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Unified Energy System

December 21, 2005

RAO "UES of Russia" releases IFRS consolidated interim financial statements of RAO UESR Group for H1 2005

Moscow, 21 December 2005. RAO "UES of Russia" has published the consolidated interim financial statements of RAO "UES of Russia" Group (the "Group")* for the first half of 2005 prepared in accordance with the International Financial Reporting Standards (IFRS).

Consolidated Interim Balance Sheet as at 30 June 2005:

In H1 2005, the Group's total assets grew RUB55.3 billion to RUB1,182.3 billion as at 30 June 2005. Of this amount, the Group's non-current assets made RUB959.3 billion, up RUB26.9 billion from year-end 2004, while the current assets increased by RUB28.5 billion to RUB223 million.

The increase in the Group's non-current assets was due to the fact that capital expenditures were in excess of depreciation charges, disposals and impairment charges, as well as growth of advances for capital construction and equipment purchase. The bulk of the fixed assets increase was due to the construction of HV transmission lines in some areas of Russia and the acquisition of the Moldavskaya TPP and ZAO "Armenia Electricity Grids".

As at 30 June 2005, the Group's accounts receivable totalled RUB142.2 billion, up RUB31 billion from year-end 2004. In particular, the receivables were influenced by the seasonal growth in advances issued to suppliers and repair and maintenance contractors, tax prepayments and increase in tax prepayments by the entities undergoing restructuring, and the seasonality of receivables collection.

The Group's accounts payable in H1 2005 grew RUB9.6 billion to RUB93.4 billion. Such a change in the payables was due to the seasonal increase in the amounts owed to suppliers, as well as the dividends payable by the Group's subsidiaries.

Consolidated Interim Statement of Operations for the six months ended 30 June 2005:

The Group's total revenues in H1 2003 grew RUB48.4 billion (14%) compared to the same period last year to RUB391.1 billion. Overall, the increase in the Group's revenues during the reporting period was due to the increase in the sales of electricity and heat by 2.5% and 4%, respectively, along with increased electricity tariffs.

At the same time, the Group's operating costs grew in H1 2005 by RUB48.9 (16%) to RUB349.7 billion. The costs were most significantly affected by a 12-percent rise in fuel prices and 5-percent increase in fuel consumption (the electricity tariffs grew by an average of 8.5% nationally). Simultaneously, there was a 4-percent increase in the consumption by the Group's entities of purchased electricity, whose price grew 5% during the period under review. Another factor contributing to the Group's increased expenses was the increase in electricity and heat distribution tariffs set by municipal authorities, as well greater amounts of electricity transmitted. In H1 2005, the Group's expenditures on this item reached RUB5.9 billion, up 35% compared to the same period last year.

With the Group's expenditures exceeding revenues, the operating profit during the period decreased by RUB469 million to RUB41.4 billion. The Group's profit before tax amounted to RUB33.2 billion, down RUB2.8 billion.

The H1 2005 profit for the period made RUB16.4 billion, a decrease of RUB5.8 billion compared to H1 2004, including the Group's profit for the period attributable to shareholders of RAO UES of RUB10.7 billion in H1 2005 (H1 2004: RUB15.4 billion). The decrease in net profit was largely due to the increased interest expenses on the additional loans and debt issues, and the increase in the effective profit tax rate owing to the non-recognition of deferred tax assets in the spin-off companies due to the lack of the companies' activity in the previous periods.

Consolidated Cash Flow Statement for the Six Months Ended 30 June 2005

In H1 2005, the Group allocated RUB42 billion in funds for investments, up RUB15.3 billion year-on-year.

The financial statements were audited by ZAO "PricewaterhouseCoopers Audit", approved as the Group's external auditors by the AGM of RAO "UES of Russia".


* The Group includes RAO "UES of Russia" (the Parent Company), the regional energos, power plants, and other subsidiaries and associates. The Group's IAS/IFRS financial statements have been prepared since 1997.




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