Research Journal Dossier | Example: Rushydro | For educational use only

RESEARCH JOURNAL
EXPORTERS ALL RUSSIA
DAILY INFLUENCE ON MARKET CONJUNCTURE
DOSSIERFOREDUCATIONALUSEONLY
www.globaldossier.info EXAMPLE
EXAMPLE

RESEARCH JOURNAL | DOSSIER |
IS AN ADDITIONAL WEB RESEARCH, INVESTIGATION PRACTICE
AND ANALYSIS OF CONSUMED DATA TO COVER THE QUESTION OF
COMPETITIVE TRANSPARENCY & PREDICTABILITY
TARGET IS
EXPORT COMPANIES IN RUSSIA
GOVERNMENT-OWNED ENTERPRISES
DAILY INFLUENCE ON MARKET CONJUNCTURE:
WHO, WHEN, WHERE, WHY, HOW, WHAT & MEANS, MOTIVE, OPPORTUNITY
BASED ON
OFFICIAL EVENTS
INFORMATION DISCLOSURE
BUSINESS INSIGHTS
STATISTIC DATA
LEGISLATION
NEWS
WHO MIGHT INTERESTED
OVERSEAS BUYERS
SUPPLIERS
VENDORS
PARTNERS OR COMPETITORS
ANALYSTS
JOURNALYSTS AND RESEARCHERS
USEFUL FOR
STRATEGIC PLANNING
STRATEGIS FORECASTING
ENTERPRISE RESOURCE/SELLS PLANNING

CONTENT
ORGANIZATIONAL TRANSPARENCY & PREDICTABILITY RATING
THIRD PARTY PUBLICATIONS & VERIFICATION
RESEARCH & ANALYSIS OF INFORMATION DISCLOSURE
DESCRIPTION
industry
goods & services key words

e-PROCUREMENT/ENTERPRISE RESOURCE/SELLS PLANNING
list of possible foreign suppliers
CAPITAL AND SHAREHOLDERS INFORMATION
ORGANIZATIONAL STRUCTURE
COMPETITORS IN ANALOGOUS INDUSTRY
countries
companies
BUSINESS INSIGHTS
industrial facilities/structure (subsidiaries, affiliate)
imported processing equipment and suppliers brands
employees competence
international certificates of quality
difficulties of exporting
foreign/strategic transactions & deals
current (actual) and prospective markets
court proceedings
possible risks
perspectives of development and cooperation
credit/financial rating
NOTE/REMARK TO FUNDAMENTAL ANALYSIS FOR LISTED COMPANIES

INDUSTRIAL SECTORS
OIL & GAS
Sector Equipment and service for Oil & Gas
Sector Alternative Energy
CHEMICALS
BASIC RESOURCES “INDUSTRIAL METALS & MINING”
CONSTRUCTION & MATERIALS
Subsector Heavy Contruction
INDUSTRIAL GOODS & SERVICES
Subsector railroads
Subsector Electronic & Electrical Equipment
Subsector Commercial Vehicles & Trucks
Subsector Industrial machinary
Subsector Support Service
Subsector Diversified Industrials
SECTOR AEROSPACE & DEFENSEc
FOOD & BEVERAGE
Subsector Food Producers
Subsector Distillers & Vintners and Brewers
PHARMACEUTICALS & BIOTECHNOLOGY
UTILITIES
TECHNOLOGY
Subsector Technology Hardware & Equipment
Subsector Software & Computer Services
Multi sectors Companies
ROSTEC | RUSNANO | ROSATOM | ROSCOSMOS

RUSHYDRO GROUPhttp://www.eng.rushydro.ru
E-DISCLOSURE http://e-disclosure.ru/portal/company.aspx?id=8580
Listed Company
Markets:
OTCQX: RSHYY
http://www.otcmarkets.com/stock/RSHYY/quote
MOEX, LSE: HYDR;
http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summa-
ry/US7821834048USUSDIOBE.html
Trading:
LSE: 386 255 464 890 shares
MOEX: 3 644 688 530 shares
Member of
GSEP
International Hydropower Association (IHA http://www.hydropower.org)
International Commission on Large Dams (ICOLD)
International Association for Hydro-Environment Engineering and Research (IAHR)
Under the aegis
Ministry of Energy http://minenergo.gov.ru
Company sells of electricity and capacity in the wholesale market - Market Council
ORGANIZATIONAL TRANSPARENCY & PREDICTABILITY RATING
committees of internal control - extremely high level
In the opinion of the experts the PJSC RusHydro anti- corruption practices were recognized among the best.3 (page111)
Anti-corruption Policy, Conflict of interests Management Policy, Code of Conduct, SDC/Quasi subsidiaries, Regulation on insider information, Helpline, Code of corporate ethics
THIRD PARTY MEDIA AND PUBLICATIONS
http://www.eng.rushydro.ru/press/news/91331.html - Awards
Negative | Positive | Neutral |
http://tass.ru/rushydro-dv-en/far-east-power-energy/2226770

e-PROCUREMENT/ENTERPRISE RESOURCES PLANNING
http://zakupki.rushydro.ru/default.aspx
B2B ENERGO http://www.b2b-energo.ru/market/?f_keyword=русгидро
CAPITAL AND SHAREHOLDERS INFORMATION/ DECISION MAKERS
CAPITAL OF BOARD MEMEBERS
MANAGEMENT: Nicholas Shulginov; Boris Bogush; Sergey Kirov; George Rizhinashvili; Kazachenkov A.V.
The remuneration of the Management Board memebers for 2015:
salary 97 827 885, 72 rub (1 489 913,808 US Dollars)
bonus (premium) 625 844 823.00 rub (9 531 585,362 US Dollars)

MANAGEMENT. NOTICE: COMMON SHARES INCREASE
2012 Shareholding http://www.eng.rushydro.ru/press/news/80688.html
Changes http://www.eng.rushydro.ru/press/news/81134.html
2013 Changes http://www.eng.rushydro.ru/press/news/81900.html
Shareholding Information dec 26, 2013 http://www.eng.rushydro.ru/press/news/89734.html
2015
2016
BOARD OF DIRECTORS: 13 People/3 Independent Directors
The remuneration of the Board of Directors for 2015:
7 861 990,94 (119 656,829 US Dollars)

2013 Candidates to be voted to the Board of Directors http://www.eng.rushydro.ru/press/news/82594.html
Changes/Election to the Board of Directors http://www.eng.rushydro.ru/press/news/86805.html
Changes the Board of Directors/Election Committee http://www.eng.rushydro.ru/press/news/87139.html
Changes Committee http://www.eng.rushydro.ru/press/news/86009.html
Changes/Election to the Board of Directors http://www.eng.rushydro.ru/press/news/91548.html
Changes Committee http://www.eng.rushydro.ru/press/news/94599.html
2015 Changes/Election to the Board of Directors http://www.eng.rushydro.ru/press/news/98378.html
Committee Election http://www.eng.rushydro.ru/press/news/98892.html

INDUSTRY DESCRIPTION
ALTERNATIVE ENERGY
POSITION IN THE INDUSTRY - WORLD1
Hydropower:
Eletrobras (44,569 MW) link;
Rushydro (reaching 38,7 MW)1,3
;
HydroQuebec (36,912MW) link ;
Enel (29 MW) link;
China Yangtze Power (28) link;
EDF (26) link or link

Heat producer:
Gazprom (111,9 mln Gcal) link;
T Plus (110 mln Gcal) link;
Inter RAO (45);
Veolia (39) link;
Fortum (37) link;
Rushydro (31);
Eurosibenergy (25).
GOODS & SERVICES KEY WORDS:
hydro generating power plant
hydro power
heat producer
renewable energy
geothermal power, tidal & wind energy
hydrogen energy
BUSINESS INSIGHTS
INDUSTRIAL FACILITY
19 Affiliates, 113 Subsidiaries
THE STRUCTURE
English http://www.eng.rushydro.ru/company/holding/
Russian http://www.rushydro.ru/company/structure/
SUBSIDIARIES INGAGED IN R&D, MODERNIZATION, CONSTRUCTION AND OTHER SEGMENTS2
JSC Blagoveschensk Heat Generating Power Plant
http://blgtec.ru
e-procurement/enterprise resources planning
http://blgtec.ru/purchases/announcements/
JSC All Russia SRInstitute of Hydrotechnique named after B.E. Vedeneev
http://www.vniig.rushydro.ru
JSC Geotherm https://www.e-disclosure.ru/portal/company.aspx?id=12581
http://www.geotherm.rushydro.ru
JSC Gidroremont-VKK (HydroRepair)
http://www.hvkk.rushydro.ru
https://www.e-disclosure.ru/portal/company.aspx?id=22297
JSC Zagorskaya GAES-2
http://www.zagaes2.rushydro.ru
JSC Zaramag HS
http://www.zaramag.rushydro.ru
JSC Institute Hydroproject
http://www.mhp.rushydro.ru
PJSC Kolimaenergo
http://www.kolymaenergo.rushydro.ru
JSC Lenhydroproject
http://www.lhp.rushydro.ru

JSC Scientific Research Institute Egergy Facilities
http://www.niies.rushydro.ru
JSC Nizhne-Bureiskaya HPP
http://www.nbges.rushydro.ru

JSC Sahalin GRES-2
http://sgres2.ru
JSC Sulak GidroKaskad
http://www.sulak.rushydro.ru
JSС HPP in Sovetskaya Gavan
http://tec-sovgavan.ru
JSC Ust’-Srednekangesstroy (Construction)
http://www.usgesstroy.rushydro.ru
JSC Ust’-Srednekanskaya HPP
http://www.usges.rushydro.ru
JSC Chirkeigesstroy (Construction)
http://www.chges.ru
JSC ESCO UES (Construction)
http://www.esko-ees.rushydro.ru
JSC YAKUTSKAYA GRES-2
http://yagres2.ru

PARTNERSHIP
China: Three Gorges Corporation, PowerChina (Agreements on Shareholding: 51 Russia & 49 China)
South Korea: Water Resources Corporation (K-water), Hyundai Heavy Industries; KEPCO
Belarus: Belenergo
Bolivia: ENDE
Argentina: ENARSA
Cuba: Union Electrica
Venezuela: Corpoelec
Japan: Kawasaki Heavy Industries
USA: GE Renewable Energy (previously Alstom Hydro)
Austria: Voith Hydro & Andritz Hydro
Germany: Siemens
3
Japan: Kawasaki, Mitsui, JBIC
3
India: NHPC; NEPCO
3
Spain: Abeinsa Business Development S.A. (ABENGOA)
IMPORTED PROCESSING EQUIPMENT AND SUPPLIERS BRANDS

EMPLOYEE COMPETENCE AND ORGANIZATIONAL STRUCTURE

EMPLOYEES DISCLOSED INFORMATION 3 (PAGE 117)
Personal Rushydro Group 75 703 - 2015; 77 030 - 2014; 78 081 - 2013.
The average monthly salary (rub) 106 601,5 - 2015; 113 749,5 - 2014; 90 542,8 - 2013.
CHANGES IN ORGANIZATIONAL STRUCTURE
http://www.eng.rushydro.ru/press/news/95474.html

DIFFICULTIES OF EXPORTING
IMPORTANT FOREIGN TRANSACTIONS AND DEALS SINCE 2012
2012
MOU with Andritz Hydro; MOU with Voith Hydro (processing equipment);
MOC with Degremont (on water purification)
2013

Agreement with the State ElectricPower Corporation - Corpoelec, Venezuela; Preliminary Agreement with the Kawasaki
Heavy Industries Ltd (Japan); General Electric Group have signed a protocol of intent installation equipment; JV with
Alstom; Iberdrola Ingeniería y Construcción, S.A.U. - Agreement (http://www.eng.rushydro.ru/press/news/88166.html);
2014
NEEPCO (India) - Contract (http://www.eng.rushydro.ru/press/news/90400.html); RusHydro International AG, has
completed feasibility studies for reconstruction of Kainji and Jebba HPPs in Nigeria (with total installed capacity of 1.3
GW) under agreement with Mainstream Energy Solutions Ltd. (http://www.eng.rushydro.ru/press/news/90666.html);
Dongfang Electric International Corporation - cooperation agreement; Atlantis Operations (UK) Ltd - MOU (http://
www.eng.rushydro.ru/press/news/90938.html); Siemens - strategic partnershi (http://www.eng.rushydro.ru/press/
news/95340.html); the State of Arunachal Pradesh (India) - The Declaration of Intent (http://www.eng.rushydro.ru/
press/news/95891.html);
2015
Water Resources Corporation - lettter of Understanding (http://www.eng.rushydro.ru/press/news/96289.html);
2016

CURRENT MARKETS
China; Venezuela; India, Armenia, Vietnam
PROSPECTIVE MARKETS
BRICS Countries;
COURT PROCEEDINGS
Russian language
link
POSSIBLE RISKS
RISK MANAGEMENT: RECOMENDATIONS COSO AND ISO 31000 - 2010
Consequences for the flora and fauna - Lack of protection the natural system
Seasonal water flooding (overflow)
Insured types of risks http://www.eng.rushydro.ru/press/news/99578.html
Difficulties in the engagement of sub-contractors in the repair of the Equipment
Government economic and social policies changes may have impact on company
Depreciation and impairment of the facilities & equipment;
Financial risks: Currency risk-min; interest rate risk-min; market risks;
Acquisitions/Mergers risks
Inflation risks
PERSPECTIVES OF DEVELOPMENT AND COOPERATION
STRATEGIC PLAN
http://www.eng.rushydro.ru/upload/iblock/521/Stratplan-summary-28dlya-sajta29-november-2013_eng.pdf
PRIORITIES
• reliability of operating assets;
• increase of installed capacity through implementstion of the Investment program;
• sustainable operation of hydropower plants during flood periods;
• delivering high quality services to clients of energy retail companies;
• competitive advantages improvement of projects complex;
• creation of efficient innovative management system and ongoing innovative process;
• HR development;
• move towards target capital structure & enhancement of source for implementation of the investment program;
• further expansion into international markets; etc..
link
MODERNIZATION PROCESS PLANNED UNTILL 2025 3
Turbine;
Generators;
Transformers;
High-voltage circuit breakers;
Hydro facilities, equipment wiring
INNOVATIVE DEVELOPMENT PROGRAM UNTILL 20213
*Introduction at the facilities solutions “Digital substation“ based on optical transformers of current and voltage
will lead to cost savings compared to standard projects.
*Under pilot testing installed the sample power unit container type with orthogonal hydraulic unit for small
hydro power stations for remote areas.
*Study of the key technical questions associated with the construction of the pumped storage power plant at
great depths with an underground pool (reservoir), carried out the necessary geotechnical, geophysical and hy-
draulic research and calculations, development of major constructive solutions.

*Development of technology application of the system of external reinforcement with composites from carbon
fibers for hydraulic engineering.
RATING
BB+ (S&P)
National Rating of corporate management http://rid.ru/nacionalnyj-rejting/rejtingovaya-shkala
Open! http://www.rushydro.ru/corporate/rating/national_rating/
COMPETITORS IN ANALOGOUS INDUSTRY
MEMBERS OF THE GLOBAL SUSTAINABLE ELECTRICITY PARTNERSHIP http://www.globalelectricity.org/en/index.jsp?p=46
HydroQuebec, Eletrobras, EDF, Enel, China Yangtze Power, China Three Gorges Corporation (analogue); Statkraft Norway,
BC Hydro Canada; Edelca Venezuela;
FUNDAMENTAL ANALYSIS FOR LISTED COMPANY
CREDIT LOANS
Low risk debt portfolio 89% dominated domestic currency, Interest 70 % fixed rates;1
CAPEX OPTIMIZATION PLAN
AMORTIZATION/LIFE CYCLE 2
Production Buildings 20-80 years
Facilities 10-100 years
Machinery and Equipment 5-40 years
Other 3-30 years
CREDIT RATES:
MOSPRIME, EURIBOR, LIBOR RATES
NON-CURRENT DEBT2
- FOREIGN BANKS:
EBRD
LIBOR6M+3,45% | 2016-2027 - 20,280
UNI CREDIT BANK AUSTRIA AG
3.35% | 2017-2016 - 6,585
(Fixed interest rate applied to 90 percent of the credit facility, to the rest 10 persent of the facility the quarterly
variable export finance rate published by OeKB (Oesterreichische Kontrollbank AG) less 0.25 percent is applied).
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK DEUTSCHLAND
EURIBOR 6M+0.625% | 2018-2029 - 6,252
ASIAN DEVELOPMENT BANK
LIBOR6M+3.45% | 2017-2026 - 1,787
BAYERISCHE LANDESBANK
EURIBOR 6M+O.85% | 2016-2025 - 1,212
KEY FACTORS INFLUENCING THE DYNAMIC OF QUOTATION OF SHARES (2015)3
• The problems of the Russian economy, the weakening of the ruble, inflation;
• Changing attitudes of global investors in emerging markets;
• Actions of the Russian Government to limit the rate of growth in electricity prices;
• COM results of the dynamics of electricity prices on the spot market;
• Commissioning of new facilities, including within the framework of the LPM;
• Liberalization of the sale of the Siberian hydroelectric power;
• Development of scripts solving the problems of financial stability company’s subsidiaries.
USA, UK and Germany investors are main holders of the depositary receipts3

COMMENT
Selected information will help to create an associated picture of the Russian Export Market &
its dependencies in Global Trade.
1
Presentation |Rushydro Group 4Q and FY 2015 IFRS results & market update, March 23, 2016, Moscow, Russia
2
Consolidated Financial Statement as at and for the year ended 31.12.2015
3
Annual Report 2015
Possible editing and updates. For educational use only

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