Notice of FY 2014 IFRS results and management conference-call
JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that it will publish its consolidated financial statements for the year ended December 31, 2014 prepared in accordance with International Financial Reporting Standards (IFRS) on Wednesday, March 25, 2015.
The results will be published after 13.00 (Moscow time). The Company will host a conference call on the results at 16.00 Moscow time (13:00 London time) on March 25, 2015. The call will be held in English by George Rizhinashvili, member of the Management Board, First Deputy General Director, and Dmitry Finkel, Chief Accountant, and other members of the management team.
Russia Toll Free Number: 8 10 8002 097 2044
Russia Local Call-in Number: +7 (499) 677 1036
UK Local Call-in Number: 0844 493 3800
UK Toll Free Number: 0800 694 0257
US Toll Free Number: +1 (866) 966 9439
All other locations: +44 145 255 5566
Conference ID: 8744016
Please dial 10-15 minutes prior to the scheduled time of the call.
Russia Local Number: +7 (499) 677 1064
International Replay Number: +44 145 255 0000
UK Local Number: 0844 338 6600
US Replay Number: +1 (866) 247 4222
Conference ID: 8744016
The conference call replay will be available through March 31, 2015.
The preliminary information on the results of impairment test of assets of RusHydro Group
Following the results of impairment test of assets of RusHydro Group impairment losses in the amount of over RUB 17 bn were accrued. The identified losses are non-cash; adjusted net profit reflects the cash-based profit.
Around RUB 9 bn of the amount indicated above is related to impairment of property, plant and equipment. Impairment loss was generally recognized in respect of additions of property, plant and equipment related to cash-generating units impaired in the previous periods. Accrual of impairment of accounts receivable in the amount of around RUB 6.5 bn is mainly related to electricity and heat sales. The provision for impairment of accounts receivable has been determined based on specific customer identification, customer payment trends, subsequent receipts and settlements and the analysis of expected future cash flows. Also, around RUB 1.5 bn is related to impairment of shares of JSC Inter RAO, owned by RusHydro Group, due to continuing decline in their market value.
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.