Results of the Board of Directors meeting on December 17, 2021
December 20, 2021. 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 December 17, 2021.
The Board of Directors approved the report on preliminary execution of RusHydro Group’s business plan for 2021 including the actual results of the 9 months of 2021 including the report on execution of investment plan including comprehensive rehabilitation and modernization program.
PJSC RusHydro’s electricity production in the reporting period came in at the planned figure of 73.9 GWh as water inflows to the main reservoirs of the hydropower plants on the Volga-Kama cascade, in Siberia and in the Far East were at the level or slightly above the long-run average.
PJSC RusHydro’s RAS net profit and EBITDA reached record-high levels, increasing 3% and 5% respectively to RUB 43.9 bn and RUB 75.8 bn.
Financing of PJSC RusHydro’s investment program amounted to RUB 25.6 bn including RUB 14.3 bn for comprehensive rehabilitation and modernization program. Financing of subsidiaries investment program in the reporting period amounted to RUB 9.8 bn. In nine months of 2021, the Company’s installed capacity increased by 12.5 MW following rerating of generating equipment.
The Board of Directors approved PJSC RusHydro’s insurance protection program for 2022.
The insurance coverage complies with the Company’s internal documents and well as with the documentation on procurement. Optimization of insurance program as well as reduction of insurance tariffs on procurement procedures and other activities on efficiency improvement resulted in significant savings.
The Board of Directors approved the updated register of PJSC RusHydro’s none-core assets as well as their divestment plan.
In order to streamline the ownership structure of RusHydro’s generation assets and consolidate depreciation sources to execute investment program of operational companies, the Board of Directors approved transfer of the following assets on the balance of JSC RAO ES of East to the operational companies:
The Board of Directors approved the updated import substitution roadmap until 2025. Import subsititution program has been in place since 2015. Since its inception the share of imported equipment decreased over twofold, from 39% in 2015 to 16% by the end of 2021. In the remaining four years the share will decrease an additional 3%.