United Company RUSAL Plc: Clarification Announcement in Relation to the 2016 Annual Report
August 22 2017 - 8:20PM
Business Wire
Regulatory News:
United Company RUSAL Plc (Paris:RUSAL)
(Paris:RUAL):
Hong Kong Exchanges and Clearing Limited and The Stock Exchange
of Hong Kong Limited take no responsibility for the contents of
this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for
any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
UNITED COMPANY RUSAL PLC(Incorporated
under the laws of Jersey with limited liability)(Stock Code:
486)
CLARIFICATION ANNOUNCEMENTIN RELATION
TOTHE 2016 ANNUAL REPORT
Reference is made to the annual report of the Company dated 28
April 2017 (“2016 Annual Report”). Unless otherwise stated,
capitalized terms used in this clarification announcement shall
have the same meanings as those defined in the 2016 Annual
Report.
The Company wishes to clarify that, due to inadvertent technical
error in the system of counterparty identification previously used
by the Company, the actual consideration paid under two purchase of
vehicles contracts for the year ended 31 December 2016 with the
connected person “RUSAL Trans LLC” was not identified and included
into the Connected Transactions section of the Directors’ Report in
the 2016 Annual Report. The error was isolated to this particular
connected person as the Company has not had any transactions with
it prior to 2016.
The actual consideration paid under the following purchase of
vehicles contracts for the year ended 31 December 2016 on p. 136 of
the 2016 Annual Report should be as follows:
Buyer (member ofthe
Group)
Seller (associate ofMr.
Deripaska/En+)
Date of contract
Subject matter ofthe
purchase
Actualconsideration
forthe year ended 31December 2016 USDmillion
(excludingVAT)
RUSAL Trans LLC JSC Ruzhimmash 02.09.2015
Develop, constructand deliver railcars
15.6 RUSAL Trans LLC JSC Ruzhimmash 02.09.2015
Railcars 1.0 Total:
16.6
Consequently, the aggregate consideration for the vehicles
supplied under the contracts as disclosed on p. 138 of the 2016
Annual Report should amount to USD16.7 million (instead of USD0.1
million), which was within the maximum aggregate consideration of
USD21.123 million for 2016 as disclosed in the announcement of the
Company dated 30 December 2016. Save as disclosed above, the
information regarding other purchase of vehicles contracts remains
unchanged and was correctly disclosed in the 2016 Annual
Report.
A new consolidation system effective from 2017 was implemented
by the Company which the Company believes has enhanced its controls
on connected transactions and address and prevent technical errors
of similar nature in the future through the following additional
control mechanisms:
• checking corporate reference data module for any
inconsistencies in respect of connected/related party attributes of
existing counterparties;
• automatically synchronizing connected/related party attributes
between the counterparty list and corporate reference data module;
and
• upgrading and enhancing counterparty identification and
verification systems with a number of embedded controls to
highlight the change of status of connected/related parties.
By Order of the Board of Directors of
United Company RUSAL
PlcAby Wong Po YingCompany Secretary
23 August 2017
As at the date of this announcement, the executive Directors are
Mr. Oleg Deripaska, Mr. Vladislav Soloviev and Mr. Siegfried Wolf,
the non-executive Directors are Mr. Maxim Sokov, Mr. Dmitry
Afanasiev, Mr. Ivan Glasenberg, Mr. Maksim Goldman, Ms. Gulzhan
Moldazhanova, Mr. Daniel Lesin Wolfe, Ms. Olga Mashkovskaya, Ms.
Ekaterina Nikitina and Mr. Marco Musetti, and the independent
non-executive Directors are Mr. Matthias Warnig (Chairman), Mr.
Philip Lader, Dr. Elsie Leung Oi-sie, Mr. Mark Garber, Mr. Dmitry
Vasiliev and Mr. Bernard Zonneveld.
All announcements and press releases published by the Company
are available on its website under the links
http://www.rusal.ru/en/investors/info.aspx,
http://rusal.ru/investors/info/moex/ and
http://www.rusal.ru/en/press-center/press-releases.aspx,
respectively.
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United Company RUSAL Plc