Rushydro held Investor Day today. Key negative outcome - the management firmly stated that it does not plan to change its current dividend policy that pegs dividend payout to the reported net income, with no adjustments. This essentially cancels previous discussions in media that RusHydro might peg its dividend to less volatile earnings numbers, e.g. EBITDA. NEGATIVE as this puts dividend for 2017 at risk as the reported net income is largely affected by 1). Impairments; 2). Revaluation of forward contract with VTB. Another -ve outcome - the company does not rule out small share placement in the state's favour in order to finance some projects in Far East. Not clear what for given that 1). HYDR already raised RUB55bn from VTB for Far East; 2). The company has modest debt burden (1.4x net debt/EBITDA) and hence it would be more logical to finance new projects with cheap debt.