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PJSC Rushydro Annual Report 2015 (Translation from Russian Original)

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PJSC Rushydro Annual Report 2015 (Translation from Russian Original) APPROVED By the decision of the Annual General shareholders' meeting Minutes as of 29.06.2016 № 15 PRE-APPROVED By the decision of the Board of Directors Minutes as of 12.05.2016 №236 PJSC RusHydro Annual Report 2015 (Translation from Russian original) Chairman of the Management Board – CEO N.G. Shulginov 1 CONTENT RESPONSIBILITY STATEMENT ...................................................................................................................................... 4 DISCLAIMER FOR THE PUBLICATION OF FORECAST DATA .................................................................................................. 4 KEY EVENTS OF 2015 ............................................................................................................................................. 11 CHAPTER 1. ABOUT THE COMPANY ........................................................................................................ 12 1.1. COMPANY’S PROFILE .................................................................................................................................. 12 1.2. THE GROUP STRUCTURE .............................................................................................................................. 12 1.3. GEOGRAPHY ACTIVITIES ............................................................................................................................... 13 1.4. ORGANISATIONAL STRUCTURE OF PJSC RUSHYDRO ......................................................................................... 14 1.5. AWARDS IN 2015 ...................................................................................................................................... 15 CHAPTER 2. STRATEGIC REVIEW ............................................................................................................. 16 2.1. THE COMPANY’S STRATEGY ......................................................................................................................... 16 2.2. RISK MANAGEMENT ................................................................................................................................... 29 2.3. THE FINANCIAL PERFORMANCE ..................................................................................................................... 44 2.4. INVESTMENTS ............................................................................................................................................ 51 2.5. INNOVATIVE DEVELOPMENT ......................................................................................................................... 58 2.6. THE COMPANY ON THE SECURITIES MARKET .................................................................................................... 59 CHAPTER 3. BUSINESS REVIEW ............................................................................................................... 67 3.1. BUSINESS MODEL ....................................................................................................................................... 67 3.2. ELECTRICITY AND CAPACITY MARKET OVERVIEW ............................................................................................... 68 3.3. TARIFF REGULATION.................................................................................................................................... 73 3.4. OPERATIONAL RESULTS ............................................................................................................................... 77 3.5. INTERNATIONAL COOPERATION .................................................................................................................... 80 CHAPTER 4. CORPORATE GOVERNANCE ................................................................................................. 83 4.1. CORPORATE GOVERNANCE SYSTEM ............................................................................................................... 83 4.2. GOVERNING BODIES .............................................................................................................................. 87 4.3. EXTERNAL AND INTERNAL CONTROL ............................................................................................................ 106 4.4. REPORT ON REMUNERATION TO THE MANAGEMENT AND CONTROL AUTHORITIES ................................................ 111 4.5. BUSINESS ETHICS AND ANTI-CORRUPTION ..................................................................................................... 113 CHAPTER 5. SUSTAINABLE DEVELOPMENT ........................................................................................... 118 5.1. SUSTAINABLE DEVELOPMENT MANAGEMENT ................................................................................................ 118 5.2. PERSONNEL AND SOCIAL POLICY .................................................................................................................. 121 5.3. SAFETY AND ENVIRONMENTAL PROTECTION ................................................................................................. 127 5.4. ENERGY EFFICIENCY .................................................................................................................................. 130 5.5. CHARITY ................................................................................................................................................. 133 CONTACTS .............................................................................................................................................. 135 GLOSSARY OF KEY TERMS AND ABBREVIATIONS...................................................................................... 137 FEEDBACK FORM .................................................................................................................................... 139 2 THE COMPANY’S MISSION is - the efficient use of water resources, - the creation of conditions to ensure reliability of the Unified Energy System, - the expanded use of renewable energy sources for the benefit of shareholders and society. 3 Responsibility Statement We hereby confirm that to the best of our knowledge: (A) The consolidated financial statements, prepared in accordance with IFRS, give a true and fair view of the assets, liabilities, financial position and profit or loss of RusHydro, and the undertakings included in the consolidation, taken as a whole; and (B) The annual report includes a fair review of the development and performance of the Company’s business and position, together with a description of the principal risks and uncertainties that the Company faces. Chairman of the Management Board – General Director N.G. Shulginov Head of Department of Corporate Accounting and Reporting - Chief Accountant D.V. Finkel Disclaimer for the publication of forecast data The report contains information about the plans and intentions of PJSC RusHydro for the medium and long term. The plans are forward-looking in nature and their feasibility depends on a number of economic, political and legal factors which are outside the influence of the Company (the global financial economic and political situation, the situation on key markets, changes in tax, customs and environmental legislation and so forth). For this reason, the actual performance indicators in future years may differ from the forward- looking statements, published in the report. 4 THE CHAIRMAN’S STATEMENT Dear shareholders, The year 2015 was intensive but productive for RusHydro Group. The company fulfilled its basic tasks, demonstrated that its key priorities were reliability of the energy infrastructure and energy supply to consumers, as well as efficient use of water resources and steady development of the business. The company was able to maintain stable production and financial performance. In 2015 RusHydro Group has received a net profit in the amount of 27 1591 million rubles, which is 12.5% higher than the result of the previous year. In 2015, the key vector for the RusHydro Group was represented by the projects related to development of the energy infrastructure of the Far East. In December 2015 the first phase of the Blagoveshchensk TPP expansion project was completed by the construction of the 2nd stage of the station. There is a significant progress with other construction projects run by RusHydro in compliance with the Presidential Decree in Yakutsk, Khabarovsk Territory and Sakhalin, as well as with the construction of a new thermal power plant in Vladivostok. While developing the heat-and-power infrastructure of the Far East, RusHydro didn’t overlook the problem of hydropower potential development in the region. For the whole 2015 year, the Company performed extensive works on construction sites of Nizhne-Bureyskaya HPP in Amur Region and of Ust- Srednekanskaya HPP in Magadan region. During the last year, the problem of increasing efficiency and reducing costs while maintaining reliability of power facilities came into focus. In December 2015 the Company’s Board of Directors has approved the Program for increasing of investment and operational efficiencies and cost reducing as a part of the business plan. The changes started in 2015 will significantly improve the quality of the corporate governance, make the work of the company more transparent and efficient, reduce operating expenses and investment costs, and relieve the Company of non-core assets. RusHydro together with governmental authorities participated intensively in establishing a mechanism of alignment of electricity tariffs in selected regions of the
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