources.
RusHydro
Group currently manages the following hydro engineering
operations:
-
JSC Institute Hydroproject;
-
JSC Lenhydroproject;
-
JSC Mosoblhydroproject.
The reorganization is expected to result in creation
of a unified company – JSC Incorporation Hydroproject, wholly owned
by RusHydro. These institutes have similar capabilities and
functions that often overlap. Institute Hydroproject and
Lenhydroproject have more expertise in developing comprehensive and
complex hydro engineering projects, Mosoblhydroproject is
specialized in small and medium hydro project developments.
***
The Board of Directors approved the agreement between
RusHydro and Amurskiy regional center of hydrometeorology and
environmental monitoring on assignment of hydrometeorological
station for gratuitous use.
According to the agreement Rushydro assigns the
hydrometeorological station and water level measurement system to
the center for gratuitous use. The Center will provide RusHydro
with information on hydrometeorological conditions and forecasts of
water inflows to Zeyskiy reservoir.
***
The Board of Directors approved the agreement on
liability, Directors’, Officers’ and Company’s financial lines
insurance between RusHydro and Ingosstrah, qualified as
interested-party transaction.
Directors & Officers Liability (D&O) insurance
has become a regular practice for the companies entering
international capital markets and provides additional protection
for listed stock companies.
D&O insurance policies offer liability cover for
the company, its subsidiaries and managers to protect them from
claims which may arise from the decisions and actions taken within
the scope of their regular duties. The agreement is valid through
December 31, 2013.
According to the Board of Directors decision of
February 5, 2013 the approval of the agreement on liability, Directors’,
Officers’ and Company’s financial lines insurance between RusHydro
and Ingosstrah, qualified as interested-party transaction, is
included in the EGM agenda to be held on April 19, 2013.
***
The Board of Directors approved the report on
execution of priority objectives of RusHydro in 2012 and defined
the priority objectives for 2013.
The main priorities in 2012 were:
-
reliability and safety control of operating hydropower
plants and implementation of HPPs construction projects. To improve
reliability of operating plants the Company started to implement
the comprehensive modernization program. In 2012, the
implementation of the program resulted in increase of installed
capacity by 26.5 MW;
-
implementation of investment program aimed at
shareholder value creation;
-
operating efficiency and retail business profitability
improvement through cost savings, improvement of energy efficiency
and energy savings and implementation of other ways of
modernization and technological development;
-
other developments including consolidation of
hydropower assets and creation of innovations control
system.
The priority objectives of RusHydro in 2012 are
considered to be gained.
The Board of Directors defined the priority objectives
of RusHydro for 2013:
- reliability and modernization of operating
plants;
- operations and maintenance efficiency
improvement;
- increase of installed capacity through implementation
of investment projects;
- corporate consolidation of assets;
- profitability improvement of energy retail
companies;
- competitive advantages improvement of project
complex;
- human resource development;
- water resources development;
- move towards target capital structure and enhancement
of sources for investment program implementation.
***
The Board of Directors approved the report on
implementation of projects in 2012 determined in the list of core
and non-core assets of RusHydro.
***
The Board of Directors approved combining position of
member of the guardianship board and Fund board of non-commercial
organization “Charity fund “Involvement” by the members of
RusHydro’s management board.
***
The Board of Directors took a note that RusHydro and
JSC Zagorskaya pumped storage plant No. 2 signed the agreement on
construction of social and sports facilities in Sergievo-Posadsky
region in the amount of RUR 920 mn.
***
The Board of Directors approved its working plan of
for the first half of 2013. According to the document the Board of
Directors meetings will be held once in a month.
For more information:
JSC RusHydro, Investor Relations
Department
Tel. +7 (495)
225-3232
ext. 1319, 1394, 1607
ir@rushydro.ru
DISCLAIMER
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," "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 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.
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