June 27, 2018. Moscow,
Russia. Today RusHydro is holding the Annual General
Meeting of Shareholders (AGM). Top managers of the Company are
reporting to its shareholders on financial and operational
performance of RusHydro and key investment projects implemented in
2017.
The AGM agenda includes 18 issues. Among them are
approval of the Company’s 2017 financial accounting statements,
amount of dividends, terms and forms of their payment, election of
members of the Board of Directors and the Internal Audit Commission
of the Company, approval of the Auditor, and other issues.
The Annual Report of RusHydro for 2017 is
submitted to the AGM for approval – for the first time it
consolidates the annual report on financial, economic and operational
results and the report on corporate social responsibility and
sustainable development.
Following the launch of new and modernization of
existing facilities, combined with effective managing of energy and
water regimes, electricity production of RusHydro, including
Boguchanskaya HPP, increased by more than one billion kWh and reached
140.3 bn kWh in 2017 – 13% of all electric power generated in
Russia. Strong operational performance of the thermal power
facilities of RusHydro in the Far East, which produced 32.82 bn kWh
in 2017, also contributed to the electric power generation results.
Heat supply by the thermal power facilities of RusHydro amounted to
30.1 mn Gcal.
The installed capacity of RusHydro's power plants,
including Boguchanskaya HPP, reached 39.04 GW in 2017, the installed
heat capacity – 18.5 thousand Gcal/h.
RusHydro is the leader in field of the "clean"
energy generation in Russia: 61% of it is generated by HPPs, GeoPPs,
solar and wind power plants of RusHydro.
A landmark event for 2017 was the commissioning of
the first stage of Yakutskaya GRES-2 – one of four power plants
being constructed by RusHydro in the Far East under the decree of the
President of the Russian Federation.
In 2017, the implementation of RusHydro’s
Comprehensive Modernization Program resulted in the upgrade of ten
hydroelectric units with a total capacity of 956 MW at six hydropower
plants, which increased the capacity of RusHydro’s existing HPPs by
42.5 MW.
Three hydro turbines at Zhigulevskaya HPP were
replaced in 2017, hence RusHydro completed the project to replace all
20 hydro turbines at the station with new ones. Two units were
replaced at Volzhskaya HPP, one hydro unit – at Saratovskaya and
Novosibirskaya HPPs. The first unit at Votkinskaya HPP, scheduled for
replacement, was put into operation. The modernization process at
Cheboksarskaya HPP made it possible for two hydro turbines to operate
in an adjustable-blade mode, which significantly improved their
performance.
The construction of Vostochnaya CHPP in
Vladivostok and Sakhalinskaya GRES-2 is approaching the final
straight, while the construction of CHPP in Sovetskaya Gavan and
Ust-Srednekanskaya HPP is progressing in line with the schedule as
hydroelectric unit No. 3 of Ust-Srednekanskaya HPP is set for
commission in 2018. The construction of Zaramagskaya HPP-1 is
underway – a hydropower station in North Ossetia that is unique due
to its technical parameters.
In 2017 RusHydro Group demonstrated sound
operational and financial results. The consolidated revenue for the
year amounted to RUB 380.9 bn, consolidated EBITDA increased by 3.7%
and reached a record high of RUB 104 bn. The IFRS net profit amounted
to RUB 22.4 bn.
2017 saw successful implementation of RusHydro’s
strategic task to optimize the loan portfolio and improve the
financial stability of RusHydro Group. At the end of the year
RusHydro and Vnesheconombank reached an agreement to cancel
obligations of RUB 26 bn under the loan agreement of Boguchanskaya
HPP, which decreased the debt/EBITDA ratio of RusHydro to a level of
1.4. These achievements were rated by the Big Three credit rating
agencies and the Russian Analytical Credit Rating Agency (ACRA),
which upgraded RusHydro’s credit ratings.
Successful placements of loan participation notes
on the global exchange market in 2017 and 2018 confirmed RusHydro’s
status as a reliable borrower. Investor demand for RusHydro’s
securities significantly exceeded the offer. The first issue was
considered to be the best rouble deal on the international market
according to Cbonds.
Development of the regions of presence continues
to be one of the top priorities for RusHydro Group. The Group’s
facilities are major employers in their regions, and projects to
build up new energy facilities help create additional jobs. RusHydro
Group is one of the main taxpayers in the regions in which it
operates: in 2017 tax payments to budgets of different levels totaled
RUB 80.4 bn (+11% by 2016).
In 2017 RusHydro confirmed its status as one of
the leaders among Russia’s environmentally and socially responsible
businesses in the fuel and energy sector – the Company became one
of the leaders in the Russian Union of Industrialists and
Entrepreneurs (RSPP) index of sustainable development
"Responsibility and Openness". Besides that RusHydro
entered into the UK’s FTSE4Good Emerging Index, which comprises
businesses committed to sustainable development.
Results
of the Annual General Meeting of Shareholders of RusHydro
Materials
of the Annual General Meeting of Shareholders of PJSC "RusHydro"
(AGM) held on 27 June, 2018
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