Revenue of INTER RAO UES Group According to IFRS in the First Half of 2009 Amounts to €776.3 million

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Revenue of INTER RAO UES Group According to IFRS in the First Half of 2009 Amounts to €776.3 million

Combined and consolidated balance sheet
The cost of the total assets of the Group as of June 30, 2009 increased by 2% and comprised 2.2 billion euro in comparison to the similar indicator as of December 31, 2008.  
The cost of non-current assets as of June 30, 2009 has not changed substantially comparing with the beginning of the year and amounted to 1.5 billion euro.
The cost of the Group’s current assets increased by 8%. The increase in reserve was caused by the increase in fuel reserves of JSC INTER RAO UES and CJSC Moldavskaya GRES. The growth in the accounts receivable is explained by short-term loans provided to OGK-1 and Sangtudinskaya GES-1 for the purpose of financing current investment costs of the companies.
The structure of the Group’s liabilities as of June 30, 2009 underwent changes towards the increase in the share of long-term liabilities, which was caused by the increase in long-term loans in the Group’s consolidated loan portfolio. Long-term liabilities increased by more than 1.5 times and amounted to 569 million euro comparing with the similar indicator as of the end of 2008. Short-term liabilities of the Group as of June 30, 2009 amounted to 319 million euro.
As of June 30, 2009 share capital of the Group amounted to 1.325 million euro, which is 5% less than the similar indicator as of the beginning of the reporting period (1.394 million euro). This reduction was caused mainly by the increase of the currency conversion reserve by 49%.
Combined and consolidated statement of comprehensive income
In the first half year of 2009 the revenue of INTER RAO UES Group grew by 84 million euro (12%) in comparison to the similar indicator of the previous year and amounted to 776.3 million euro.  Growth of the revenue was caused mainly by the increase in electric power sale prices and volumes in the Scandinavian energy market, as well as by the increase in generation and supply of electric power by CJSC Moldavskaya GRES (electricity supplies to Moldova and export to Romania) and Mtkvari Energy LLC (electricity supplies to Georgia).
Expenditures for current activities in the reporting period increased by 10.3% comparing with the similar period of 2008 and were 706.2 million euro. At the same time expenditures for purchase of electric power and capacity grew by 5% – up to 379 million euro, which was caused primarily by the growth of prices for electric power purchased on the domestic market of the Russian Federation for the purposes of fulfillment of obligations in the regulated electric power (capacity) market and for foreign trade operations. Fuel expenditures increased by more than double and amounted to 115 million euro, which was caused mainly by the increase in electricity output by CJSC Moldavskaya GRES and Mtkvari Energy LLC.
Operating profit of the Group in the first half year of 2009 was 75.8 million euro, profit before tax amounted to 25.4 million euro, net profit – 17.9 million euro.
Growth of the cost of loans due to the changes in the macro-economic situation on the financial markets, as well as the negative currency difference, which resulted from the re-evaluation of the assets and liabilities of the Group, nominated in foreign currencies, had a significant effect on the results of the Group’s activities.
The combined and consolidated financial statements of INTER RAO UES Group for the first half of 2009 prepared in accordance with IFRS are available on the JSC INTER RAO UES website in the section “Financial Statements” http://www.interrao.ru/eng/investor/fininfo/finmsfo/.    
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INTER RAO UES Group comprises generating and distribution assets, as well as trading companies in Russia, Armenia, Georgia, Kazakhstan, Transnistria and Finland. The total installed capacity of the electric power stations controlled by the INTER RAO UES Group is about 18,000 MW.
As the Group's holding company, JSC INTER RAO UES manages foreign assets, generates electricity at its power facilities in Russia such as Sochinskaya TES, Kaliningradskaya TETs-2, Severo-Zapadnaya TETs and Ivanovskiye PGU. The company is a major investor and a leading exporter and importer of electricity in Russia.
57.3% of the Company's share capital is owned by Rosatom State Nuclear Energy Corporation and Rosatom-controlled Energoatom Concern.


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