November 29, 2021. Moscow,
RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces
that the Company's Board of Directors held a meeting in absentia on
November 25, 2021.
The Board of Directors approved the updated
provision on PJSC RusHydro’s dividend policy.
The current provision on dividend policy was
approved in May 2021 (base case – 50% of IFRS net profit but not
less than the average of the last three years) for six years. In 2020
RusHydro distributed a record RUB 23.3 bn in dividends to its
The new provision has been prepared in accordance
with the decree of the Government of the Russian Federation from
11.06.2021. The dividend payout is not less than 50% of IFRS net
profit adjusted for non-cash items, therefore eliminating the
negative effect of impairments of property, plant & equipment.
RusHydro is committed to long-term dividend growth
in the interest of shareholders and company’s development
priorities. During 2015-2020 RusHydro has distributed over RUB 100 bn
in dividends including RUB 62 bn to Russian Federation’s budget.
The Board of Directors approved the report on
divestment of PJSC RusHydro’s none-core assets for nine months of
2021. Thanks to divestment, annual maintenance costs decreased by RUB
The Board of Directors approved changed to the
single provision on procurement of equipment for RusHydro Group’s
The changes included increasing the boundaries of
procurement needs from small and medium-sized businesses and
increasing efficiency of procurement planning as well as optimization
of central procurement commission’s procedures.
The Board of Directors approved a number of
corporate decisions to optimize the ownership structure of generating
assets, including reduction of maintenance costs and elimination of
intermediary companies – the holders of assets.
The decisions include consolidation of three CHPPs
(Blagoveshenskaya, Vostochnaya and Sovetskaya Gavan) by JSC DGK. CHPP
Vostochnaya will be included in JSC DGK’s share capital and other
power plants will be on DGK’s balance sheet following merger. The
Board of Directors has earlier reviewed the decision in June.
The Board of Directors approved the changes to
PJSC RusHydro’s anti-corruption policy. The document complies with
the Russian Federation legislation’s latest changes and best