The consolidated financial statements under IFRS for 2009 presents the consolidated statement on the financial position of the Group MOESK as at 31 December 2009, consolidated statements on the comprehensive income, on changes in equity and on cash flow for 2009 and shows congruent indicators of the Group's activity for 2008.

In comparison with 2008, many financial indicators have shown a significant growth: the operations-related profit of the Company in 2009 increased 2 times, EBITDA - by 62 %, and net profit - by 49.7%. The operating income margin was 24%, net margin - 12%.

According to the statements, the Company's earnings in 2009 grew by 31% to RUR 85.83 billion. It includes earnings related with electric power transmission services in the amount of RUR 74.9 billion, earnings related with the services of engineering connection to electric grids of the Group in the amount of RUR 10.04 billion, and other earnings in the amount of RUR 0.89 billion.

These dynamics is explained by an increase in the volumes of electric power productive supply, developed and implemented program of anti-recessionary measures aimed to decrease costs, and successful implementation of purchasing procedures in the reporting period.

The amount of the Company's operating costs for 2009 increased by 15.9% in comparison with this indicator for 2008 and equaled RUR 66.44 billion. The growth of operating costs is mainly explained by the growth of expenses for compensation of electric power losses, services of TGEs (territorial grid entities), amortization and remuneration paid to the personnel.

Table 1. Summary information showing the main results of the Group MOESK performance under IFRS for 2008-2009

‘000 RUR

Please see more detailed information on the statements in the respective section of the block “Shareholders and Investors” on the Company’s corporate website www.moesk.ru