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.
***
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.
***
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.
***
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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