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August 30, 2019

Results of the Board of Directors meeting on August 28, 2019

August 30, 2019. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on August 28, 2019.


The Board of Directors approved new edition of Provision on insider information of PJSC RusHydro. The new edition obliges the Company to inform counterparties on possible inclusion of in the list of insiders ahead of the inclusion, stipulates new procedure and timeline for discloser of insider information. The document also reflects EU and Great Britain regulations regarding stock market.


The Board of Directors approved the report on progress Plan of divestment of non-core assets for the 2Q19 and adjusted the register of non-core assets. The Board of Directors approved gratuitous transfer of infrastructure objects in Nizhniy Novgorod region and property, not involved in production activity in Republic of Kalmykia. As part of optimization of RusHydro Group structure, the Board of Directors approved selling of minority stake (0.003729494%) of the Bank of Cyprus Holdings Public Limited Company and voluntary liquidation of JSC Technopark Rumyantsevo.


The Board of Directors approved cancellation of participation in JSC Geotherm and JSC KamGEK and merger of these companies with PJSC Kamchatenergo. The Board of Directors also approved participation of RusHydro in PJSC Kamchatenergo as part of reorganization.

The reorganization is aimed at optimization of corporate structure in Kamchatsky Kray. The target structure will leave two companies, operating in the peninsula – PJSC Kamchatenergo and its 100% subsidiary JSC YuESK (South Energy Supply Company).


The Board of Directors determined conditions allowing leasing of core equipment within the Group without approval of the Board. The provision, aimed at simplification of leasing procedure, relates to power plants under construction, owned by developers, controlled by RusHydro and transferred to operational companies of the Group under lease agreements. For the companies-developers such transactions typically fall into category of major transactions.


The Board of Directors approved updated long-term development program of RusHydro Group for the period 2018-2022. The updated program provides for transition to predominantly domestically developed software including intellectual systems and digital technologies.


The Board of Directors approved proposals for update of Innovative development program for the period 2018-2022 and instructed Nikolay Shulginov, Chairman of the Management Board-General Director to provide for development of updated Innovative development program for 2020-2024 and submission of the Program to respective Federal authorities before 31.12.2019.

The Board of Directors acknowledged report on analysis of technological development and KPIs of innovative activity of RusHydro Group in comparison with peer companies.

The goal of the research, conducted by PWC, was to develop proposals for actualization of RusHydro’s Program of innovative development based on prospective technologies as well as actualization of the Program and its KPIs and reflected benchmarking of Company’s technological development against peer group including leading international utilities.

According PWC experts, RusHydro’s strategy in the field of innovations in general corresponds to the best practices. Efficiency of hydro capacity management is on high level, share of innovative products in procurement and spending on modernization of hydropower plants are comparable to those of the peer-companies. The Company pays significant attention to environmental issues and has own solutions in the field of fish breeding, developed by Hydroproject implemented at Boguchaskaya HPP.

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