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Unified Energy System

June 30, 2005

RAO "UES of Russia" releases IFRS financial statements of Group of RAO "UES of Russia" for 2004

Moscow. 30 June 2005. RAO "UES of Russia" has published the interim consolidated financial statements of RAO "UES of Russia" Group prepared in accordance with the International Financial Reporting Standards (IFRS)* for year 2004.

Consolidated Balance Sheet as at 31 December 2004:

As at 31 December 2004, the property, plant and equipment of RAO "UES of Russia" Group stood at RUB892,881 million, an increase of RUB20,702 million from RUB872,179 million in 2003. The increase in the Property, Plant and Equipment balance was due to the fact that capital expenditure amount was much greater than the depreciation, disposals and equipment impairment.

The Group's total assets increased in 2004 by RUB39,457 million to RUB1,126,998 million as of 31 December 2004. Of this amount, the Group's non-current assets amounted to RUB932,409 million, up RUB29,953 million, and the current assets amounted to RUB194,589 million, an increase of RUB9,504 million on 2003.

The accounts receivable grew RUB 5,902 million to RUB 111,242 million as of 31 December 2004. The increase in the accounts receivable was primarily due to the increase in the amount of reclaimable VAT .

The accounts payable declined by RUB5,893 million to RUB83,865 million.

Consolidated Statement of Operations for year ended 31 December 2004:

The Group's revenues in 2004 made RUB679,657 million, an increase of RUB 86,508 million (or 14.6%) compared to 2003.

The Group's costs and deductions in 2004 grew by RUB70,891 million, or 13.4%, to RUB599,563 million.

Over the reporting period, the Group's income from operations grew in year-on-year terms by RUB 15,617 million (24.2%) to RUB80,094 million. Such an increase was due to the fact that the revenues grew faster than the costs and other deductions.

Income before profit tax and minority interest amounted to RUB62,947 million, up RUB13,911 million, or 28.4%, on 2003. The net income (without taking into account the minority interests) grew in 2004 by RUB 18,568 million (76.5%) to RUB42,850 million.

In 2004, the Group's net income amounted to RUB 31,949 million, an increase of RUB 4,966 million, or 18.4%, from RUB 26,983 million in 2003.

Consolidated Cash Flow Statement for 2004

The net cash generated by operating activities in 2004 amounted to RUB81,356 million, an increase of RUB323 million on 2003.

Throughout 2004, there was a trend towards considerable increase in the amount of investments in fixed assets. In 2004, the net cash allocated by the Group fir investment activities made RUB 83,984 million, an increase of RUB 22,415 million compared to 2003.

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


* RAO UES Group consists of RAO "UES of Russia" and its subsidiaries and dependent companies. The financial statements of the Group of RAO "UES of Russia" in accordance with IFRS/IAS have been prepared since 1997.




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