05.10.2018
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Results of the Board of Directors Meeting on October 02, 2018

October 5, 2018. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting on October 02, 2018.


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The Board of Directors approved the interim results of the fulfilment of the Company’s business plan for 2018 with regard to the actual results of 1H 2018 including the report on execution of investment program as well as the complex modernization program of the Company’s generating facilities.


The Company reported strong financial results in the first half of 2018. Total electricity generation increased by 12.6% vs. budget and reached 47.8 TWh. Electricity output in the same period increased by 13.3% vs. budget resulting in revenue growth of 8.3% to reach RUB 82.7 bn.  Net profit for the period amounted to RUB 26.6 bn.


RusHydro spent RUB 12.8 bn on its investment program in first half of the year or 92.96% of the budgeted amount. The Company’s subsidiaries investment program in the first half of 2018 amounted to RUB 9.39 bn or 96.2% of the budgeted figure. Financing of the complex modernization program came in at RUB 7.95 bn or 92.8% of the budgeted amount.


Following relabeling of equipment upon the complex modernization program in the first half of the year the installed capacity of Novosibirskaya HPP, HPPs on the upper Volga, Votkinskaya HPP and Zhiugulevskaya HPP increased by 5 MW, 10MW, 15 MW and 10.5 MV, respectively.


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The Board of Directors approved PJSC RusHydro adjusted business plan and adjusted investment program for 2018 as well as the planned amount of investment allocated towards subsidiaries’ facilities and construction.

The Board also approved PJSC RusHydro adjusted consolidated business plan including Rushydro Group’s adjusted consolidated investment program and adjusted annual target key performance indicators of the members of the Company's Management Board for 2018.


The adjustment includes improvement of certain financial indicators by the year-end, update of investment projects timeline following adjustment of project documentation and construction work-in-progress as well as optimization of rehabilitation and modernization activities.


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The Board of Directors discussed the current system for evaluation of KPIS of the members of the Company’s Management Board and authorized to revise the methodology for its calculation for a follow-up review by the Board of Directors.

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