Notice of 1H 2013 IFRS results and management conference-call
JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces that it will publish condensed consolidated interim reviewed financial statements under International Financial Reporting Standards (IFRS) for the 1st half of 2013 on Thursday, August 29, 2013.
The results will be published after 13.00 (Moscow time) in the form of a report, accompanied by a press-release and presentation.
The Company will host a conference call on the results at 16.00 (Moscow time) on August 29, 2013. The call will be held in English by Ivan Savelyev, Head of M&A and ECM, and Dmitry Finkel, Chief Accountant. Please see below the dial-in details.
In compliance with IFRS standards, the Company ran the impairment tests and identified the impairment losses in the amount of over RUR 10 bn that will be included in the official financial statements for January-June 2013. The identified losses are non-cash; adjusted net profit reflects the cash-based profit.
Over RUR 6 bn of the amount indicated above is related to impairment of shares of OJSC Inter RAO UES, owned by RusHydro, due to prolonged decline in their market value. The o ther part of accrual non-cash loss is mainly related to the project of Boguchansky energy and metals complex (BEMO), that includes Boguchanskaya hydropower plant and Boguchansky smelter, due to expected decline in future cash flows reflected in the financial model of the project resulting from changes to the previously used assumptions.
Russia Toll Free Number: 8 10 8002 097 2044
UK Call-in Number: +44 145 256 9335
UK Toll Free Number: 0808 238 0673
US Toll Free Number: +1 (866) 655 1591
Conference ID: 35216059
Please dial 10-15 minutes prior to the scheduled time of the call.
International Replay Number: +44 145 255 0000
UK Toll Free Number: 0800 953 1533
US Replay Number: +1 (866) 247 4222
Conference ID: 35216059
The conference call replay will be available through September 9, 2013.
The conference call is sponsored by Morgan Stanley.
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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