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Unified Energy System

August 12, 2005

RAO "UES of Russia" releases H1 2005 financial statements

Moscow, 12 August 2005. RAO "UES of Russia" has published the financial statements of OAO RAO "UES of Russia" prepared in accordance with the Russian Financial Reporting Standards (RFRS) for the first half of 2005.

According to the income statement, the Company's operating income in the first half of 2005 amounted to RUB14,568 million, a decrease of RUB2,491 million on the same period of 2004. The cost of goods, products, works, and services sold fell during the period under review by 2.9 times to RUB1,099 million. In both cases, the reduction was mainly due to the transfer of the functions of electricity export-import operator to the Company's subsidiary, ZAO "INTER RAO UES". In this connection, in the first half of the current year, the Company's sales profit was down by RUB890 million to RUB11,339 million in year-on-year terms.

The book value of the Company's property, plant, and equipment fell by half to RUB 6,646 million. At the same time, the Company's long term financial investments grew over the period under review from RUB238,319 million to RUB257,878 million, which was due to the continued contributions to the authorized capitals of the companies established in the course of RAO UESR restructuring.

In H1 2005, the long-term accounts receivable of OAO RAO "UES of Russia" declined by RUB5,984 million to RUB26,627 million.

As at 30 June 2005, the short-term receivables of the Company stood at RUB 19,331 million, falling by RUB4,591 million in the reporting period.

The Company's accounts payable decreased by RUB12,467 million to RUB 2,788 million. This is explained by the considerable reduction in the amount of payables to other creditors, which fell to RUB11,539 million after the Company paid contributions to the authorized capitals of the newly established energy companies.

The Company's net profit in H1 2005 made RUB7,994 million.




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