Results of the Board of Directors on June 19,
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 June 19, 2013.
***
The Board of Directors elected Mikhail Poluboyarinov,
First deputy chairman, member of the Management Board of
Vnesheconombank, as a Chairman of the Board.
Mikhail Poluboyarinov graduated from Moscow Finance
Institute in 1988. In 1998 graduated from the postgraduate school
of the Plekhanov Academy of Economics, has PhD in
Economics.
Since 2009 Mikhail Poluboyarinov has been working in
the State Corporation Vnesheconombank, since October 2012 as the
First Deputy Chairman. Prior to joining Vnesheconombank Mr
Poluboyarinov held a position of a Chief Accountant (from 2000 to
2003) and Deputy CEO (from 2003 to 2009) at
Aeroflot.
***
The Board of Directors approved acquisition of stakes
of the following companies:
Company
|
Max. number of
shares
|
Type of
shares
|
Price per
share
|
Share before
acquisition
|
Share after
acquisition
|
JSC Malaya
Dmitrovka
|
1,019,782,000
|
Ordinary
|
RUR 1
|
100%
|
100%
|
Hydroengineering
Siberia
|
1,991,979,300
|
Ordinary
|
RUR 1
|
100%
|
100%
|
Dalnevostochnaya
WPP
|
223,588,474
|
Ordinary
|
RUR 1
|
100%
|
100%
|
Hydroinvest
|
9,550,000,000
|
Ordinary
|
RUR 1
|
100%
|
100%
|
ESC RusHydro
|
18,368,431,368
|
Ordinary
|
RUR 1
|
100%
|
100%
|
Ust-Srednekanskaya
HPP
|
9,869,837,908
|
Ordinary
|
RUR 1
|
35.21%
|
tbd
|
Geotherm
|
1,596,250,051
|
Ordinary
|
Share price to be determined by an
independent appraiser
|
92.8%
|
tbd
|
Zaramagskie
HPPs
|
15,311,790
|
Ordinary
|
RUR 1,000
|
98.35%
|
tbd
|
Small HPPs of
Kabardino-Balkaria
|
2,239,241
|
Ordinary
|
RUR 1,000
|
-
|
tbd
|
The Board of Directors approved the additional share
issue of the following RusHydro?s subsidiaries: Dalnevostochnaya
WPP, Hydroengineering Siberia, Hydroinvest, ESC RusHydro,
Ust-Srednekanskaya HPP, Geotherm, Zaramagskie HPPs, Small HPPs of
Kabardino-Balkaria.
These share issues are committed to financing current
debt of the companies listed above to RusHydro and will represent a
transfer of funds from subsidiaries to the parent
company.
***
The Board of Directors approved participation of
RusHydro in the non-commercial partnership ?Innovative research and
development club? (iR&Dclub). This membership will allow
RusHydro to study best practices of other companies and participate
in elaboration of state regulations in terms of innovative
development.
The Club was set up in 2011 at the initiative of big
business and state corporations on the basis of Institute of
management innovations R&D University HSE (Higher School of
Economics) with the support of Economic Development Ministry, Ltd.
RVC (Russian Venture Company) with the participation of R&D
University HSE and Moscow School of Management SKOLKOVO. The Club
is aimed at improvement of innovative processes in Russian
companies and development of innovative culture in the
country.
***
The Board of Directors approved the agreement between
RusHydro and the Federal Agency for state property management on
gratuitous transfer of property located nearby the Company?s
Sayano-Shushenskaya HPP, qualified as interested-party
transaction.
The Board of Directors approved the agreements between
RusHydro and Lenhydroproject, qualified as interested-party
transactions:
?
The agreements on development of project documentation
for comprehensive reconstruction of the Votkinskaya and Zeyskaya
HPP, included in the investment program of RusHydro.
- The agreement for R&D and technological works and
research of hydropower potential of the Angara river
basin.
The Board of Directors approved the agreement between
RusHydro and National Research University "Moscow Power Engineering
Institute", qualified as interested-party transaction, and
determined the price of works under agreement. The subject of the
agreement is R&D and technological works aimed at reliability
improvement of hydroturbines.
The Board of Directors approved the agreement between
RusHydro and System Operator of Russia, qualified as
interested-party transaction, and determined the price of works
under agreement. According to the agreement RusHydro will control
the reactive capacity without electricity production using
generating facilities of the Volzhskaya, Votkinskaya, Kamskaya,
Ezminskaya, Gizeldonskaya, Zelenchugskaya HPPs and Zagorskaya
pumped storage plant.
The Board of Directors approved the agreement between
RusHydro and FSK EES, qualified as interested-party transaction,
and determined the price of works under agreement. According to the
agreement FSK EES will transfer to RusHydro project documentation
and shunt reactor under reconstruction project of 200/500 kW
outdoor switchgear of the Zeyskaya HPP.
***
The Board of Directors approved participation of
RusHydro in the joint venture (JV) ?VolgaHydro? LLC, aimed at
manufacturing of hydroturbine equipment, established together with
Voith Hydro. The JV will be located in Russia.
RusHydro?s share in the share capital will be 50% plus
RUR 1 share, the share of Voith Hydro will be 50% minus RUR 1. The
share capital will be equally paid by the companies (EUR 100
thousand at the exchange rate of the Central Bank of
Russia).
The Board of Directors approved the agreement between
RusHydro and Voith
Hydro and commissioned the Company?s representatives in the
management bodies of the JV to vote for decisions related to
implementation of the agreement.
In 2011, the Board of Directors approved the agreement
with Voith Hydro for comprehensive modernization of hydroturbines
of the Saratovskaya HPP and establishment of a JV for these
purposes. The JV will also manufacture the equipment for other
plants in Russia and CIS.
***
The Board of Directors approved report on execution of
the Company?s KPIs in the first quarter of 2013.
***
The Board of Directors approved the report on interim
results of 2013 business-plan execution in the first quarter of
2013 (including report on implementation of capex program,
comprising report on implementation of generating facilities
modernization program).
Electricity generation and output by RusHydro?s power
plants in the 1st quarter of 2013 totaled 122% and 123%
of the planned volumes respectively. The slight overshoot was a
result of favorable hydrological conditions and regimes allowed by
the Federal Water Resources Agency.
The financing of investment program in the first
quarter of 2013 amounted to RUR 12.39 bn (including VAT) or 109% of
the plan for the quarter.
Financing of rehabilitation and modernization projects
in the first quarter of 2013 amounted to RUR 3.82 bn or 143% of the
plan for the quarter. The overshoot was due to early delivery of
the equipment and completion of works.
About
RusHydro:
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 36.5 GW, heat capacity ? 16.2 thousand
GCal/h.
Russian Federation owns 65.9% in
RusHydro, the rest is held by other institutional and individual
shareholders (over 360,000). The company?s stock is traded on the
MICEX and RTS stock exchanges, and included in MSCI EM ? MSCI
Russia indexes. Company?s GDRs in the IOB section of LSE, ADRs ? in
OTCQX.
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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