JSC RusHydro Holds a Regular Meeting of the Board of Directors
December 25, 2010. Moscow, Russia. JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces that on December 22nd, 2010 a regular meeting of the Company’s Board of Directors was held in absentia.
JSC RusHydro’s Board of Directors reviewed a report on intermediate results of executing RusHydro’s 2010 Business Plan, focusing on the actual performance for the first 9 months of 2010 (including the report on implementing the Company’s Investment Program).
During the first nine months of 2010, JSC RusHydro’s installed capacity increased by 94.36 MW due to: completed rehabilitation and modernization, newly commissioned capacities at the Volzhskaya HPP (10.5 MW) and the Kamskaya HPP (3.0 MW), a few small HPPs that were incorporated into JSC RusHydro and the recently completed Kashkhatau HPP project (65.1 MW).
During the first nine months of 2010, the actual output at the Company’s facilities was 98.7% of the plan. Deviation from the plan was due to abnormally hot weather in European Russia and by reduced water inflow into the Volga-Kama Cascade reservoirs during Q3. The HPPs operated with allowance for the hydrological situation, in the modes established by the Russian Federal Agency for Water Resources.
Funding sources for the 2010 Investment Program (including actual 2009 figures) stand at RUR 117.4 billion, including RUR 93.2 billion from internal funds and RUR 24.2 billion of borrowings. According to the Company’s updated Investment Program approved by the Board of Directors (September 15th, 2010), internal funds grew by RUR 37.0 billion and borrowings dropped RUR 16.7 billion.
Internal funds grew due to increase in unused funds from previous periods as of the beginning of the year, which were updated based on actual 2009 figures, and to the insurance indemnity received from ROSNO. Reasons for reduced borrowings included: a RUR 3,473 million decrease in budgetary financing (the determined amount of budgetary financing is RUR 1,655 million, including RUR 812.2 million for the Ust-Srednekanskaya HPP JSC and RUR 842.6 million for JSC RusHydro). In addition, there was a reduction in proceeds from issuing additional shares (RUR 4,715 million), as a portion of proceeds from the share placement was received in 2009 and accounted for as unused funds from previous periods as of the beginning of the year.
The Company’s Board of Directors reviewed the consolidated 2010 Business Plan for JSC RusHydro Group.
The Group’s consolidated 2010 Business Plan was compiled based on the updated 2010 Business Plan of JSC RusHydro, which was approved by the Board of Directors and the business plans of the Holding Company’s.
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