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JSC RusHydro compiles a preliminary summary of the results of its activities in 2008

JSC RusHydro has compiled its preliminary summary of the production and financial results of the company’s activities in 2008.

The results for 2008 indicate that the hydro-electric power stations of JSC RusHydro operated with an aggregate installed capacity of 25,171 MW, that the electric power generated by the company’s hydro-electric power stations amounted to 80,272.8 million kWh and that the productive supply of electric power was 78,664.9 million kWh.

According to the forecast for 2009, the output of electric power by the company’s hydro-electric power stations will reach 81,214. 4 million kWh and the productive supply of electric power — 79,282 million kWh.

In 2008, JSC RusHydro’s revenues from the sale of electric power on the wholesale market amounted to 62,133,281,000 roubles; costs of purchasing electric power — 11,528,496 thousand roubles; net profit — 50,604,785,000 roubles; actual payment level — 98% and the total sum of accounts receivable — 1.33 billion roubles.

The forecast performance indicators for JSC RusHydro in 2009 envisage company revenues from sale of electric power on the wholesale market in the amount of 80,645,533,000 roubles, costs of purchasing electric power — 11,767,796,000 roubles and total net revenues in the amount of 68,877,737,000 roubles.

As of the end of 2008, the Company’s equity capital amounted to 410,360,816,000 roubles and depreciation to 7,362,851 thousand roubles. The forecast for the end of 2009 suggests an increase in the Company’s equity capital to 453,106,668,000 roubles and in depreciation to 8,503,183,000 roubles.

According to the forecast, in 2008, revenues from JSC RusHydro core business according to Russian Accounting Standards amounted to 61,877,186,000 roubles, with profits from sales totalling 23,639,394,000 roubles. In 2008, JSC RusHydro made a net profit in the amount of 16,262,856,000 roubles.

According to the forecasts for 2009, JSC RusHydro revenues from its core business will go up to 81,080,340,000 roubles, while profits from sales will increase to 39,789,608 thousand roubles and net profit to 28,095,852 roubles.

On 23 January, 2009, the Board of Directors of JSC RusHydro approved the modified version of the Investment Programme for 2008.

The Investment programme for 2008 was approved on 19 May, 2008 by the Company’s Board of Directors in the amount of 78,145 million roubles and envisaged commissioning  of generating capacity in a volume of 411 MW. In connection with the financial difficulties encountered in the course of the Investment Programme implementation, the volume of funding, schedules and volumes of commissioning were adjusted. Financing of the modified Investment Programme for 2008 was reduced by 22,627 million roubles and amounted to 55,518 million roubles; comissioning of generating capacity was cut by 86 MW compared with the planned volume and amounted to 325 MW.

By resolution of the Board of Directors of JSC RusHydro dated 23 January, 2009, the Investment programme of the Company was approved for 2009 to the sum of 79,578 million roubles, envisaging comissioning of generating capacity in the amount of 145 MW.

Financial&Business Results for 2008 - Presentation

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