Results of the Board of Directors meeting on June 15, 2012
JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces the results of the Board of Directors held on June 15, 2012.
The Board of Directors approved the report on execution of the non-consolidated business plan of JSC RusHydro for 2011. In 2011, the installed capacity of the company increased by 48.5 MW as a result of reconstruction and modernization, commissioning of capacity of Zhigulevskaya hydropower plan (10.5 MW), Volzhskaya hydropower plant (10 MW) and Verkhnevolzhsky hydropower plants cascade (10 MW), inclusion of small hydropower plants in Dagestan in RusHydro's Dagestan branch (3.8 MW), as well as launch of Egorlykskaya hydropower plant No. 2 (14.2 MW).
The generation and net output volumes in 2011 were 99.3% and 99.7% of the plan. The deviation from the plan was due to hydrological conditions.
The financing of the investment program in 2011 amounted to RUR 94.82 bn (incl. VAT) or 104% of the plan; RUR 44.8 bn were RusHydro's own funds, RUR 50.02 bn were borrowed or outside investor financing.
The Board of Directors also approved the changes to the program of innovations development for 2011-2015, which included additional financing of the Skolkovo science and technology center in the amount of RUR 153.1 mn.
The item of the agenda "JSC RusHydro's business plan for 2012-2016" was moved to another Board meeting.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.