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    • Introduction
      • The chairman’s statement
      • General director’s statement
      • Key events of 2015
    • Interactive analysis
    • 1. About the company
      • 1.1. Сompany’s profile
      • 1.2. Organisational structure of PJSC RusHydro
      • 1.3. The RusHydro group structure
      • 1.4. Geography activities
      • 1.5. Awards 2015
    • 2. Strategic review
      • 2.1. The company’s strategy
      • 2.2. Risk management
      • 2.3. The financial performance
      • 2.4. Investments
      • 2.5. Innovative development
      • 2.6. The company on the securities market
    • 3. Business review
      • 3.1. Business model
      • 3.2. Electricity and capacity market overview
      • 3.3. Tariff regulation
      • 3.4. Operational results
      • 3.5. International cooperation
    • 4. Corporate governance
      • 4.1. Corporate governance system
      • 4.2. Governing bodies
      • 4.3. External and internal control
      • 4.4. Report on remuneration to the management and control authorities
      • 4.5. Business ethics and anti-corruption
    • 5. Sustainable development
      • 5.1. Sustainable development management
      • 5.2. Interaction with Stakeholders
      • 5.3. Personnel and social policy
      • 5.4. Safety and environmental protection
      • 5.5. Energy efficiency
      • 5.6. Charity
    • Management Viewpoint
    • Contacts
    • Glossary of key terms and abbreviations
    • Responsibility Statement
    • Download Annual Report in PDF
    • 2015 RusHydro Appendices Book

      Management viewpoint

      Andrey Kazachenko

      Andrey Kazachenkov
      Member of the Management Board,
      First Deputy General Director

      – How does the Company’s financial capital increase?

      – We need to have a stable revenue in the long term, and this is the main part of the RusHydro Group financial capital. The main driver of financial capital formation is the operating efficiency. Therefore, we implement a number of programmes to improve operating and investing activities, and work to reduce costs and generally increase the efficiency of RAO ES of the East. We must meet the call of the times in terms of economic conditions, and reduce inefficient expences in achieving the goals set by the Russian government.

      Besides, we attract funds from the external sources. The company implements its policy on the bond market. We issue bonds in different forms and are one of the most reliable and efficient borrowers on the Russian financial market. It is also possible to attract strategic capital investors for RusHydro by the state decisions. We are a state-owned company, and in forming long-term structure of the Group’s capital we are guided by the the goals set by the governmental.

      – The Company has partially changed its management team at the end of 2015. What is the focus of the renewed team?

      – Reliable and safe manufacturing activities, improving operational efficiency, rational allocation of the Company’s resources, including divestment from non-core activities. Briefly, we are committed to the results.

      The last year crisis affected all economic actors, including RusHydro. We see a crisis as an opportunity to become stronger, more competitive, and prepare the ground for the next steps during difficult time. This is especially important for us, because power engineering is not only a matter of reliable power supply, but also the issue of future energy safety. In a broader sense, it is affect the infrastructure for development of regions and the whole country.

      – In your opinion, what will become of RusHydro Group in ten years?

      – It will the leader of the Russian power industry. It will be the core company for the Russian economy and for the power industry. It will be the company that operates on the principles of transparency and efficiency. The company that operates in the interests of its shareholders, partners, customers and the public.

      Management viewpoint
      Sergey Kirov