14.08.2008
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JSC RusHydro sums up the results of operations for the first six months of 2008

Financial results during the first six months of 2008

JSC RusHydro has prepared its financial reporting for the first six months of 2008 in compliance with the Russian Accounting Standards (RAS).

Balance sheet as of 30 June, 2008

As of 30 June, 2008, the assets of JSC RusHydro amounted to 353,090,839,000 roubles. The Company’s equity capital, as of 30 June, 2008, stood at 301,025,805,000 roubles, compared to 176,755,185,000 roubles at the opening of the year, the rise deriving from an increase in the authorised, supplementary and reserve capital as a result of the absorption of 20 companies in January 2008.

Profit and loss statement for the first six months of 2008

JSC RusHydro’s revenues for the first six months of 2008 amounted to 29,304,658,000 roubles, with gross profits standing at 11,003,800,000 roubles, as a result of profits received from JSC RusHydro sales for the first six months of 2008. The current profit tax of JSC RusHydro for the same period of 2008 amounted to 3,051 055,000 roubles. Over the first six months of 2008, JSC RusHydro received net profits totalling 7,959,880,000 roubles.

Performance results for the first six months of 2008

During the first six months of 2008, JSC RusHydro hydroelectric power stations operated an aggregate installed capacity of 25,011.6 MW, while the Company’s hydroelectric power stations produced 40,466.9 million kWh of electricity, with a productive electric power supply of 39,612.1 million kWh.

The hydrological situation and operating regimes established by Rosvodoresursy (Russian water resources) during the first six months of 2008 were less favourable for electric power generation by JSC RusHydro hydroelectric power stations. At the same time, in the second quarter, the inflow of water into most of the reservoirs of the Volga-Kama Cascade of HPPs was 15-45% less than the annual average and that of the Siberian rivers — 15‑50% less. The overall water flow into the reservoirs of the Volga-Kama Cascade of HPPs was 131 Km3, compared to an annual average of 161 Km3.

Results of JSC RusHydro’s activities on the New Electric Power (Capacity) Wholesale Market during the first six months of 2008

During the first six months of 2008, JSC RusHydro’s revenues from the sale of electric power on the wholesale market amounted to 29,180 million roubles. The costs of purchasing electric power on the New Electric Power (Capacity) Wholesale Market totalled 5,925.4 million roubles, while JSC RusHydro’s net revenues stood at 23,254.4 million roubles (exclusive of other incomes, including incomes from sale of thermal energy).

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