For the purpose of this report, RusHydro Group means a group of companies including PJSC RusHydro and its subsidiaries (controlled entities).
The control is determined in accordance with Article 2 of Federal Law No. 39-FZ On Securities Market dated April 22,1996.
The report also covers information on PJSC Boguchanskaya HPP, which is not a subsidiary or part of RusHydro Group, but a joint venture of
RusHydro Group and UC RUSAL.
The indicator includes the electric capacities of RAO ES East Subgroup and Boguchanskaya HPP built and jointly operated with UC RUSAL.
as at December 31, 2019
In accordance with the Securities Issue Resolution (state registration number: 4B02-04-55038-E-001P dated April 1, 2016), the coupon amount totaled RUB
774.15 mn. The accumulated coupon was paid for the period from October 4, 2018 to April 4, 2019.
Zaramagskaya HPP-1 was commissioned
in December 2019, with power output
as at the end of the year totaling
1.7 mn kWh.
The World Bank’s Global Economic Prospects report, January 2020.
EnerOutlook 2019.
Hydropower generation has the biggest share in the installed capacity of the listed companies. The chart shows total installed capacity data for
all types of generation.
Excluding the installed capacity of Armenia-based electricity generating facilities (CJSC MEK).
Approved by Order of the Russian Ministry of Energy No. 174 dated February 28, 2019.
Excluding CJSC MEK.
Excluding the Trans-Baikal Territory and the Republic of Buryatia.
In accordance with paragraph 170 of the Russian Government’s Resolution
No. 1172 of December 27, 2010.
As defined by the International Integrated Reporting Framework, capitals
mean resources and relationships that are the sources and results of value
creation.
Minutes No. 238 of June 8, 2016.
Recommendations of the Federal Agency for State Property Management No. OD-11/18576 of April 29, 2014.
Instruction No. Pr-3086 of December 27, 2013.
Minutes No. 3 of January 30, 2014, Directive of the Russian Government No. 4955p-P13 of July 17, 2014.
Minutes No. 271 of June 1, 2018 as amended by resolutions of the Board of Directors (Minutes No. 279 of October 26, 2018, No. 294 of August 29,
2019, and No. 297 of October 21, 2019).
Minutes No. 281 of December 27, 2018.
Minutes No. 279 of October 26, 2018.
Instruction of the Russian Government No. ISH-P13-2583 of April 15, 2014.
Minutes No. 259 of October 30, 2017.
The cost optimization plan based on the external independent cost audit of PJSC RusHydro and its subsidiaries (carried out by LLC Ernst & Young
Assurance & Consulting Services) was approved by resolution of the Company’s Board of Directors (Minutes No. 244 of November 23, 2016).
Minutes of the Board of Directors No. 287 of April 22, 2019.
As compared to 2018, the strategic goals for 2019 were expanded to include:- substitution of imported products with those of Russian origin having similar specifications and usability.
Minutes No. 287 of April 22, 2019.
Minutes No. 285 of March 26, 2019.
Minutes No. 292 of June 22, 2019.
Meeting minutes No. 2 of October 22, 2018.
Minutes No. 287 of April 22, 2019.
In the Key Performance Indicators section, a special methodology is used to calculate KPIs, hence, the values of indicators with the same name may differ in other sections of the report. The methodology for calculating the KPI of the Long-Term Development Program is disclosed in Appendix No. 9.
Clause 4 of the List of the Russian President’s Instructions No. Pr-1474 of July 5, 2013, Instruction of the Russian Government No. ISH-P13-2043 of March 27, 2014, and Directives of the Russian Government No. 2579p-P13 of April 25, 2014 and No. 7558p-P13 of November 12, 2014 in accordance with the Methodological Guidelines of the Federal Agency for State Property Management.
Recommendations of the independent advisor (Ernst & Young (CIS) B.V.) on the methodology for the Management Board’s remuneration system were approved by the Board of Directors (Minutes No. 241 of September 23, 2016).
Minutes No. 245 of December 26, 2016 as amended by resolutions of the Board of Directors (Minutes No. 251 of April 18, 2017, No. 269 of April 25, 2018, and No. 296 of September 25, 2019).
Minutes No. 264 of December 28, 2017 as amended by resolutions of the Board of Directors (Minutes No. 283 of February 21, 2019).
Minutes No. 264 of December 28, 2017 as amended by resolutions of the Board of Directors (Minutes No. 283 of February 21, 2019).
Approved by resolution of the Interagency Working Group for Implementing the Innovative Development Priorities of the Presidium of the Russian
President’s Council for Modernization of the Economy and Innovative Development of Russia (Minutes No. AD-P36-247pr of December 17, 2015). The
integrated innovative KPI is listed among KPI in compliance with Directives of the Russian Government No. 1427p-P13 of March 3, 2016 and Resolution
of the Board of Directors (Minutes No. 242 of October 10, 2016).
Approved by resolutions of the Board of Directors dated December 23, 2016 (Minutes No. 245 of December 26, 2016) and June 21, 2017 (Minutes No. 254 of June 22, 2017) as amended on December 25, 2018 (Minutes No. 282 of December 12, 2018) and on February 19, 2019 (Minutes No. 283 of February 21, 2019).
Pursuant to resolutions of the Board of Directors No. 301 of December 26, 2019 amending target performance indicators for the second cycle of RusHydro's Long-Term Incentive Plan for 2018–2020.
Pursuant to resolutions of the Board of Directors No. 301 of December 26, 2019 amending target performance indicators for the third cycle of RusHydro's Long-Term Incentive Plan for 2019–2021.
Target performance indicators for the Long-Term Development Program for 2018–2022 were approved as part of RusHydro’s LTDP for 2018–2022 (Minutes No. 271 of a meeting held by the Board of Directors dated June 1, 2018, as amended by resolutions of the Board of Directors (Minutes No. 297 of October 21, 2019)). The actual performance indicators for 2019 are calculated using RusHydro’s calculation and evaluation methodology for the KPI of RusHydro’s Long-Term Development Program approved by the Board of Directors as part of LTDP for 2018–2022.
According to the applicable calculation and evaluation methodology for the KPI of RusHydro's Management Board, the EBITDA approved by resolution of the Board of Directors shall be calculated on the basis of RusHydro Group's audited consolidated financial statements under the IFRS using the following formula: EBITDA = EBT + depreciation and amortization + non-cash expenses — non-cash revenue + interest payable + fuel cost.
The EBITDA calculated using this formula is different from that used in RusHydro Group's IFRS financial statements due to different approaches to calculating the indicator. According to Note 6 to the IFRS consolidated financial statements of RusHydro Group, EBITDA is calculated as operating profit/loss net of depreciation and amortization, gain on financial assets at fair value through profit or loss, impairment of fixed assets, impairment of financial assets, gain/loss on disposal of fixed assets and other non-cash operating income and expenses.
17.6.
10.
As per adjusted 2019 KPI for the Management Board approved by resolution of the Board of Directors dated September 20, 2019 (Minutes No. 295 of September 23, 2019). The pre-adjustment value is 5.72.
As per adjusted consolidated Business Plan of RusHydro Group for 2019 and target KPI of the Long-Term Incentive Plan approved by resolution of the Board of Directors dated September 20, 2019 (Minutes No. 295 of September 23, 2019). The pre-adjustment value is RUB -55,710 mn.
Minutes No. 282 of December 27, 2018 as amended by resolutions of the Board of Directors (Minutes No. 295 of September 23, 2019).
The EBITDA calculation method for Board members KPIs is similar the EBITDA calculation for the Long-Term Development Program.
22.8.
17.6.
Resolution of the Board of Directors (Minutes No. 286 of April 5, 2019).
Minutes No. 295 of September 23, 2019.
Minutes No. 301 of December 26, 2019.
Includes RusHydro’s subsidiaries covered by the Consolidated Business Plan for the respective period, including SHPPs of Stavropol Territory and Karachayevo-Circassian Republic, Verkhnebalkarskaya SHPP, RusHydro’s R&D institutes, Pauzhetskaya GeoPP, NDES, Rodnik Zdorovya, HUA and Hydroinvest.
Under the adopted management accounting standards: - investment program spending means the total amount spent by the members of RusHydro Group to implement investment projects, including disbursements to suppliers and contractors and project administrators’ expenses; and
- CAPEX means the capital investments recognized on the basis of amounts specified in delivery and acceptance certificates signed with suppliers and contractors and accounted for as the respective project administrators’ expenses.
Commissioning is projected for Q3 2020: Minutes No. 4 of December 23, 2019 of a meeting by the Government Commission on the Development of the Electric Power Industry led by Deputy Chairman of the Government of the Russian Federation, Chairman of the Government Commission on the Development of the Electric Power Industry Dmitry Kozak approved the postponement of the facility commissioning to 2020 due to objective reasons. The commissioning of the facility in 2020 was approved RusHydro’s Board of Directors as part of signing off on the consolidated business plan (including the consolidated investment program) of RusHydro Group for 2020–2024 (Minutes No. 301 of a meeting held by the Board of Directors dated December 26, 2019).
Based on instructions from Yury Trutnev, Deputy Prime Minister of the Russian Federation and Presidential Plenipotentiary Envoy to the Far Eastern Federal District (Minutes No. YuT-P9-2454 of April 25, 2018). The Program was reviewed at a meeting of the Board of Directors (Minutes No. 292 of June 24, 2019).
The commissioning details and schedules may be adjusted after the final versions of design and cost estimates are approved.
Order No. 420 On Distribution of Tasks, Powers and Responsibilities among RusHydro’s Managers dated June 15, 2018 (as amended by Order No. 688 dated August 22, 2019).
Resolution of the Board of Directors (Minutes No. 259 dated October 30, 2017).
The indicator is calculated as the created economic value minus operating costs.
Compared to gasoline-powered cars of the same class.
The Russian Government’s Resolution No. 64 dated January 30, 201 On Amendments to Certain Acts of the Government of the Russian Federation Concerning Regulation of Prices (Tariffs) for Electricity (Capacity) Supplied to Technologically Isolated Local Electric Power Systems and in Areas not Technologically Linked with the Unified Energy System of Russia and Technologically Isolated Local Electric Power Systems, and Declaration of Some Acts of the Government of the Russian Federation as Invalid, as well as the Russian Government's Resolution No. 837 dated June 29, 2019 On Amendments to Pricing Basis in the Field of Regulated Prices (Tariffs) for Electric Power.
The Russian Government’s Resolution No. 43 On Selecting Projects to Upgrade Generating Facilities of Thermal Power Plants dated January 25, 2019.
The Russian Government’s Resolution No. 1211 dated September 18, 2019 On Amending Clause 1 of Russian Government's Resolution No. 1509 dated December 26, 2014.
This section provides data in line with RusHydro Group’s 2018 and 2019 IFRS consolidated statements (unless stated otherwise) incorporating the changes in the Group’s accounting policy following the adoption of IFRS 16 Leases [102-48].
Net margin and EBITDA margin indicators factor in other operating income generated by RusHydro Group in 2017 (RUB 0.7 bn), in 2018 (RUB 5.5 bn) and in 2019 (RUB 1.2 bn) and are calculated as gain on financial assets at fair value through profit or loss, income from court rulings awarded, and dividends received.
Net profit of PJSC RusHydro as per RAS.
As at December 31, 2019, assets and liabilities of MEK are recognized as assets and liabilities of disposal group classified as held for sale.
Based on the USD exchange rate as at the closure date (March 11, 2020).
Net financial debt is calculated as financial debt less cash and cash equivalents (including bank deposits for up to one year) under the Group’s IFRS financial statements at the end of the reporting year. Financial debt includes long-term and short-term liabilities (less accrued interest payable), including liabilities of disposal group, liabilities under the non-deliverable forward for shares, and cross currency swap liabilities in accordance with the Group’s financial statements under the IFRS at the end of the reporting year.
Including hedging FX liabilities to issue Eurobonds denominated in offshore Chinese renminbi
Following the sale of the Group’s 90% stake in MEK in March 2020, RusHydro’s loan portfolio is no longer exposed to currency risks.
Other taxes include: - tax on income received by Russian entities from Russian and foreign agents;
- mineral extraction tax;
- water tax;
- transport tax;
- land tax;
- pollution charge;
- land rent.
Including PJSC Boguchanskaya HPP (a joint venture of PJSC RusHydro and RUSAL) and HPP-1, HPP-2 and HPP-3 of PJSC KamGEK, assets held in trust.
Changes related to both commissioning and decommissioning of existing capacities.
HPPs with an installed capacity of over 25 MW.
Measured by chain.
Maximum unregulated prices.
Including Zeyskaya and Bureyskaya HPPs.
TSA data.
Total accounts were updated from the 2018 annual report to include direct contracts signed in early 2019 with effect from December 2018.
Abolished in 2015 to be succeeded by the Federal Antimonopoly Service of Russia (FAS).
As revised by the Russian Government’s Resolution No. 1690 dated December 29, 2017.
Sakhalinenergo and Chukotenergo supply heat from power plants and boiling stations to the wholesale reselling consumers.
RusHydro’s Technical Policy was approved by the Board of Directors of PJSC RusHydro (Minutes of the Board of Directors No. 307 of April 9, 2020).
Approved by RusHydro’s Order No. 515 of August 8, 2017.
Approved by RusHydro’s Orders No. 430 of June 20, 2018 and No. 862 of November 9, 2018.
Approved by RusHydro’s Order No. 190 of March 11, 2015.
Commissioned by RusHydro’s Order No. 1170 of November 27, 2013.
The Program's priority initiatives falling within PJSC Sakhalinenergo's area of responsibility and operations are approved by the Ministry of Energy's Letter
No. АТ-2669/09 dated March 15, 2019, Minutes No. AN-114pr of April 2, 2019).
The System Average Interruption Frequency Index (SAIFI) is calculated using the formula (∑li*Ni)/NT, where li is the total number of interruptions per annum
for a group of customers Ni, and NT is the total number of customers served. The index is calculated for the entire location served.
The System Average Interruption Duration Index (SAIDI) is calculated using the formula (∑ti*Ni)/NT where ti is the total duration of interruptions per annum
for a group of customers Ni, and NT is the total number of customers served. The index is calculated for the entire location served.
Order No. 792 On the Functional Emergency Management Subsystem at Organizations (Facilities) of the Energy Industry and Organizations (Facilities) Subordinate to the Russian Ministry of Energy dated September 24, 2018.
Approved by resolution of RusHydro’s Board of Directors No. 277 dated October 4, 2018 and amended by resolutions No. 292 dated June 24, 2019 and
No. 300 dated December 4, 2019.
A related party is a legal entity which is deemed related to the customer in accordance with the Russian Tax Code and included in the customer’s
list of related parties (Appendices 2 and 3 to the Uniform Regulations on RusHydro Group’s Procurement Policy). In 2017, the relevant item was not
calculated, while in 2018 it was calculated for the period from November 1, 2018 to December 31, 2018.
Approved by RusHydro’s Order No. 568 of July 16, 2014.
Letter No. 23941-EE/D28i dated November 1, 2013.
Procurement through SMEs is calculated as a % of total contracts awarded in 2019 by 38 companies of RusHydro Group subject to Russian
Government’s Resolution No. 1352 dated December 11, 2014.
Calculated based on financing.
Calculated based on financing.
Показатель рассчитан по финансированию.
Показатель рассчитан по финансированию.
Minutes No. 285 of March 26, 2019.
The roadmap was amended along with RusHydro Group’s updated Long-term Development Program for 2018–2022 (Minutes of the Board of Directors No. 271 of June 1, 2018).
Approved by RusHydro’s Board of Directors (Minutes No. 244 dated November 23, 2016).
Growth of 6.5% y-o-y means that in 2019 in absolute values 17.04 IP assets were to be created and booked on the balance sheet. The actual value of
the IP assets created and put on the balance sheet amounted to 17 assets, so this indicator is deemed fulfilled.
Having regard to the fact that the approved calculation and evaluation methodology for this KPI was meant to cover the headcount involved in
core operations (i.e. HPP operation). However, the Group’s operations in the Far East were later reorganized, with RAO ES East transferring many of
its regional management functions in charge of heat generation facilities and grids to RusHydro. As a result, RusHydro is now overstaffed with those
employees who are not involved in HPP operation. Excluding such staff, this KPI may be deemed delivered. The 2019 report on progress against the
Innovative Development Program deems this KPI as delivered.
Meeting minutes No. 2 of October 22, 2018.
Conducted in line with the Russian Government’s Directive No. 3262p-P13 dated April 27, 2018.
Minutes No. 294 of August 29, 2019.
Russia’s Ministry of Economic Development, Ministry of Energy, Ministry for the Development of the Russian Far East and Arctic, Ministry of
Education and Science.
The Innovative Development Program of RusHydro Group is funded solely with its own capital.
Including VAT.
Order No. 952 of December 10, 2018.
In March 2020, RusHydro Group completed the sale of its stake in CJSC MEK in Armenia.
Age of retirement on general or special terms.
Calculated as the number of employees who left the Company divided by the total headcount as at December 31, 2019 and then multiplied by 100.
The indicator does not include subsidiaries with headcount reduction due to reorganization in 2019, in particular: PJSC KamGEK and JSC Geoterm,
because the companies (JSC Zaramagskiye HPPs, JSC Blagoveshchenskaya CHPP, and JSC Yakutskaya GRES-2) have not operated after commissioning the projects that are on their balance sheet but are used by respective region’s operators. This table does not cover employee movement in the above entities, as they terminated their operations before the end of the reporting period or had no staff as at the end of the reporting period.
Including PJSC RusHydro.
Approved by the Board of Directors (Minutes No. 177 dated April 1, 2013).
Approved by RusHydro’s Order No. 398 of May 13, 2019.
Liabilities under IFRS as appraised by Actuarial and Financial Services LLC.
Approved by RusHydro’s Order No. 372 of April 20, 2015.
Approved by RusHydro’s Order No. 300 of April 25, 2016
Approved by RusHydro’s Order No. 736 of November 13, 2008.
Approved by RusHydro’s Order No. 730 of September 10, 2019
Approved by RusHydro’s Order No. 420 of June 15, 2018.
Note: except for part-timers and probationary employees.
Note: except for part-timers and probationary employees.
Approved by the Board of Directors, Minutes No. 280 of December 7, 2019.
Minutes No. 283 of February 21, 2019, updated Program based on minutes No. 285 of March 29, 2019, No. 289 of May 20, 2019, No. 292 of June 21,
2019, and No. 29 of September 23, 2019.
Minutes No. 304 of February 12, 2020.
“Where there are threats of serious or irreversible damage, lack of full scientific certainty shall not be used as a reason for postponing cost-effective measures to prevent environmental degradation.” (Rio Declaration on Environment and Development, 1992).
Approved by the Russian Government’s Resolution No. 321 dated April 15, 2014
.
JSC DGK, JSC DRSK, PJSC Kamchatskenergo, PJSC Magadanenergo, PJSC Mobile Energy, PJSC Sakhalinenergo, JSC Sakhaenergo,
JSC Teploenergoservis, JSC Chukotenergo, JSC UESK, PJSC Yakutskenergo.
Based on the updated Regulations for Developing, Negotiating, Approving, Implementing and Monitoring Programs for Energy Saving and Improving Energy Efficiency for Subsidiaries Engaged in Regulated Activities (approved by the Company’s Order No. 462 of July 2, 2018).
Around 2% of the total volume of emissions in Russia. [OS]
Net of Cascade of Viluysky HPPs and solar power plants producing no greenhouse gas emissions. The CO2
-equivalent emission intensity is calculated as a ratio of total emissions (tonnes CO2
-eq.) to electric power (mn kWh) and heat (‘000 Gcal) produced.
No water body is a protected natural reserve.
Approved by the Company’s Management Board (Minutes No. 1204 of September 26, 2019).
The Corporate Governance Code recommended for implementation by joint-stock companies with securities admitted to organized trading as per
letter of the Bank of Russia No. 06-52/2463 dated April 10, 2014.
Approved by the Board of Directors on June 19, 2015 (Minutes No. 218 of June 22, 2015 as amended by resolutions adopted by the Board of
Directors of RusHydro, Minutes No. 239 of June 23, 2016 and No. 263 of December 28, 2017).
Minutes No. 287 of April 22, 2019.
Compliance with the principles of the Corporate Governance Code was assessed based on the Bank of Russia’s methodology and reporting recommendations with respect to such compliance (annex to the Bank of Russia letter No. IN-06-52/8 dated February 17, 2016).
State registration number of the issue: 1-01-55038-E, dated February 22, 2005.
On June 21, 2018, the Board of Directors resolved to increase the authorized capital by RUB 14,013,888,828 with an additional placement via open subscription. The decision to issue additional shares was registered by the Bank of Russia on August 27, 2018, with the issuance being assigned the registration number of 1-01-55038-Е-043D.
The proceeds from the additional issuance will be invested in the first stage of a project to construct two single-circuit 110 kV Pevek-Bilibino power lines in Chukotka in the run-up to the upcoming refurbishment of the Chaun and Bilibino energy hub following the decommissioning of power units at Bilibino NPP, which reached the end of its service life.
Including shares of additional issuance No. 1-01-55038-E-043D dated August 27, 2018, with the additional issuance report still pending registration by the Bank of Russia as at December 31, 2019.
RusHydro's shares held by subsidiaries were not used in voting at the Annual General Meeting of Shareholders that took place on June 28, 2019.
Shares in the registered authorized capital.
Including shares of additional issuance No. 1-01-55038-E-043D dated August 27, 2018, with the additional issuance report still pending registration by the Bank of Russia.
As at March 7, 2017, Hydroinvest was no longer the Company’s shareholder, while the aggregate stake of EZOP and Energy Index — HydroOGK in the Company’s authorized capital went down to 0.8% due to the sale of shares to VTB Bank (PJSC). As at September 9, 2018, Hydroinvest held 0.8% in RusHydro’s authorized capital following the incorporation of EZOP and Energy Index — HydroOGK into Hydroinvest.
Source: the official website of the securities market operator (PJSC Moscow Exchange). Market capitalization is calculated as the number of shares of the respective category (type) multiplied by the market price of one share as disclosed by the market operator.
Average dividend payout for the previous three years is calculated as follows: Divthreshold = (Div-year 3 + Div-year 2 + Div-year 1) /3
.
The dividend yield is calculated upon the adoption of the resolution on the size of the annual dividend by dividing the annual dividend per one share by that share’s median market price in the reporting period (dividends – PJSC Moscow Exchange, https://www.moex.com/en/).
The share of IFRS net profit allocated for dividends in 2016–2018 was 50%.
In the reporting year, none of the directors reported being stripped of his status as an independent director.
Deputy Chairman of the Company’s Board of Directors, Dean of Moscow Power Engineering Institute.
Chairman of the Company’s Board of Directors, Deputy Prime Minister of the Russian Federation and Presidential Plenipotentiary Envoy to the
Far Eastern Federal District.
Was a member of the Board of Directors in 2016-2018 and since 2019.
Relevant experience of the candidates to the Board of Directors in various areas of activity, based on the data received from candidates to the Board of Directors, including education, professional track record and other publicly available information.
As at December 31, 2019.
INN: 7714961556.
INN: 7703741291.
Recognition of director independence is fully in line with the criteria set out in the Listing Rules of the Moscow Exchange and the Company’s Corporate Governance Code, but partially contravenes the Corporate Governance Code recommended by the Bank of Russia as the latter does not allow for a director who has formal ties with the Government to be recognized as independent (Alexei Chekunkov).
Minutes No. 283 of February 21, 2019.
The insurer selection process complied with the requirements of the Company's internal regulations and Federal Law of the Russian Federation No. 223-FZ On Procurement of Goods, Works, Services by Certain Types of Legal Entities dated July 18, 2011.
Minutes No. 281 of December 27, 2018.
Minutes No. 283 of February 21, 2019.
Minutes No. 302 of December 26, 2019.
As at December 31, 2019.
Note: As amended by the resolution of RusHydro’s Board of Directors (Minutes No. 281 of December 27, 2018).
The listed members of the Internal Audit Commission hold no shares of the Company.
The positions held by members of the Internal Audit Commission are stated as at the nomination date.
The competition to select the Company’s auditor for 2018–2020 was held in April 2018.
The list was approved by Resolution of the Government of the Russian Federation No. 613 dated July 22, 2013 and clarified by the Executive Office of the Government of the Russian Federation (No. P17-69370 dated December 29, 2018).
Order No. 851 of October 18, 2019.
In June 2019, the Audit Committee and the Board of Directors of RusHydro approved a new version of the Internal Control and Risk Management Policy (Minutes No. 291 of the Company's Board of Directors dated June 21, 2019).
Minutes No. 147/3 of the Audit Committee of RusHydro’s Board of Directors dated December 30, 2019.
Minutes No. 1133pr of the Management Board meeting dated October 9, 2018.
A new version of the Regulations was approved by resolution of the Annual General Meeting of Shareholders (Minutes No. 18 of July 2, 2019).
Minutes No. 18 of July 2, 2019.
Including personal income tax.
Excl. personal income tax.
Approved by the Company’s Board of Directors (Minutes No. 243 of November 14, 2016), amended as per Minutes No. 283 of February 21, 2019.
Including personal income tax.
A new version of the Regulations was approved by resolution of the Annual General Meeting of Shareholders (Minutes No. 18 of July 2, 2019).
Membership effective, among other things, as at December 31, 2019.
Including VAT.
The auditor’s fee for 2017 includes the review of the consolidated statements for nine months ended September 30, 2017.
