ОАО “IDGC of Urals”: 2008 Results under IAS

24 November 2009

Ekaterinburg (Ural Federal District, Russia) - ОАО «IDGC of Urals» (RTS and MICEX: MRKU) reports on the 2008 results under International Accounting Standards (IAS)

Revenues from services in 2008 totaled US$ 1 670.4* mln. (+12.5% on 2007). The Company's expenses in 2008 reached US$ 1 616.1 mln. (+16.3%).

Operating profit amounted to US$ 54.5 mln. (-43.2% on 2007), operating margin - 3.3%. Pre-tax profit totaled US$ 33.7 mln. (-62.3%).

Net profit reached US$ 40.3 mln. (-23.4%), net margin - 2.4%.

Table 1. Consolidated financial result of the Company in 2007-2008, US$ thous.

Item

2008

2007

Change, %

Revenues from services, US$

1 670 419.1

1 485 283.0

+12.5%

Expenses, US$

1 616 054.3

1 389 637.5

+16.3%

Operating profit, US$

54 466.9

95 887.8

-43.2%

Operating margin

3.3%

6.5%


Pre-tax profit

33 713.3

89 318.4

-62.3%

Net profit

40 309.5

52 602.9

-23.4%

Net margin

2.4%

3.5%


* Here and henceforth currency conversions are based on average exchange rates: 2008 - RUR 24.9, 2007 - RUR 25.6.

Full version of IR release can be downloaded here (pdf, 158 kb)

For 2008 accounting statements prepared under International Accounting Standards (IAS), please, visit our corporate web-site at «Financial Statements» section (or follow the link: http://www.mrsk-ural.ru/en/673).

­­­­­_________________

ОАО «IDGC of Urals»(est. in February 2005) is the main service provider responsible for energy transportation and technological connection of consumers to electric networks in Sverdlovsk, Chelyabinsk and Perm regions.

Electric network reform process in the Urals came to an end in April, 2008, and since May 1, 2008 ОАО «IDGC of Urals» is a united operating company exercising control over 3 regional subsidiaries (Sverdlovenergo, Chelyabenergo and Permenergo) as well as 3 core-asset affiliated companies (ОАО «Ekaterinburg Electric Grid Company», ОАО «Kurganenergo», ОАО «Ekaterinburgenergosbyt»).

As of 2008 the revenues from services totaled RUR 36.0 bln., net profit reached RUR 862.1 mln (under RAS). Overall energy supply in 2008 amounted to 86.3 bln. kWh, productive supply totaled 79.9 bln. kWh, energy losses reached 6.5 bln. kWh.

Common shares are traded on MICEX and in RTS in quotation lists «B». Free float is about 20%. In October, 2008 Consortium «RID-Expert RA» assigned us Corporate Governance rating at level «6».

For additional information on the Company, please, visit our corporate web-site at www.mrsk-ural.ru, as well as Complex Information Disclosure System (www.skin.ru), Interfax (www.interfax.ru), AKM (www.akm.ru).

IR Department

Tel./ Fax: (343) 293 26 58/ 293 25 84

IR@mrsk-ural.ru
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