Results of
the Board of Directors on March 29, 2013
JSC
RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY)
announces that the Company's Board of Directors held a meeting in
absentia on March 29, 2013.
***
The Board
of Directors approved the report on 2012 business-plan execution
(including report on implementation of investment program,
comprising report on implementation of generating facilities
modernization program in 2012).
Electricity generation and output
by RusHydro’s power plants for the 2012 totaled 105.2% and 105.9%
of the planned volumes respectively. The slight overshoot was a
result of favorable hydrological conditions and regimes allowed by
the Federal Water Resources Agency.
In 2012,
as a part of RusHydro`s investment program implementation a number
of construction works were completed, including:
- two hydropower units were installed at the Zagorskaya
pumped storage plant No. 2 (420 MW);
- hydropower units No.1-6 (1,998 MW) were commissioned
at the Boguchanskaya HPP.
Technical upgrade and reconstruction works and
capacity installation at the Volzhskaya HPP (15.5 MW),
the Kamskaya HPP (9 MW) and the Kabardino-Balkaria branch (2 MW)
were also completed.
In 2012, three new hydropower units (1,920 MW) at the
Sayano-Shushenskaya HPP and three hydropower units at the
Baksanskaya HPP (25 MW) were also commissioned.
Financing of investment program in 2012 including
projects of comprehensive modernization program for 2012-2025
amounted to RUR 97.07 bn or 99% of financing plan.
Actual financing of technical rehabilitation and
modernization projects totaled RUR 33.12 bn or 127% of the annual
plan of RUR 26.13 bn. The increase of financing was due to the
additional reconstruction of hydro turbines at the Volzhskaya HPP,
the Zhigulevskaya HPP, the Kamskaya HPP and other HPPs.
***
The Board of Directors approved RusHydro`s
business-plan for 2013, including the investment program, quarterly
and yearly KPIs and quarterly financing plans for 2013.
Furthermore, the Company’s Board of Directors approved the
Company’s business plan for 2014-2017, including the investment
program for 2014-2017.
Technical upgrade and reconstruction of the
Volzhskaya, Zhigulevskaya, Kamskaya, Novosibirskaya and
Saratovskaya HPPs, as well as new capacities installation (the
Boguchanskaya HPP, the Ust-Srednekanskaya HPP and the
Zagorskaya pumped storage plant No.
2) will result in increase of installed
capacity by 1,710 MW
in 2013. The Company also plans to increase its’ installed capacity
by 1,255.27 MW in 2014-2017 through technical upgrade and
reconstruction of power plants in Dagestan and North Ossetia, the
cascades of Verhnevolzhskie and Kubanskie HPPs, the
Volzhskaya, Zhigulevskaya, Kamskaya, Novosibirskaya,
Saratovskaya and other HPPs and also through completion of
construction of new generation facilities (the Ust-Srednekanskaya
HPP, the Zagorskaya pumped storage plant No.
2, the Lower Bureya HPP and a number of small
hydropower plants in the North Caucasus).
The planned amount of capital expenditures for 2013
according to the approved investment program totals RUR 102.86
bn.
***
The Board of Directors approved the report on
execution of the Company’s KPIs in the fourth quarter
and full year 2012.
***
The Board of Directors commissioned RusHydro’s
representatives in management bodies of Pavlodolskaya HPP to
approve an agreement on sale of property, qualified as a major
transaction.
The property of the Pavlodolskaya HPP (currently
wholly-owned by RusHydro) will be included in the North Ossetian
branch of the Company. This will result in HPP efficiency
improvement and its reconciliation to RusHydro’s technical
standards. These measures are aimed to optimize the Group structure
and create a single management body in the North Ossetian region,
which will allow to reduce administrative costs and increase
economic efficiency of operating facilities.
The Pavlodolskaya HPP is located on the Terek river,
upstream from Mozdok. The HPP was put into operation in 1965. The
capacity of the HPP is 2.62 MW. The average annual output is 12.08
mn kWh per annum.
***
The Board of Directors approved the report on
activities of the Company’s Management Board in 2012.
***
The Board of Directors approved the report on
implementation of program of comprehensive development of
infrastructure of Cheremushki settlement in 2010-2014 (that
suffered from the consequences of the Sayano-Shushenskaya
accident).
Total financing of the program in 2012 exceeded RUR
194 mn.
***
The Board of Directors approved the report on
insurance protection of RusHydro in 2012.
Insurance costs in 2012 totaled RUR 909,608 ths, which
is 2.8% less than the planned amount.
***
The Board of Directors approved RusHydro`s Social
Policy and its development plan.
Being a socially responsible company, RusHydro is
committed to creating social environment for orphans.
***
The Board of Directors noted the activity concept of the Fund for scientific and
technical development. The Board of Directors also instructed the
Company’s Management Board to develop and submit the Fund’s
investment declaration and regulations through May 31,
2013.
Creation of such Fund’s is aimed at improvement of the
investments in the scientific and technical projects, technology
transfer projects and creation of infrastructure for scientific,
technical and innovative development.
***
The Board of Directors approved the report on
implementation of the Company’s charitable and sponsor activities
program in 2012.
In 2012, RusHydro continued implementation of a
long-term comprehensive charitable program "The Sail of Hope",
including core charitable projects of the Company.
In 2012, the Company launched the "Born by Energy"
project aimed to provide maternity clinics with expensive
diagnostic and rehabilitation equipment. Last year, the project was
implemented in six branches.
In 2012, RusHydro participated in financing of the ‘Alania’ football club.
The project includes financing of current FC
activities and development of football schools for children in the
North Caucasus region.
During the past few years, one of RusHydro’s priority
projects was cooperation with the Russian Geographical Society. In
2012, the Company financed the formation of a grant funding for
research expeditions and the publication of the cartographic
encyclopedia of Russia, etc.
Overall amount of funds spent on charity and
sponsorship in 2012 was more than RUR 1 bn.
The Board of Directors also approved RusHydro’s
charitable and sponsor activities plan for 2013. The Company will
continue to support orphanages and boarding schools, educational
programs, sports activities, including ‘Alania’ football club, and implement "The Sail of Hope" program.
For more information:
JSC RusHydro, Investor Relations Department
Tel. +7 (495) 225-3232 ext. 1319, 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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