RusHydro Announces Results of the Board of Directors on December 10, 2015
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The Board of Directors approved the amended internal audit Policy of RusHydro.
The Board of Directors approved Regulations on increase of investment and operating efficiency and reduction of costs of RusHydro. The document is aimed at operating costs optimization, reduction of expenses for technical upgrade and reconstruction as well as capex.
The Board of Directors approved Regulations on operating activities quality control.
The Board of Directors approved the amended Insurance Regulations of RusHydro.
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The Board of Directors approved an Addendum No.1 to the master loan agreement between PJSC RusHydro, JSC RUSAL, JSC RUSAL Krasnoyarsk and CJSC BoAZ, qualified as transaction with liabilities denominated in foreign currency.
Master loan agreement is stipulated by the financing scheme of BEMO project. According to the agreement PJSC RusHydro, JSC RUSAL, JSC RUSAL Krasnoyarsk are lenders and CJSC BoAZ is a borrower. Addendum No.1 provides for transfer of rights and liabilities of JSC RUSAL under master loan agreement in the amount of RUB 4 bn to JSC RUSAL Krasnoyarsk. The amendments will allow to mitigate tax risks of companies of RUSAL group.
The Board of Directors approved voluntary medical insurance agreement between RusHydro and JSC SOGAZ, qualified as an interested party transaction, and determined the price limit of the agreement in the amount of RUB 66,518,725 (VAT exempt).
The Board of Directors approved the agreement on voluntary group health and accident insurance between RusHydro and SK Alliance, qualified as an interested party transaction, and determined the price limit of the agreement in the amount of RUB 4,745,811.46 (VAT exempt).
These agreements will be effective from January 1 to December 31, 2016.
The Board of Directors approved a tenancy agreement between RusHydro and JSC Sulak Hydrocascade, qualified as interested party transaction. According to the agreement Sulak Hydrocascade rents out to RusHydro movable and immovable assets of the Gotsatlinskaya HPP launch in October 2015.
The Board of Directors approved a donation agreement between RusHydro and Russian Union of martial arts, qualified as an interested party transaction, and determined the amount of donation – RUB 15 mn. The donation is a part of charitable and sponsorship activities plan of RusHydro.
The Board of Directors approved an agreement for gratuitous transfer of property between RusHydro and Administration of Perm. According to the agreement RusHydro transfers a road light line to municipal property.
The Board of Directors approved an agreement for gratuitous transfer of property between RusHydro and Administration of “Dubki” settlement. According to the agreement RusHydro transfers a building to accommodate teachers college to municipal property.
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The Board of Directors approved the Insurance Program of RusHydro for 2016.
The insurance coverage expenses for the next year increased by 46% according to the document. The increase in insurance expenses is driven by 2.4x increase in the liability insurance tariff for hydraulic facilities as well as growth of insurance companies’ tariffs.
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The Board of Directors approved the following insurance companies which may sign the agreements with RusHydro in 2016:
|
No. |
Type of insurance |
Insurer |
|
1 |
Property insurance |
JSC SOGAZ |
|
2 |
Insurance against construction and assembly risks |
JSC VSK |
|
SK Transneft |
||
|
3 |
Construction liability insurance |
JSC SOGAZ |
|
4 |
Voluntary medical insurance |
JSC SOGAZ |
|
5 |
Accident and sickness insurance |
SK Alliance |
|
6 |
Mandatory liability insurance of hazardous facilities owners from damage caused by the accidents |
JSC AlfaStrakhovanie Ingosstrakh Insurance Company |
|
7 |
Terrorism general liability insurance |
JSC SOGAZ |
|
8 |
Mandatory liability insurance of vehicle owners |
JSC SAK ENERGOGARANT |
|
9 |
Voluntary liability insurance of vehicle owner |
JSC SAK ENERGOGARANT |
|
10 |
Auto insurance |
JSC VSK |
|
11 |
Voluntary liability insurance of ship owner |
JSC SAK ENERGOGARANT |
|
12 |
Water carriers insurance |
JSC SOGAZ |
|
13 |
Carrier liability insurance for passengers’ injury or disease |
JSC SOGAZ |
|
14 |
Directors’ and officers’ liability insurance |
JSC SOGAZ |
|
15 |
General liability insurance |
JSC SOGAZ |
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The Board of Directors took a note of the report on interim results of 2015 business-plan execution for the nine months of 2015 (including reports on implementation of investment program (including comprehensive modernization program) and annual procurement plan).
Electricity generation and output by RusHydro’s power plants in the nine months of 2015 totaled 94.7% and 95.2% of the planned volumes respectively.
In the nine months of 2015, increase in total installed capacity amounted to 13.5 MW as a result of completion of modernization and reconstruction works at the Kamskaya HPP (3 MW) and the Zhigulevskaya HPPs (10.5 MW).
Financing of the investment program in the nine months of 2015 (excluding investment projects implemented by the Company’s subsidiaries) amounted to RUB 39.20 bn or 92.6% of funding plan for the nine months of 2015 and 60.1% of the annual plan. Total funding of the investment program in the nine months of 2015 (including investment projects implemented by the Company’s subsidiaries) amounted to RUB 54.7 bn. Actual financing of technical rehabilitation and modernization projects in the nine months of 2015 totaled RUB 16.17 bn or 106% of the plan for the nine months of 2015 and 53% of the annual plan.
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The Board of Directors approved the report on execution of the Company’s KPIs in the 3rd quarter of 2015.
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The Board of Directors terminated powers of Vladimir Tokarev, member of the Company’s Management Board, effective from January 11, 2016.
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