13.09.2012
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Results of the Board of Directors on September 12, 2012

JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces the results of the Board of Directors held in absentia on September 12, 2012.


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The Board of Directors has approved the report on interim results of 2012 business-plan execution in the first half of 2012 (including report on implementation of capex program, comprising report on implementation of generating facilities modernization program for the first half of 2012).


Electricity generation and output by RusHydro’s power plants for the 2nd quarter of 2012 totaled 103.4% and 104.0% for the 1st half of 2012 – 104.5% and 105.2% of the planned volumes respectively. The slight overshoot was a result of favorable hydrological conditions and regimes allowed by the Federal Water Resources Agency.


The financing of capex programme for the first half of 2012 amounted to RUR 44.57 bn (including VAT) of the total 98.34 bn planned for the full 2012.


Financing of rehabilitation and modernization projects in the first half of 2012 amounted to RUR 16.87 bn of the total RUR 26.13 bn for the full 2012.


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The Board of Directors has approved report on execution of the Company’s KPIs in the second quarter of 2012.


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The Board of Directors has approved the report on execution of projects within the innovation development program for 2011-2015 with the outlook through 2021 in the first half of 2012. The following projects had been accomplished in the first half of 2012:

- Development of the technology and equipment for survey of underwater parts of hydroelectric facilities;

- Research on extension of the operations life-cycle of major hydropower equipment;

- Development of automated system for measuring hydraulic turbine discharges.


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The Board of Directors has considered positions of RusHydro (RusHydro’s representatives) on the agendas of the management bodies of the Company’s subsidiaries and associates as a confidential matter of the agenda.


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The Board of Directors has approved the share issues by a number of RusHydro’s subsidiaries and subsequent acquisition of these shares by the parent company with the following terms:


Company

Max. number of shares

Type of shares

Price per share

Zagorskaya HPP-2

50,911,477,297

Ordinary

RUR 1

Sulakskie HPPs

9,674,875,309

Ordinary

RUR 1

Nizhne-Bureiskaya HPP

14,203,213,098

Ordinary

RUR 1

Uzhno Yakutsky HPPs

3,734,635,868

Ordinary

RUR 1

JSC Malaya Dmitrovka

3,400,000,000

Ordinary

RUR 1

CSO Sayano-Shushenskaya HPP

453,369,421

Ordinary

RUR 1

JSC Ingeneering Center of renewable energy

697,632,815

Ordinary

RUR 1

JSC NIIES

4,199,209,220

Ordinary

RUR 1

Leningradskaya HPP

4,208,180,863

Ordinary

RUR 1

Nizhne-Zeyskaya HPP

349,565,990

Ordinary

RUR 1

Nizhne-Kureiskaya HPP

34,597,700

Ordinary

RUR 1


These share issues are committed to financing of current investment projects implemented by the companies listed above and will represent a transfer of funds from the parent company to its subsidiaries.


The Board of Directors has also approved the increase of share capital of organizations listed below of the following amounts:

- Verkhnebalkarskaya small hydropower plant LLC up to RUR 832 057 421

- KCHR small hydropower plant LLC up to RUR 357 854 506

- Small hydropower plant of Stavropolye LLC up to RUR 237 000 000


RusHydro will retain 100% ownership in these companies.


The Board of Directors has also commissioned the representatives of RusHydro in the management bodies the Company’s subsidiaries and associates to vote for increase of their share capital.
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.
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