Location Moscow
INN 7727685303
OGRN : 1097746103905
The Issuer's share in the authorized capital of the commercial company, %:
100
Percentage of equity shares held by the Issuer in such joint-stock company, %:
100
Share of the person in the authorized capital of the Issuer, %:
0
Share of the Issuer's equity shares held by the person, %:
0
36.
Full corporate name: Joint-Stock Company Small HPPs of Altai
Abbreviated corporate name: JSC Small HPPs of Altai
Location Gorno-Altaysk, Republic of Altai, Russian Federation
INN 0411151856
OGRN : 1100411007674
The Issuer's share in the authorized capital of the commercial company, %:
100
Percentage of equity shares held by the Issuer in such joint-stock company, %:
100
Share of the person in the authorized capital of the Issuer, %:
0
Share of the Issuer's equity shares held by the person, %:
0
37.
Full corporate name: Joint-Stock Company Small HPPs of Dagestan
Abbreviated corporate name: JSC SHPPs of Dagestan
Location Moscow, Russian Federation
INN 0562068208
OGRN : 1042401810494
The Issuer's share in the authorized capital of the commercial company, %:
100
Percentage of equity shares held by the Issuer in such joint-stock company, %:
100
Share of the person in the authorized capital of the Issuer, %:
0
Share of the Issuer's equity shares held by the person, %:
0
38.
Full corporate name: RusHydro International B.V
Abbreviated corporate name: RusHydro International B.V
Location Prins Bernhardplein 200, 1097 JB Amsterdam, the Netherlands
The Issuer's share in the authorized capital of the commercial company, %:
100
Share of the person in the authorized capital of the Issuer, %:
0
Share of the Issuer's equity shares held by the person, %:
0
39.
Full corporate name: Public Joint-Stock Company Yakutskenergo
Abbreviated corporate name: PJSC Yakutskenergo
Location Yakutsk, Russian Federation
INN 1435028701
OGRN : 1021401047260
The Issuer's share in the authorized capital of the commercial company, %:
29.795104
Percentage of equity shares held by the Issuer in such joint-stock company, %:
29.002941
Share of the person in the authorized capital of the Issuer, %:
0.000014
Share of the Issuer's equity shares held by the person, %:
0.000014
40.
Full corporate name:
Public Joint-Stock Company Kamchatka Gas Power Complex
Abbreviated corporate name: PJSC KamGEK
Location Petropavlovsk-Kamchatsky, Kamchatka Krai, Russia
INN 4101047002
OGRN : 1024101019469
The Issuer's share in the authorized capital of the commercial company, %:
96.583531
Percentage of equity shares held by the Issuer in such joint-stock company, %:
96.583531
Share of the person in the authorized capital of the Issuer, %:
0
Management Association (FERMA). In June, 2015 within the framework of the 13th International professional forum
"Risk Management in Russia and CIS" program RusHydro risk management has become a winner of the annual
competition "Best Risk Management 2015" in the category "Production organization". In November 2015 the
Company participated in the KPMG study, "The practice of risk management in Russia: strengths and areas for
development."
Results
of
the
study
are
presented
under
the
link
https://assets.kpmg.com/content/dam/kpmg/pdf/2015/11/S_CG_10r.pdf.
.
As
it
was
demonstrated by this study many of the best practices of corporate risk management are assessed on major Russian
companies and are used in PJSC RusHydro (the integration of risk management in the company's development
strategy, the collection and accumulation of statistical data, the interaction between departments, the involvement and
active participation of key stakeholders as well as improving quality of information on key risks.
By the Decision of the Management Board of the Company dated November 28, 2014, No. 884, the Development
Program for Corporate Internal Control and the Risk Management System of RusHydro Group was approved.
The Issuer's activity with regard to risk management is connected with the need to reconstruct operating and
construct new generating facilities, including:
Improving reliability, safety, and cost effectiveness of the equipment by regenerating worn main and auxiliary
equipment;
Increase of technical-and-economic characteristics of HPP for operation on the competitive electrical energy
market, and reduce repair expenses, improving operational efficiency by implementing programs to reduce
production costs and economy;
Increase in operating performance through implementation of a program to reduce operating costs and make
savings;
Targeted financial policy;
Continuous analysis of electric energy market conditions;
Competitive environment in procurement, works, and services.
The Issuer's risk management policy:
The Issuer's risk management policy implies timely recognition and prevention of possible risks in order to
minimize losses. In October, 2015 the Audit Committee of PJSC RusHydro approved "POLICY in the area of
internal control and risk management of PJSC RusHydro in the new version, which was approved by the Board of
Directors of PJSC RusHydro (protocol number 227 16/11/2015). The Issuer's activities within specific risks
management are described in Clauses 2.4.1.―2.4.7. below.
2.4.1. Industry Risks
Influence of possible decline in the Issuer’s industry on its activities and fulfilment of the obligations under
securities. Major possible changes in the sector according to the Issuer (separately in domestic and foreign markets),
as well as prospective actions of the Issuer in these circumstances:
Foreign market:
The Issuer is exposed to comparatively moderate external industry risks. According to Moody's international
rating agency, annual default frequency in the electricity sector for the last 10 years didn’t exceed 7,3% (see Moody’s
Investors Service, Special comment: Annual Default Study: Corporate Default and Recovery Rates, 1920–2015).
In 2016 PJSC RusHydro took 127 position (compared to 137 in 2015) in the ranking of 250 leading energy
companies of the world according to Platts (2016 Platts Top 250 Global Energy Company Rankings). 2016 While
composing the ranking, the financial performance of public enterprises of the energy sector with total assets of more
than 5 billion US dollars is used.
Assessment is based on the following financial metrics: asset value, revenues, profits and return on invested
capital for the last fiscal year.
Domestic market:
The Issuer is exposed to industry risks mainly due to the possible changes in the electric power industry.
On the one hand, it is to be noted that decrease in uncertainty of work of the Issuer on the wholesale market power
associated with the transition in 2015 on a long-term model for competitive selection of power required by Rules of
the wholesale electricity and capacity market (Approved by regulation of the Government of the Russian Federation
No. 1172 dated December 27, 2010). As a result of competitive selection of power held in 2015-2016 the price of
power for the period to 2020 (inclusive) was defined. The increase predictability of prices for future periods reduces
the level of industry risk.
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