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Unified Energy System

November 11, 2003

RAO UES Group releases its financials for H1 2003

Moscow. 11 November 2003. RAO "UES of Russia" has published the interim consolidated financial statements of the Group of RAO "UES of Russia"* prepared in accordance with the International Accounting Standards (IAS) for the first half of 2003.

The H1 2003 financials of RAO UES Group include the following:

Consolidated Balance Sheet as of 30 June 2003:

As of 30 June 2003, the aggregate assets of the Group of RAO "UES of Russia" were RUB1,075 billion, including RUB898 billion in capital assets and RUB177 billion in current assets.

The accounts receivable of RAO UES Group totalled RUB106 billion, up RUB13 billion (or 14.0%) compared to year-end 2002. That was due to the seasonal increase in advances paid to suppliers and R&M contractors. In the first half of 2003, the Group's accounts payable declined 1.1% to RUB174 billion.

Consolidated Income Statement for H1 2003

The operating income of RAO "UES of Russia" Group in the first half of 2003 amounted to RUB 300.8 billion, an increase of RUB59.6 billion as compared to the same period of 2002. The Group's operating expenses in H1 2003 grew RUB35.9 billion to RUB264.0 billion. Such increase in the expenses was due to higher fuel costs and higher cost of purchased electricity, which together account for 72.1% of the increase, or RUB25.9 billion.

As a result, the Group had an operating profit of RUB36.9 billion in H1 2003, an increase of almost 2.8 times from RUB13.1 billion in H1 2001

The Group's net profit in H1 2003 was RUB16.9 billion, down from RUB18.8 billion in H1 2002, when the Group's net profit was primarily affected by the financial effect of the revenue from assessment of the deferred corporate income tax as a result of capital assets revaluation as of 1 January 2002.

Consolidated Cash Flow Statement for H1 2003:

The cash flow from operating activities in the first half of 2003 totalled RUB31.7 billion. The Group allocated RUB22.0 billion for investments. It should be noted that the Group funded its investment with the cash flow from core operations.

The Group accelerated repayment of both short-and long-term loans. The amount of loans repaid in H1 2003 exceeded the amount of loans raised by 3.7 times in year-on-year terms.

The financial statements have been audited by KPMG, approved as the Group's external auditors by the AGM of RAO "UES of Russia" shareholders.

* The Group includes RAO "UES of Russia" as the Parent Company, the regional energos, power plants, and other subsidiary and dependent companies. The financial statements of RAO UES Group under IAS have been prepared since 1997.
** The financial statements of RAO "UES of Russia" have been prepared taking into account the purchasing power of the Russian Ruble as at 30 June 2003.

 

 

 

 

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