Results of
the Board of Directors on August 30,
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 August 30, 2013.
***
The Board
of Directors approved addendum to the agreement between RusHydro
and Iberdrola Ingenier?a y Construcci?n, S.A.U., qualified as
interested party transaction, denominated in foreign
currency.
The
addendum provides for additional services in relation to
comprehensive reconstruction of 500 kW outdoor switchgear at the
Company?s Votkinskaya HPP. Replacement of the equipment will
significantly increase reliability of the plant.
The
agreement between RusHydro and Iberdrola Ingenier?a y Construcci?n,
S.A.U. provides for comprehensive reconstruction of the 500 kW
outdoor switchgear at the Votkinskaya HPP and replacement of old
parts with new up-to-date equipment, which will significantly
increase reliability of the plant. The reconstruction of the
switchgear at the Votkinskaya HPP is included in RusHydro's
Investment Program.
***
The Board
of Directors approved loan agreement between RusHydro, RUSAL and
CJSC Boguchansky aluminum plant, qualified as transaction incurring
liabilities in foreign currency.
According
to the agreement RusHydro and RUSAL can provide financing to CJSC
Boguchansky aluminum plant to ensure payments under the loan
agreement between CJSC Boguchansky aluminum plant and
Vnesheconombank from December 3, 2010. This agreement is needed as
a guarantee to receive financing from the increased loan limit
between Vnesheconombank and CJSC Boguchansky aluminum plant for the
construction of the Boguchansky aluminum smelter.
The loan
facility amounts to RUR 16.8 bn and is equally allocated to
RusHydro and RUSAL. The loan is paid in RUR.
The terms
of the agreement are from January 1, 2015 to December 20, 2027 with
the repayment date no later than December 21,
2027.
The Board
of Directors approved the voluntary group health and accident
insurance agreement between RusHydro and SK Alliance, qualified as
an interested party transaction, and determined the price of the
agreement.
***
The Board
of Directors approved purchase of shares of Zagorskaya pumped
storage plant No. 2 and commissioned its representatives in the
management bodies of JSC Zagorskaya pumped storage plant No. 2 to
vote for the decisions related to additional share issue.
RusHydro?s share in share capital of the company will remain
unchanged and amount to 100%.
According
to the Board?s decision JSC Zagorskaya pumped storage plant No. 2
should transfer to RusHydro up to 109,264,000 of its ordinary
shares of additional issue with par value of RUR 1 per share.
RusHydro will pay for these shares by contribution of upper
spillway dam of the plant to share capital of JSC Zagorskaya pumped
storage plant No. 2.
***
The Board
of Directors approved the report on implementation of priority
projects within innovative development Program and cooperation with
scientific and educational institutions for the first half of
2013.
The total
financing of RusHydro?s innovation development projects in the
first half of 2013 exceeded RUR 900 mn, including financing of
R&D projects in the amount of RUR 151.5 mn.
***
The Board
of Directors approved the inclusion of the assistance program to
people suffered from flood in the Far East of Russia to the
charitable and sponsor activities plan of RusHydro for
2013.
RusHydro
will allocate RUR 200 mn to implement its assistance program, which
includes financial assistance to citizens and restoration of
infrastructure of the region.
***
The Board
of Directors approved the report on execution of the Company?s KPIs
in the second quarter of 2013.
***
The Board
of Directors approved the report on interim results of 2013
business-plan execution in the first half of 2013 (including report
on implementation of investment program, comprising report on
implementation of generating facilities modernization
program).
Electricity generation by
RusHydro?s power plants in the 2nd quarter and
1st half of 2013 totaled 115.4% and 118.2% of the
planned volumes respectively. Electricity output totaled 116% and
119% 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 half of 2013 amounted
to RUR 27.96 bn (including VAT) or 101% of the plan for the
period.
Financing
of rehabilitation and modernization projects in the first half of
2013 amounted to RUR 11.27 bn or 123% of the plan for the period.
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 67.1% 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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