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Rosseti North-West

March 28, 2008

The Audit Committee completed IDGC of the North-West's activity check

According to the conclusion, the Audit Committee has reasonable grounds for acknowledgement of the reliability of the data containing in the annual report of the Company, and annual accounting reporting.

The Audit Committee completed check of IDGC of the North-West's activity. It inspected financial and economic activity of the Company on the basis of the results of the year 2007. The Company's proceeds received for 2007 from sales of goods, works, and services equal 258.3 million rubles.

The cost price of the sold goods, works and services equaled 233.8 million rubles, the profit from sales beginning from 1 January to 31December 2007 amounted to 24.5 million rubles. For 2007 the net profit of the Company equaled 1.16 million rubles.

The balance cost of the Company's assets as of 31 December 2007 equaled 65.8 million rubles.

As of 31 December 2007, the total sum of the debts receivable amounted to 31.3 million rubles; accounts payable equaled 29.3 million rubles. Debt receivable - accounts payable ratio of IDGC of the North-West as of the end of 2007 equaled 1.07.

Solvency and liquidity of the Company in the accounting period is characterized by the following data: absolute liquidity ratio equaled 0.40 that corresponds to the recommended value (0.15-0.5), acid test ratio exceeded the recommended one and equaled 1.81 (0.3-0.7). The current liquidity ratio is below the recommended one - 1.02 (> 2).

On the basis of the held check, the Audit Committee of IDGC of the North-West headed by Chief of the Internal Audit Department of the RAO UES of Russia Corporate Center S. Sidorov has the reasonable grounds for acknowledgement of reliability of the data containing in the annual report of the Company, and its annual accounting reporting.

 

 

 

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