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MOSENERGO (TGC-3)

December 6, 2001

AO MOSENERGO acting general director Arkady Yevstafyev and deputy general director for economic issues Vladislav Nazin met analysts from leading financial and investment companies

The meeting focused on summarizing the results of AO Mosenergo's financial and economic activities during the first nine months of 2001 and discussing the company's future prospects.

During the reported period sales on shipment basis amounted to 29.5 billion rubles (last year – 20.1 billion rubles). Production costs on shipment basis equaled 24.08 (the first nine months of 2000 – 17.9 billion rubles). During the first nine months of 2001, net profit on shipment basis was 1.68 billion rubles (last year this figure was negative – 0.018 billion rubles).

Based on 2001 results the sales on payment basis were expected to amount to 45.2 billion rubles (actual 200 figures – 33.16 billion rubles). The profit before taxes on payment basis I was expected to reach 4 billion rubles (actual 200 figures – 3.13 billion rubles). AO Mosenergo's net 2001 profit was forecasted at 1.9 billion rubles (actual 2000 figures – 1.44 billion rubles).
Results of budget settlements were favorable. There were no outstanding debts on the company's books.

In 2001, AO Mosenergo was expected to generate 71 billion kWt·h of electricity (in 2000 – 68.9 billion kWt·h). In 2001, the company shipped to clients 53.3 billion kWt·h of electricity and 66.2 million GCal.

Yevstafyev pointed out that AO Mosenergo possesses substantial potential in operating capacities for supplying heat and electricity to any consumer from the Moscow region or the wholesale market. The company ensured the stable supply of fuel to electric stations in the fourth quarter. Actual stocks of fuel at AO Mosenergo electric stations as of December 1, 2001, exceeded norms set for the company by RAO UES, Moscow and Moscow region governments.

Yevstafyev also stressed that the company's priority has been to heed consumer and investors' interests. In this respect Yevstafyev has particularly stressed the forthcoming restructuring of the Russian energy system which has assigned a special responsibility to the company's activities in general and investment policy in particular. Special work groups within AO Mosenergo are on top of the development of specific problems related to key areas of the restructuring. The results of this work will be summarized and analyzed no later than March of 2002, but the company will promulgate its own restructuring plan that will maximally take into account the interests of shareholders and consumers.

AO Mosenergo management stresses that any reforms in the company will take place in accordance with current Russian legislation extending to joint-stock companies and other legal acts.

 

 

 

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