14.11.2008
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JSC RusHydro announces operational results for the 9 months of 2008

Financial results for 9 months of 2008 (RAS)

JSC RusHydro publishes its financial statements for the 9 months of 2008 in accordance with Russian Accounting Standards (RAS)

Financial statements as of September 30, 2008

As of September 30, 2008, the value of JSC RusHydro assets were 435 709 920 000 rubles against 194 041 167 000 rubles at the beginning of the reporting year. The Company’s shareholder equity amounted to 406 005 068 000 rubles as of September 30, 2008 against 176 755 185 000 rubles at the beginning of the reporting year. Considerable changes in the Company’s assets and shareholder equity reflected in the Company’s financial statements for the first nine months of 2008 were the results of reorganization completed at JSC RusHydro.

On July 1, 2008, JSC RusHydro consolidated JSC Irganaiskaya HPP, JSC Cascade of Nizhne-Cherek HPPs, and also JSC RusHydro State Holding Company and JSC RusHydro Minority Holding Company, which were spun off from the JSC RAO UES of Russia.

After incorporating JSC RusHydro State Holding Company, the following assets were assigned to the ownership of JSC RusHydro:

-          shares of JSC OGK-1 (21.71% of the charter capital);

-          shares of JSC Shchekinskiye CCPPs (0.033% of the charter capital);

-          shares of JSC SMUEK (4% of the charter capital);

-          shares of JSC UEUK (20.67% of the charter capital);

-          shares of JSC Energy MCC (26.44% of the charter capital);

-          100% stake in the charter capital of LLC Energy Index — RusHydro, which holds on its balance sheet the shares of targeted electric power companies, into which the shares of JSC RAO UES of Russia were converted;

-          cash from the sale of state-owned share packages in wholesale generating companies (OGK) and territorial generating companies (TGK), assigned in accordance with the Separation Balance Sheet of JSC RAO UES of Russia (approved by resolution of an extraordinary general meeting of RAO UES shareholders on October 26, 2007) in favor of JSC RusHydro.

After consolidation of JSC Irganaiskaya HPP, the following assets were assigned to the ownership of JSC RusHydro:

- shares of JSC Krasnoyarskenergosbyt (51.75% of the charter capital);

- shares of JSC Kolymaenergo (64.27% of the charter capital at the present time);

- shares of JSC Lengidroproekt (100% - 1 share);

- shares of JSC ChirkeiGESstroi (75% - 1 share);

- shares of JSC B.Ye. Vedeneyev VNIIG (1 share);

- shares of JSC NIIES (1 share);

- shares of JSC RusHydro MC (1 share);

- a stake in the charter capital of LLC ITEnergy (19.99% of the charter capital);

After incorporating JSC RusHydro Minority Holding, the following assets were assigned to the ownership of RusHydro:

- shares of JSC Energy MCC (16.09% of the charter capital);

Also, the RusHydro charter capital was enlarged through the placement of additional shares, into which the shares of JSC RusHydro were converted. The reports on the results of RusHydro additional share issues were registered by the Federal Financial Market Service of Russia on July 24, 2008.

Profit and loss account for the nine months of 2008

RusHydro’s revenues amounted to 45 498 992 000 rubles in nine months of 2008 against 31 709 322 000 rubles in the same period last year, with gross profit reaching 16 927 834 000 rubles against 7 903 408 000 rubles in the same period last year.

RusHydro’s current profit tax amounted to 5 159 818 000 rubles for the first nine months of 2008 against 1 9054 542 000 rubles in the same period last year. In January-September 2008, RusHydro posted a net profit of 12 317 453 000 rubles against 8 357 551 000 in the same period last year.

Growth in revenues is due to general increases in electricity and capacity prices (including growth of regulated tariffs), and also to an increase in the share of liberalization on the national wholesale electric power (capacity) market.

Details of the RusHydro financial statements are available at the Company’s website.

Production results for the first nine months of 2008

Installed capacity is 24 204 MW as of September 30, 2008 (excluding JSC Geoterm and JSC Kolymaenergo)[1]. Growth in installed capacity in the third quarter of 2008 was attributable to modernization of hydropower units at the Bureiskaya HPP (150 MW) and Kamskaya HPP 6 MW).

Electricity generation registered by electric meters stood at 58 564.2 million kW/hr (excluding JSC Geoterm and JSC Kolymaenergo) in the first nine months of 2008, with productive electricity supply registered by electric meters amounting to 57 457.0 million kW/hr (excluding JSC Geoterm and JSC Kolymaenergo).

RusHydro’s sales results for the nine months of 2008

RusHydro’s revenues from the sale of electricity and capacity on the national wholesale electric power (capacity) market in the nine months of 2008 amounted to 45.3 million rubles. Expenditures on the purchase of electric power and capacity market stood at 9.1 million rubles. RusHydro’s net revenues totaled 36.2 million rubles (excluding other revenues, such as revenues form thermal power sale).



[1] General installed capacity stood at 25 166 MW including JSC Geoterm and JSC Kolymaenergo.

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