OREANDA-NEWS. RAO "UES of Russia" has published the 2006 financial statements of OAO RAO "UES of Russia" (the Parent Company) prepared in accordance with the International Financial Reporting Standards (IFRS).

Balance Sheet as of 31 December 2006:

The Company's total assets as of 31 December 2006 were RUB341.3 billion, an increase of RUB37 billion. The Company's non-current assets in 2006 grew to RUB312.8 billion, up RUB34.5 billion, while the current assets increased by RUB2.6 billion to RUB28.6 billion as at 31 December 2006.

As at 31 December 2006, the Company's property, plant, and equipment were RUB4.2 billion, a RUB2.1 billion decrease from year-end 2005. The reduction in the Company's PP&E was due to the sale of assets to its subsidiaries and dependent companies, and contribution of assets to the SDCs' capital in the course of the RAO UES reorganization.
The Company's accounts receivable and prepayments declined over 2006 by RUB3.2 billion to RUB7.1 billion, while its accounts payable fell by RUB194 million to RUB1.5 billion.


Income Statement for the year ended 31 December 2006:

The Company's revenues in 2006 totalled RUB49.3 billion, up RUB14.1 billion compared to 2005. The increase in revenues was due to the increase in the amount of dividends declared by the subsidiaries and dependent companies, as well as the sale of the shares held by the Company.

The Company's operating costs in 2006 rose RUB1.2 billion to RUB11.2 billion.
The Company posted an operating profit of RUB38 billion in 2006, an increase of RUB12.9 billion compared to 2005.
As a result, the net income of RAO "UES of Russia" in 2006 amounted RUB28.8 billion, an increase of RUB9 billion compared to 2005. The profit growth was due to the increased amount of dividends declared by the subsidiaries and dependent companies, as well as the sale of the shares held by the Company.