OREANDA-NEWS. On April 23, 2009 WGC-3 Group announced its consolidated financial statements for the year ended December 31, 2008 prepared in accordance with IFRS, reported the press-centre of WGC-3.

Total Revenue increased by RUR 5,027 million or by 15.0% up to RUR 38,424 million in 2008.
Revenues from sales of electricity and capacity comprised 97.6% and 96.9% of Total Revenues in 2008 and 2007 respectively. In 2008 Revenues from sales of electricity and capacity grew by RUR 5,139 million or by 16.0% up to RUR 37,496 million. The growth was primary driven by: general increase of tariffs and growth of prices on unregulated market.

Operating Expenses increased by RUR 3,995 million (13.0 %) up to RUR 35,657 million. In 2008 Fuel costs represented the major part of Operating Expenses (49.0%). Fuel purchase and transportation costs grew by 24.0% (RUR 3,427 million) up to RUR 17,786 million in 2008.

Profit before Income Tax decreased by RUR 763 million (8.0%) down to RUR 8,453 million in 2008.  Excluding effect of impairment loss in 2008  and effect of impairment reversal in 2007 Profit before Income Tax grew by RUR 4,510 million (85.0%)

Net Profit decreased by RUR 7 million (0.1%) down to RUR 6,721 million in 2008.

Total Assets decreased by RUR 1,849 million down to RUR 105,395 million as of December 31, 2008. Total non-current assets increased by RUR 20,861 million up to RUR 45,802 million. Total current assets decreased by RUR 22,710 million down to RUR 59,593 million.