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Unified Energy System

August 4, 2004

RAO "UES of Russia" releases H1 2004 financial statements prepared in accordance with Russian Accounting Standards

Moscow, 4 August 2004. RAO "UES of Russia" has published the financial statements of OAO RAO "UES of Russia" prepared in accordance with the Russian Accounting Standards (RAS) for the first half of 2004.

According to the H1 2004 balance sheet, the operating income of OAO RAO "UES of Russia" decreased to RUB17.059 billion from RUB30.496 billion in the same period last year. At the same time, the cost of goods, works, and services sold decreased four times to RUB3.209 billion from RUB12.961 billion. In H1 2004, the Company's sales profit declined by RUB3.835 billion year-on-year to RUB12.228 billion. This was due to the decrease in revenues and subscription fee cost in connection with the establishment of OAO "UES FGC" and introduction of a separate tariff of that company, as well as to the transfer of part of the electricity export contracts to ZAO "INTER RAO UES", and some of the Company's branches no longer selling electricity and heat in connection with the formation of OAO "Kharanorskaya TPP", OAO "Saratovskaya HPP", and OAO "Nizhegorodskaya HPP".

Over the reporting period, the accounts payable of OAO RAO "UES of Russia" decreased more than twofold to RUB10.989 billion from RUB23.109 billion. Such a decrease in the payables was due to payment of the amounts owed as contributions to the authorized capital of the newly established companies: OAO "Saratovskaya HPP" and OAO "Nizhegorodskaya HPP".

As at 30 June 2004, the accounts receivable of OAO RAO "UES of Russia" was RUB 42.562 billion compared to RUB35.789 billion as at the start of 2004. The increase in the accounts receivable was due to the emergence of debt on the joint investment contract with OAO "Bureyskaya HPP".

The Company's net operating profit in H1 2004 was RUB10.615 billion, down RUB 0.799 billion on the same period last year, which was due to the decrease in the sales profit.

 

 

 

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