29.11.2021
printable version
RSS

Results of the Board of Directors meeting on November 25, 2021

November 29, 2021. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on November 25, 2021.


***


The Board of Directors approved the updated provision on PJSC RusHydro’s dividend policy.


The current provision on dividend policy was approved in May 2021 (base case – 50% of IFRS net profit but not less than the average of the last three years) for six years. In 2020 RusHydro distributed a record RUB 23.3 bn in dividends to its shareholders.


The new provision has been prepared in accordance with the decree of the Government of the Russian Federation from 11.06.2021. The dividend payout is not less than 50% of IFRS net profit adjusted for non-cash items, therefore eliminating the negative effect of impairments of property, plant & equipment.


RusHydro is committed to long-term dividend growth in the interest of shareholders and company’s development priorities. During 2015-2020 RusHydro has distributed over RUB 100 bn in dividends including RUB 62 bn to Russian Federation’s budget.


***


The Board of Directors approved the report on divestment of PJSC RusHydro’s none-core assets for nine months of 2021. Thanks to divestment, annual maintenance costs decreased by RUB 91 bn.


***


The Board of Directors approved changed to the single provision on procurement of equipment for RusHydro Group’s needs.


The changes included increasing the boundaries of procurement needs from small and medium-sized businesses and increasing efficiency of procurement planning as well as optimization of central procurement commission’s procedures.


***


The Board of Directors approved a number of corporate decisions to optimize the ownership structure of generating assets, including reduction of maintenance costs and elimination of intermediary companies – the holders of assets.


The decisions include consolidation of three CHPPs (Blagoveshenskaya, Vostochnaya and Sovetskaya Gavan) by JSC DGK. CHPP Vostochnaya will be included in JSC DGK’s share capital and other power plants will be on DGK’s balance sheet following merger. The Board of Directors has earlier reviewed the decision in June.


***


The Board of Directors approved the changes to PJSC RusHydro’s anti-corruption policy. The document complies with the Russian Federation legislation’s latest changes and best practices.

Your application has been accepted. The answer will be prepared and sent within 20 calendar days. ok