Total shareholder return
Since 2016, total shareholder return (TSR), the Company’s central KPI metric, has been assessed by comparing the actual TSR values delivered by RusHydro against changes in the MOEX Russia Index, the key composite index of the Moscow Exchange (IMOEX, previously MICEX Index). Changes in the MOEX Russia Index are calculated as a relation between changes in the average Index value over the last 22 trading days of the reporting year and the average Index value of the last 22 trading days in the year preceding the reporting year. The KPI is deemed to be achieved (100% match) if the Company’s actual TSR grew faster than the MOEX Russia Index in the reporting period.
In 2018, the TSR was - 32.8%, while the MOEX Russia Index grew by 12.2% over the same period.