Results of the Board of Directors Meeting on March 26, 2018
March 29, 2019. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting on March 26, 2019.
The Board of Directors approved the report on execution of PJSC RusHydro’s business plan for 2018 including the report on execution of investment program for 2018 as well as comprehensive rehabilitation and modernization program for 2018.
PJSC RusHydro’s net profit for 2018 increased by 2% as compared with 2017 and amounted to RUB 36.7 bn.
In 2018, 55.5 MW have been commissioned following rerating of equipment in the scope of comprehensive modernization program of PJSC RusHydro’s facilities.
Total electricity production and net output in 2018 exceeded plan by 4 and 4.2%.
The increase came on the back of effective water regime planning amidst increased water inflow to the reservoirs of the HPPs on the Volga-Kama cascade in the first half of the year and to the reservoirs of the HPPs in Siberia in the second half of the year.
The Board of Directors approved the report on execution of RusHydro Group’s consolidated business plan for 2018 including the report on execution of consolidated investment program for 2018 as well as cost optimization and efficiency Plan.
The Group’s IFRS net profit increased by 28.5% in 2018 as compared to 2017 and reached RUB 32 bn. The Group’s EBITDA increased by 5.3% and reached a record-high amount of RUB 110 bn.
The Group has inaugurated CHP Vostochnaya in Vladivostok with installed electric and heat capacity of 139.5 MW and 432 Gcal/h, respectively and commissioned hydropower unit # 3 with installed capacity of 142.5 MW at Ust-Srednekanskaya HPP. On top of that, the Group’s controlled organizations have commissioned 7.7MW of electric capacity, 10.47 Gcal/h of heat capacity, 972.23 MVA, 1,441.24 km of power lines and 38.09 km of heat networks.
According to preliminary results of implementation of cost optimization and efficiency Plan for 2017 – 2021, based on the results of an independent audit of the Group’s expenses, during 2017 – 2018 the Group’s expenses have decreased by RUB 12.4 bn, including reduction of RUB 3.1 bn in general and administrative expenses.
The Board of directors approved the report on execution of target KPIs by the Group’s Management Board.
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 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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