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May 18, 2001

AO MOSENERGO to pay 7.5 billion rubles in 2002, to service its debt

2002 will be a difficult year for AO MOSENERGO, as it will have to pay 7.5 billion rubles to service its debt, said Aleksandr Remezov, general director of AO MOSENERGO, at the annual shareholder meeting which is currently being held in Dzerzhinsk, Moscow region. According to the company's financial statements, accounts payable went down by 21.8 percent to 11,388,252,000 rubles, and accounts receivable shrank by 18.1 percent to 14, 459 billion rubles.

According to Remezov, in 2002, AO MOSENERGO is going to redeem eurobonds worth 155 million dollars. The total issue of AO MOSENERGO's eurobonds is worth 200 million dollars. Earlier, AO MOSENERGO paid 45 million dollars to buy out its eurobonds. In addition, the company will have to pay 2.7 billion rubles to Mezhregiongaz, to pay for gas it has consumed. AO MOSENERGO will also have to pay 600 million rubles on bank credits, which it borrowed to beef up current assets, particularly from Sberbank. In 17-18 months time, the company will have to pay 7.5 billion rubles, 450 million rubles per month, Remezov said. "This is a payment for the 'sweet life' that lasted from 1997 to 2000," he said.

AO MOSENERGO will pay for these debts relying on its own resources. In particular, the company will more actively deal with receivables, which already have been cut by 6 percent in the first quarter and by the same amount in April.

AO MOSENERGO will be conduct more dynamic policy towards energy re-sellers. It has also invigorated its budgeting practices. In the first quarter company expenditures went down by 400 million rubles. In addition, the company is re-organizing its structure: five non-profile branches will be transformed into subsidiaries and two branches will be merged.




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