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JSC Rushydro ANNUAL FINANCIAL REPORT 2012

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JSC Rushydro ANNUAL FINANCIAL REPORT 2012 JSC RusHydro ANNUAL FINANCIAL REPORT 2012 Effectively utilize hydro resources, to create conditions required for the reliable performance of Russia’s Unified Energy System (UES) and to enhance renewable energy source (RES) usage to benefit the Company’s shareholders and society as a whole. Location: 51 Respubliki Street, Krasnoyarsk, the Krasnoyarsk Region, Russia, 660075 INN 2460066195 OGRN 1042401810494 Registration date: December 26th, 2004 The Zheleznodorozhsky Inspectorate of the Ministry of Taxation of the Russian Federation, Krasnoyarsk, the Krasnoyarsk Region TABLE OF CONTENTS TABLE OF CONTENTS ............................................................................................................................................................. 2 RESPONSIBILITY STATEMENT ................................................................................................................................................. 5 A MESSAGE TO THE SHAREHOLDERS ..................................................................................................................................... 6 KEY COMPANY PERFORMANCE INDICATORS ......................................................................................................................... 8 FINANCIAL PERFORMANCE (IFRS) ..................................................................................................................................................... 8 PRODUCTION PERFORMANCE ........................................................................................................................................................... 8 CREDIT RATING .............................................................................................................................................................................. 8 AUTHORIZED SHARE CAPITAL AND CAPITALIZATION................................................................................................................................ 8 ABOUT THE COMPANY .......................................................................................................................................................... 9 COMPANY HISTORY ........................................................................................................................................................................ 9 RUSHYDRO GROUP ........................................................................................................................................................................ 9 INFORMATION ABOUT INCLUDING THE COMPANY IN THE LIST OF STRATEGIC ENTERPRISES AND STRATEGIC JOINT STOCK COMPANIES ................. 10 GEOGRAPHIC FOOTPRINT OF THE COMPANY ...................................................................................................................................... 10 THE RUSHYDRO GROUP STRUCTURE ................................................................................................................................................ 10 INTERNATIONAL ACTIVITY .............................................................................................................................................................. 11 2012 KEY EVENTS AND SUBSEQUENT EVENTS ...................................................................................................................... 13 STRATEGY AND INVESTMENT .............................................................................................................................................. 15 RUSHYDRO’S STRATEGY ................................................................................................................................................................ 15 2012 Strategy Implementation ........................................................................................................................................... 17 2013 Development Priorities ............................................................................................................................................... 19 STRATEGIC MANAGEMENT SYSTEM FOR RAO ES OF THE EAST .............................................................................................................. 19 JSC RAO ES of the East 2013 Development Priorities .......................................................................................................... 20 RUSHYDRO’S INVESTMENT ............................................................................................................................................................. 21 2012 Investment Program .................................................................................................................................................. 21 Major Investment Projects .................................................................................................................................................. 23 Fulfillment of the Plan for Commissioning Capacities ......................................................................................................... 24 Investments with the Expected Rate of Return Exceeding 10% per Annum ........................................................................ 25 2013 Investment Program .................................................................................................................................................. 25 Plan for Commissioning Capacities ..................................................................................................................................... 26 RISKS ................................................................................................................................................................................... 27 RISK MANAGEMENT POLICY ........................................................................................................................................................... 27 COUNTRY RISKS ........................................................................................................................................................................... 27 FINANCIAL RISKS .......................................................................................................................................................................... 28 INDUSTRY RISKS ........................................................................................................................................................................... 28 RISKS ASSOCIATED WITH CORPORATE ACTIVITIES ................................................................................................................................ 29 INFORMATION ABOUT POSSIBLE CIRCUMSTANCES THAT OBJECTIVELY HAMPER THE COMPANY’S ACTIVITY .................................................... 30 INDUSTRY REVIEW ............................................................................................................................................................... 31 THE ELECTRICITY AND CAPACITY MARKET .......................................................................................................................................... 31 KEY COMPETITORS AND COMPETITIVE ADVANTAGES ........................................................................................................................... 36 TARIFF REGULATION ..................................................................................................................................................................... 37 PRODUCTION PERFORMANCE ......................................................................................................................................................... 38 JSC RAO ES of the East ......................................................................................................................................................... 41 2 ENERGY EFFICIENCY ...................................................................................................................................................................... 42 Implementation of the Program in 2012............................................................................................................................. 42 INNOVATIVE DEVELOPMENT ............................................................................................................................................... 44 THE VOLUME AND SOURCES OF INVESTMENT PROGRAM FINANCING ...................................................................................................... 44 JSC RUSHYDRO’S KEY INNOVATIVE PROJECTS ..................................................................................................................................... 45 PROJECT SELECTION CRITERIA AND THE SYSTEM FOR ASSESSING INNOVATIVE DEVELOPMENT EFFICIENCY ...................................................... 47 2012 ORGANIZATIONAL INITIATIVES TO IMPLEMENT THE INNOVATIVE DEVELOPMENT PROGRAM OF JSC RUSHYDRO...................................... 47 JSC RAO ES of the East ......................................................................................................................................................... 48 2013 INNOVATIVE DEVELOPMENT PLANS ......................................................................................................................................... 50 FINANCIAL PERFORMANCE .................................................................................................................................................. 51 ASSETS,
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