June 4, 2018. 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 May 31, 2018.
***
The Board of Directors approved RusHydro Group’s
updated long-term development program (LTDP) for 2018 – 2022, which
includes updated production, innovation and investment programs. LTDP
is updated in accordance with the directive of the Government of the
Russian Federation.
***
The Board of Directors approved the 2017 report on
execution of PJSC RusHydro’s innovation development program.
***
The Board of Directors approved the report on
implementation of Action Plan for the sale of non-core assets of the
Group in the first quarter of 2018. In the period, PJSC RusHydro sold
13 facilities for a total of 28.25 million rubles.
***
The Board of Directors took note of report on
completion of measures, aimed at refinancing loans of subsidiaries of
RAO ES East Subgroup.
RUB 55 bn received from VTB Bank in March 2017
were fully used to refinance loans of RAO ES East subsidiaries. The
deal allowed reducing consolidated debt burden of RusHydro Group. Net
financial debt / EBITDA ratio as of 31.12.2017 stood at 1.1x (without
liability under the guarantee of PJSC RusHydro to Vnesheconombank in
the framework of loan agreement of PJSC Boguchanskaya HPP[1]).
***
The Board of Directors instructed representatives
of PJSC RusHydro in the governance bodies of JSC RAO ES East to
approve related transactions between JSC RAO ES East and PJSC
Sakhalinenergo.
JSC RAO ES East contributes grid facilities and
plant, property and equipment of Unit-5 of Yuzhno-Sakhalinskaya CHP-1
to the charter capital of PJSC Sakhalinenergo. The purpose of the
transactions is consolidation of electric power assets of Sakhalin
region on basis of PJSC Sakhalinenergo in order to improve
reliability of the power system of the region.
***
The Board of Directors instructed representatives
of PJSC RusHydro at the AGM of JSC Sakhalinskaya GRES-2 to approve
Amendment to the General contract for construction of a new phase of
Sakhalinskaya GRES-2 of 23.01.2015.
The Ammendment sets a new date for actual
completion of Sakhalinskaya GRES-2 project as 01.12.2018. The date
was earlier approved by The Ministry of Energy of the Russian
Federation and the Federal Agency for State Property Management has
early approved the new date. The Ministry of Energy of the Russian
Federation, the Federal Agency for State Property Management and
RusHydro has signed Addendum to Agreement on budget financing in
October, 2017 according to witch completion of the first phase of
Sakhalinskaya GRES-2 was postponed to 2018.
[1] RusHydro and Vnesheconombank
signed agreement on cancelation of this contract on 07.02.2018. The
Net Debt/EBIRDA ratio above takes into account the fair value of the
company's liabilities under the forward contract with VTB Bank (PJSC)
(worth 20.7 billion rubles at the end of 2017 under IFRS) as part of
financial debt of RusHydro Group.
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