Results of the Board of Directors Meeting on October 02, 2018
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting on October 02, 2018.
The agenda includes the following items:
- Approval of the interim results of the fulfillment of the Company's Business Plan for 2018 with regard to the actual results for H1 2018 (including the report on the fulfillment of the Investment Program, inter alia, the Complex Modernization Program for Generating Facilities, for H1 2018).
- Adjustment of the Company's Business Plan (including the Investment Program) for 2018.
- Adjustment of the consolidated Business Plan (including the consolidated Investment Program) of RusHydro Group for 2018, and approval of the adjusted Target Annual Key Performance Indicators of the members of the Company's Management Board for 2018.
- Introduction of amendments to the Methodology for the Calculation and Evaluation of the Annual KPIs of the Members of the Company's Management Board.
Resolution passed on Item 1 of the agenda:
To confirm the interim results of the fulfillment of the Company's Business Plan for 2018 with regard to the actual results of H1 2018 (including reports on the fulfillment of the Investment Program (including the Complex Modernization Program for Generating Facilities) for H1 2018) (Schedule No. 1 to the Minutes).
Resolution passed on Item 2 of the agenda:
1. To approve the Company's Adjusted Business Plan for 2018 (Schedule No. 2 to the Minutes).
2. To approve RusHydro's Adjusted Investment Program for 2018 (Schedule No. 2 to the Company's Adjusted Business Plan for 2018).
3. To approve planning data on RusHydro's investment projects and on new construction facilities of its subsidiaries, which are taken into account for the purpose of calculating the performance indicator of RusHydro Management Board members "Compliance with the Capacity Commissioning Schedule and the Financing and Utilization Plan, %" for 2018 (Schedule No. 2а to the Company's Adjusted Business Plan for 2018).
Resolution passed on Item 3 of the agenda:
1. To approve the Adjusted Consolidated Business Plan (including the Consolidated Investment Program) of RusHydro Group for 2018 (Schedule No. 3 to the Minutes).
2. To approve the adjusted Target Values of the Annual KPIs of the Company's Management Board Members for 2018 (the KPIs "Return on Equity (ROE), %", "Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA), RUB million", and "Labor Productivity, RUB thousand/man-hours") (Schedule No. 4 to the Minutes).
Resolution passed on Item 4 of the agenda:
To instruct the Management Board of the Company, taking into account the discussion, to finalize proposals on the adjustment of the methodology and calculation of annual KPIs and submit them for re-consideration by the Board of Directors of the Company.
RusHydro Group is one of Russia's largest generating companies. RusHydro is the leading producer of renewable energy in Russia with over 400 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 39 GW, heat capacity - 18.5 thousand GCal/h.
Russian Federation owns 60.56% 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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The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PJSC "RusHydro" ("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.