Results of the Board of Directors Meeting on December 17, 2021

 

PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on December 17, 2021.

 

Resolutions passed on Items of the agenda:

 

Item 1. On Approval of the Report on Interim Performance Results of the Company's Business Plan for 2021, Taking into Account the Actual Results for 9 Months of 2021 (inter alia, the Report on the Investment Program Implementation, Including the Complex Modernization Program for Generating Facilities, for 9 Months of 2021).

Adopted Resolution:

The report on interim performance results of the Company's Business Plan for 2021, taking into account the actual results for 9 months of 2021 (inter alia, the report on the Investment Program implementation, including the Complex Modernization Program for Generating Facilities, for 9 months of 2021) is approved as per Schedule No. 1 to the Minutes.

 

Item 2. On Approval of the RusHydro Insurance Coverage Program for 2022.

Adopted Resolution:

The RusHydro Insurance Coverage Program for 2022 is approved as per Schedule No. 2 to these Minutes.

 

Item 3. On Non-Core Assets of the Company.

Adopted Resolution:

The following is approved:

•        Register of the Non-Core Assets of RusHydro, in the new revision as per Schedule No. 3.1 to the Minutes;
•        Action Plan for the RusHydro Non-Core Assets Sale for 2021 (Q4) - 2022, as per Schedule No. 3.2 to the Minutes.

 

Item 4. On Determining the Company (the Company's Delegates) Stand on the Controlled Organizations' Management Bodies Agenda Items:

4.1. On Determining the Company (the Company's Delegates) Stand on the Agenda Items of the JSC RAO ES of the East and JSC Sakhalinskaya SDPP-2 Management Bodies.

Adopted Resolution:

1.     In order to optimize the operational asset holding structure, consolidate amortization sources to implement investment programs of RusHydro Group's operating companies, it is considered appropriate to alienate, through signing purchase and sale agreements, the following JSC RAO ES of the East property at a value equal or higher to its book value:

1. in favor of PJSC Yakutskenergo:

•   hot-water peaking boiler plant of Yakutskaya SDPP-2 (hereinafter, hot-water peaking boiler plant of Yakutskaya SDPP-2);

2. in favor of JSC Sakhaenergo:

•   solar power plant in the settlement of Batagay (hereinafter, solar power plant in the settlement of Batagay);

3. in favor of JSC DRSK:

•   power grid property along the Amur Highway (Chita-Khabarovsk);
•   schemes of power distribution in Sovetskaya Gavan (hereinafter, schemes of power distribution in Sovetskaya Gavan);
•   power grid facilities of the CHPP railroad tracks in Sovetskaya Gavan (hereinafter, power grid facilities of the CHPP railroad tracks in Sovetskaya Gavan).

4. in favor of JSC Sakhalinskaya SDPP-2:

•   Sakhalinskaya SDPP-2 offsite facilities (scheme of power distribution, approach roads to the main site of Sakhalinskaya SDPP-2, ash handling system, drinking and process water supply system, local railways (hereinafter, Sakhalinskaya SDPP-2 offsite facilities).

2.              In order to implement Item 1 hereof, the Company's Delegates in the controlled organisations' management bodies be instructed to vote "FOR" the resolutions indicated in Schedule No. 4 to the Minutes.

 

4.2. Confidential.

Adopted resolution: Confidential.

 

Item 5. On Consideration of Issues Materially Important for the Company:

5.1. On the development and implementation of import substitution plans.

Adopted Resolution:

The following is approved:

1. Redrafted Import Substitution Roadmap for the period until 2025 (Schedule No. 6.1 to the Minutes).
2. Methodology for calculating the integral indicator which represents the purchase share of foreign-made products (work, services) (Schedule No. 6.2 to the Minutes).

 

 

About RusHydro

RusHydro Group is the leading producer of renewable energy in Russia. It is Russia's largest generating company and is the third hydropower company in the world with over 400 generating facilities. The Group's total electricity generation capacity including Boguchanskaya HPP is 38.0 GW.

 

For more information:

Investor Relations Department

Tel. +7 (495) 122 0555 ext. 1304

ir@rushydro.ru

 

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.