JSC RusHydro published its Q1 2009 Financial Results, which were prepared in accordance with Russian Accounting Standards (RAS).

Financial Statement as of March 31st, 2009

As of March  31st, 2009, the value of JSC RusHydro’s assets totalled 457,573,010 thousand rubles – compared to 441,293,808 thousand rubles at the beginning of the reported period. The Company’s shareholder equity, as of March 31st, 2009, equalled 418,924,109 thousand rubles, an increase from 410,117,234 thousand rubles at the beginning of the reported period.

Profit and Loss Statement for the 1st Quarter of 2009

JSC RusHydro’s Q1 revenues were 19,273,669 thousand rubles against 13,953,332 thousand  rubles for the same period in 2008. Costs stood at 8,212,468 thousand rubles, a drop from the  8,543,692 thousand rubles in the same period last year.

Gross profit equalled 11,061,201 thousand rubles, a significant increase from the 5,409,640 thousand rubles in Q1 2008.

JSC RusHydro’s current profit tax for the reporting period amounted to 2,511,261 thousand rubles against 1,461,611 thousand rubles for the same period in the previous year. During the Q1 2009, JSC RusHydro’s net profits equalled 8,781,478 thousand rubles against 3,858,867 rubles during the same period in the previous year.

The growth in the Company’s Q1 2009 revenues (against same period in the previous year) was primarily due to the special investment component of the 2009 tariff, which was higher than in 2008 (the special investment component is used to finance construction of key hydro-power facilities).