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Unified Energy System

August 11, 2003

RAO "UES of Russia" releases H1 interim financials (under RAS)

Moscow, 11 August. RAO "UES of Russia" has published its interim financial statements prepared in accordance with the Russian Accounting Standards (RAS) for the first half of 2003.

According to H1 2003 balance sheet, the operating income of RAO "UES of Russia" increased to RUB 30.5 billion from RUB23.9 billion in the same period last year. At the same time, the cost of goods, works, and services sold increased 1.7 times to RUB13 billion from RUB7.7 billion. The Company's sales profit grew RUB 0.9 billion year on year in H1 2003.

Over the reporting period, the accounts payable of RAO "UES of Russia" decreased more than twofold to RUB16.6 billion from RUB44.7 billion. Such decrease in the payables was due to the payment of amounts owed as contributions to the capital of the newly established companies: OAO "UES FGC", OAO "UES SO-CDA", OAO "Kirishskaya TPP", etc.

As at 30 June 2003, the accounts receivable of RAO "UES of Russia" was RUB 36,6 billion from RUB22.3 billion as at the start of 2003. The receivables increased as a result of reclassification of the balance sheet accounts in the amount of RUB12.7 billion, and the dividends accrued in the Company's books.

In H1 2003, the net operating profit of RAO "UES of Russia made RUB 11.6 billion, down RUB11.1 billion from the same period last year. This was because the Company's profit posted for 2002 as a result of repayment of the Russian Federation's debt owed to the Czech Republic (the transaction was performed in accordance with the Resolution of the Russian Government on repayment of the national debt to the Czech Republic).




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