PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY)
announces that the Company's Board of Directors held a meeting on
June 6, 2016.
***
The Board of Directors approved the
Strategy of RusHydro Group development through 2020 with outlook for
2025.
The strategy is aimed at efficient utilization of hydro
resources, fostering conditions for reliable functioning of the
Unified energy system of Russia and socio-economic development of the
FarEastern regions via provision of accessible energy infrastructure
to existing and future customers.
The strategy incorporates
principle of continuity with the Strategic plan of PJSC RusHydro
through 2015 with an outlook till 2020 and is aimed at development of
strategic and corporate governance.
The strategy reflects main
trends of world economy and energy industry development, as well as
decisions on timing and volume of investments by RusHydro Group, made
earlier.
According to the Strategy, RusHydro is a company with
efficient operations, focused on safe operations of its facilities
and growth of shareholder value. RusHydro Group seeks to maximize
free cash flow for higher financial stability and independence from
external funding, optimization of organizational structure for
reduction of transaction costs, increase in market capitalization in
order to provide for efficient partial privatization, in case of
adoption of respective decision by the government.
The
following key growth drivers of RusHydro Group value have been
identified:
Increase in efficiency of rehabilitation and
modernization program;
Construction of efficient capacity;
De-leverage of utilities of the Far East and
attaining target shareholder structure;
Optimization of financial investments
portfolio;
Increase in efficiency of management of the
Group assets in the Far East and increase in operational efficiency
of these assets.
***
The Board of Directors took a note
of the report on execution of Strategic plan of PJSC RusHydro through
2015 with outlook till 2020.
***
The Board of Directors
took a note of the report on execution of the Company’s
business-plan for 2015 (including reports on implementation of
investment program (including comprehensive modernization program)
and annual procurement plan for 2015).
RusHydro’s net profit
for 2015 totaled to RUB 30,022 mn, which exceeds the planned amount
by RUB 9,340.4 (+45.2%). The Company continues to implement measures
aimed at improving operating efficiency and optimization of costs.
The most important measures resulted in decrease of expenses were
optimization of organizational structure and business processes of
the Company. In 2015, operating expenses decreased by 3% or RUB 574
mn, as a result of cost optimization.
Electricity generation
and output by RusHydro’s power plants in 2015 totaled 97.6% and
98.1% of the planned volumes respectively. The difference between the
planned and actual figures is explained by hydrological conditions.
During 2015, total installed capacity of RusHydro’s
hydropower plants increased by 55.5 MW as a result of rerating of
equipment, including at the Kamskaya HPP (+6 MW), Novosibirskaya HPP
(+5 MW), Zhigulevskaya HPP (+ 21 MW), Volzhskaya HPP (+10.5 MW), and
Saratovskaya HPP (+13 MW). Gotsatlinskaya HPP (100 MW) was
commissioned upon completion of construction works.
Financing
of the investment program in 2015 totaled RUB 56.03 bn or 92% of the
funding plan. Actual financing of comprehensive modernization program
in 2015 totaled RUB 29.53 bn or 96% of the plan.
***
The
Board of Directors took a note of the report on execution of the
Company’s KPIs for the 4th quarter and 2015.
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