17th Nov 2015 07:08
November 17, 2015
Results of the Board of Directors on November 13, 2015
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on November 13, 2015.
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The Board of Directors commissioned the Company's Management Board:
1. To approve the budget and Regulations on formation of charity and sponsorship activities fund within 10 days after approval of methodology for such regulations by the Economic Development of Russia.
2. To report on a quarterly basis on spends from charity and sponsorship activities fund using interagency platform for state property management.
3. To add the section dedicated to areas and amount of charity and sponsorship fees paid by the Company and its subsidiaries during the reporting period to annual report.
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The Board of Directors approved the report on execution of the Company's KPIs in the 2nd quarter of 2015.
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The Board of Directors commissioned RusHydro's representatives at the Annual General Meeting of shareholders of JSC Yakutskaya TPP-2 to approve an Addendum No.2 to general contractor agreement between JSC Yakutskaya-2 and JSC TEK Mosenergo for construction of the JSC Yakutskaya TPP-2 (1st stage), qualified as a major transaction. The price of contract remains unchanged and amounts to RUB 17,381,514,460, including VAT.
Addendum No.2 provides for changes of construction period. Scheduled date of launch readiness is September 6, 2016. Scheduled date of construction completion is November 22, 2016.
The Board of Directors commissioned RusHydro's representatives at the Annual General Meeting of shareholders of LLC Small HPPs of Stavropolie and KBR to approve an Addendum No.4 to the construction contract for construction and installation works at a small HPP "Bolshoi Zelenchuk" between LLC Small HPPs of Stavropolie and KBR and JSC ChirkeyGESstroy, qualified as a major transaction. The Addendum provides for changes of construction works period (date of completion - July 1, 2016), the price of contract remains unchanged and amounts to RUB 97,995,363, including VAT.
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The Board of Directors approved an agreement between RusHydro and Federal Grid Company for optical fiber rent, qualified as interested party transaction, and determined the price of agreement in the amount of RUB 478,000.71, including VAT in the amount of RUB 72,915.37.
According to the agreement Federal Grid Company rents out optical fiber and maintains it in the proper state and RusHydro pays rental fee for the optical fiber. The agreement is valid within 11 months from the date of conveyance.
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The Board of Directors approved an agreement between RusHydro and Administration of Talakan settlement located in Amur region on gratuitous transfer of property. According to the agreement RusHydro transfers to municipal property of Talakan settlement non-residential facility located near the Company's Bureyskaya HPP:
- Hole 2, cadastral number: 28:11:010228:1120, purpose: non-residential water intake facility, floor space 33.9 sq. m, identification number: BR12602, address (location): Talakan urban-type settlement, Bureysky District, Amur Region, registration entry in the Unified State Register of Rights to Real Estate and Transactions Therewith No. 28-28/003-28/306/001/2015-489/1, dated April 3, 2015;
- Hole 3, cadastral number: 28:11:010228:1121, purpose: non-residential water intake facility, floor space 8.9 sq. m, identification number: BR12603, address (location): Talakan urban-type settlement, Bureysky District, Amur Region, registration entry in the Unified State Register of Rights to Real Estate and Transactions Therewith No. 28-28/003-28/306/001/2015-489/1, dated April 3, 2015;
- Hole 4, cadastral number: 28:11:010228:1122, purpose: non-residential water intake facility, floor space 7.2 sq. m, identification number: BR12604, address (location): Talakan urban-type settlement, Bureysky District, Amur Region, registration entry in the Unified State Register of Rights to Real Estate and Transactions Therewith No. 28-28/003-28/306/001/2015-489/1, dated April 3, 2015;
- Buildings of Talakan permanent settlement. Streets and roads Rural road, cadastral number: 28:11:010228:1138, purpose: road facility, length: 510 m, identification number: BR12600, address (location): Talakan urban-type settlement, Bureysky District, Amur Region, registration entry in the Unified State Register of Rights to Real Estate and Transactions Therewith No. 28-28/003-28/306/001/2015-489/1, dated April 3, 2015;
- Buildings of Talakan permanent settlement. Roads of Microdistrict No. 5, cadastral number: 28:11:010228:1137, purpose: road facility, length: 1,090 m, identification number: BR12599, address (location): Talakan urban-type settlement, Bureysky District, Amur Region, registration entry in the Unified State Register of Rights to Real Estate and Transactions Therewith No. 28-28/003-28/306/001/2015-489/1, dated April 3, 2015;
- Movable property - Complete electrical substation of Residential District 5, identification number BR120707, address: Talakan, Bureysky District, Amur Region.
Book value of property as of September 1, 2015, amounts to RUB 152,378,693.
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In accordance with article 46 of Regulation on disclosure of information of 30.12.2014 No. 454-P the Company will disclose the details of guarantee agreement with PJSC Sberbank, qualified as interested party transaction, in compliance with regulatory requirements.
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The Board of Directors took a note of the report on implementation of the agreement No. OG-161-38-2012 of17.04.2012 between RusHydro and Zagorskaya PSPP-2 for geotechnical planning and surveying, construction and commissioning of social and cultural facilities and sports venues on the territory of Bogorodskoe settlement.
The Board of Directors approved an agreement between RusHydro and Bogorodskoe settlement located in Moscow region on gratuitous transfer of property. According to the agreement RusHydro transfers to Bogorodskoe settlement design documentation for a 500-seat community center reviewed by the state experts. The value of transferred property amounts to RUB 11,006,737.39.
The Board of Directors approved the amended Regulation on Financing of Construction of Social and Cultural Facilities and Amenities on the territory of Bogorodskoe Urban Settlement, approved by the Company's Board of Directors on May 23, 2011, in the amount of up to RUB 1,582,298,600, including VAT, that provides for costs optimization by excluding the value of the equipment according to design documentation.
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The Board of Directors approved the interim report on implementation of innovative development program of RusHydro in the 1st half of 2015.
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The Board of Directors approved specifications for review of implementation of the long-term development program of RusHydro Group for 2015-2017.
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The Board of Directors has moved the deadline for approval of the updated innovative development program of RusHydro and its subsidiaries to July 1, 2016.
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The Board of Directors approved combining positions of Chairman of the Management Board - General Director of RusHydro, member of the Board of Directors of PJSC Federal Grid Company and member of the Supervisory Board of NP NTS UES (Scientific and Technical Board of the unified energy system) by Nikolay Shulginov.
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The Board of Directors postponed consideration of RusHydro's participation and termination of participation in other organizations to a later date.
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The Board of Directors resolved to change the address (location) of Kabardino-Balkarian branch of RusHydro. New address: Kashtanau, Cherekskiy region, Kabardino-Balkarian Republic, Russia.
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The Board of Directors approved the amended policy for internal audit and risk management of RusHydro.
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 38.5 GW, heat capacity - 16.2 thousand GCal/h.
Russian Federation owns 66.8% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on Moscow Exchange (MOEX), and included in MSCI EM и MSCI Russia indexes. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.
For more information:
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Tel. +7 (800) 333 8000 ext. 1607, 1319, 1304
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," "plan", "aim", "target", "forecast", "project", "should", "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 and political 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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