Financial results
DEMERGER BALANCE SHEET OF OAO RAO "UES OF RUSSIA"
Attached to the Annual Report for 2007 in an extra booklet.

The demerger balance sheet contains complete information about the property, rights and obligations of the Company being reorganized (OAO RAO "UES of Russia"), as well as the provisions on legal succession in respect of all liabilities of the Company being reorganized towards all of its creditors and debtors, including the liabilities contested by the parties.

The Demerger Balance Sheet consists of the following documents:

  • Balance Sheet (Form No. 1) of OAO RAO "UES of Russia" as of the date of preparation of the Demerger Balance Sheet of 31 March 2007;
  • Inventory List for recording the assets and liabilities on the Demerger Balance Sheet;
  • Rules for the Distribution of Property, Rights and Obligations During the Period of Reorganization of OAO RAO "UES of Russia" by way of spin-off or simultaneous spin-off and merger ("Rules of Legal Succession");
  • The "Equity and Reserves" form in respect of the Companies Being Reorganized, Spun-Off and Spun-Off/Merged;
  • Lists of property, rights and obligations in respect of the Companies Being Reorganized, Spun-Off and Spun-Off/Merged;
  • Balance Sheets of the Companies Being Reorganized, Spun-Off and Spun-Off/Merged.

The Demerger Balance Sheet was prepared based on the following provisions:

  • all companies of the intended sector structure will receive assets recorded on the balance sheet of OAO RAO "UES of Russia" as of 31 March 2007, that are necessary for their operation and supporting technological process;
  • OAO "UES FGC" and OAO "HydroWGC" will receive assets recorded on the balance sheet of OAO RAO "UES of Russia" as of 31 March 2007 that are sufficient to cover the deficit in their respective approved investment programmes for the period until 2010;
  • it is necessary to ensure that the stakes held by the Russian Federation in the capitals of OAO "UES FGC" and OAO "HydroWGC" are in accordance with the Russian laws (after the reorganization of OAO RAO "UES of Russia", taking into account the funds allocated from the federal budget of the Russian Federation);
  • ensuring that OAO "IDC Holding" and OAO "RAO Energy Systems of the East" to be spun off from RAO "UES of Russia" have assets sufficient for their operation;
  • OAO RAO "UES of Russia" should be able to meet its liabilities until its liquidation.

The complete set of documents comprising the Demerger Balance Sheet of OAO RAO "UES of Russia" is available for review at 119526, Moscow, Prospekt Vernadskogo 101, bldg. 3. as well as at RAO "UES of Russia" web site, www.rao-ees.ru, in the Investors and Shareholders Section.

Demerger Balance Sheet of OAO RAO "UES of Russia" as of 31.03.2007 (aggreg) (RUB millions)

Balance sheet items

OAO
"HydroWGC
Minority Holding"

OAO
"State Holding"

OAO
"HydroWGC
State Holding"

OAO
"Intergeneratsiya"

OAO
"Inter
RAO UES
Holding"

OAO
"WGC-1
Holding"

OAO
"WGC-2
Holding"

OAO
"WGC-3
Holding"

OAO
"WGC-4
Holding"

OAO
"WGC-6
Holding"

OAO
"TGC-1
Holding"

OAO
"TGC-10
Holding"

OAO
"TGC-11
Holding"

OAO
"Kuzbassenergo
Holding"

OAO
"Yeniseyskaya
TGC Holding"

OAO
"TGC-14
Holding"

OAO
"TGC-2
Holding"

OAO
"Mosenergo
Holding"

OAO
"TGC-4
Holding"

OAO
"TGC-6
Holding"

OAO
"Volzhskaya
TGC Holding"

OAO
"SGC TGC-8
Holding"

OAO
"TGC-9
Holding"

OAO
"UES FGC
Minority
Holding"

OAO
"WGC-5
Holding"

OAO
"Sibenergo-
holding"

OAO
"TGC-5
Holding"

OAO
"RAO Energy
Systems of
the East"

OAO
"IDC Holding"

OAO
"Centrenergo-
holding"

OAO
RAO "UES
of Russia"

ASSETS

                                                            
I. NON-CURRENT ASSETS                                                                      
Intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,8

Fixed assets

-

376,8

-

21,6

149,7

72,3

-

-

-

-

-

-

-

-

-

5,3

-

3,8

-

-

-

-

-

196,9

-

6,1

-

-

61,6

66,2

476,9

Investments in non-current assets

60,4

96,7

103,6

12,7

300,1

3,0

13,0

2,8

15,0

8,9

3,0

3,5

-

-

-

1,3

16,0

9,1

67,4

4,8

-

163,7

5,0

58,9

-

3,6

-

111,9

2 558,8

39,0

203,3

Long-term financial investments

25 451,4

234 834,8

91 676,2

29 894,3

26 872,2

1 153,3

25 164,2

19 852,6

30 364,9

27 374,7

213,4

226,8

2 608,4

7 019,5

113,6

56,0

3 168,6

24 400,0

5 937,3

5 819,3

666,9

5 448,3

6 886,9

35 119,7

57 727,6

4 571,5

16 171,2

41 142,3

128 551,8

117 194,5

50 623,4

Other non-current assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

TOTAL for Section I

25 511,8

235 308,3

91 779,8

29 928,6

27 322,0

1 228,6

25 177,2

19 855,4

30 379,9

27 383,6

216,4

230,3

2 608,4

7 019,5

113,6

62,6

3 184,6

24 412,9

6 004,7

5 824,1

666,9

5 612,0

6 891,9

35 375,5

57 727,6

4 581,2

16 171,2

41 254,2

131 172,2

117 299,7

51 305,4

II. CURRENT ASSETS              
Inventories

0,1

58,0

0,3

3,8

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

35,3

-

1,1

-

0,3

33,5

11,6

382,1

Value Added Tax on goods purchased

6,3

12,4

10,2

1,5

15,5

-

-

-

-

-

-

-

-

-

-

-

-

-

11,8

-

-

-

-

7,5

-

0,4

-

13,6

425,9

4,5

189,7

Accounts payable (payment expected beyond 12 months)

1 373,4

751,8

2 461,3

226,4

3 684,2

-

-

-

-

-

-

-

-

-

2,2

-

-

-

-

-

-

-

-

21,1

-

63,4

-

127,1

387,8

693,1

2 595,9

Accounts receivable (payments expected within 12 months)

1 128,1

25,8

1 861,9

121,0

6 851,5

6,1

12,4

22,2

10,4

0,7

12,4

21,9

22,4

25,4

23,2

24,1

7,4

12,5

-

20,6

1,3

29,2

18,0

0,9

-

34,7

-

75,9

792,0

372,7

13 504,9

Short-term financial investments

-

-

-

-

-

-

-

-

-

15,8

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

88,0

-

14 243,6

Cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

- 

- 

- 

- 

-

-

-

50,0

100,0

-

2 292,4

Other current assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

- 

- 

- 

-

-

-

-

-

-

-

TOTAL for Section II

2 507,9

848,0

4 333,7

352,7

10 551,2

6,1

12,4

22,2

10,4

16,5

12,4

21,9

22,4

25,4

25,4

24,1

7,4

12,5

11,8

20,6

1,3

29,2

18,0

64,8

-

99,6

-

266,9

1 827,2

1 081,9

33 208,6

TOTAL ASSETS

28 019,7

236 156,3

96 113,5

30 281,3

37 873,2

1 234,7

25 189,6

19 877,6

30 390,3

27 400,1

228,8

252,2

2 630,8

7 044,9

139,0

86,7

3 192,0

24 425,4

6 016,5

5 844,7

668,2

5 641,2

6 909,9

35 440,3

57 727,6

4 680,8

16 171,2

41 521,1

132 999,4

118 381,6

84 514,0

III. EQUITY AND RESERVES                
Charter capital

139,5

2 271,5

2 271,5

1 516,4

21 558,5

139,5

139,5

139,5

139,5

139,5

139,5

139,5

139,5

139,5

14,0

14,0

139,5

139,5

139,5

139,5

139,5

139,5

139,5

139,5

6 400,9

416,6

856,4

21 558,5

43 116,9

452,3

21 558,5

Treasury shares repurchased from shareholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

- 76,1

Additional capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Legal reserve

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3 234,2

Undistributed profit (uncovered loss)

27 880,2

233 881,9

93 840,4

28 764,8

16 314,7

1 095,0

25 048,0

19 734,5

30 249,3

27 260,5

87,2

109,0

2 487,6

6 901,2

121,1

69,4

3 051,3

24 284,0

5 877,0

5 702,0

528,5

5 501,7

6 767,4

35 300,8

51 326,7

4 264,1

15 314,8

19 962,6

89 882,5

117 928,7

49 242,7

TOTAL for Section III

28 019,7

236 153,4

96 111,9

30 281,2

37 873,2

1 234,5

25 187,5

19 874,0

30 388,8

27 400,0

226,7

248,5

2 627,1

7 040,7

135,1

83,4

3 190,8

24 423,5

6 016,5

5 841,5

668,0

5 641,2

6 906,9

35 440,3

57 727,6

4 680,7

16 171,2

41 521,1

132 999,4

118 381,0

73 959,3

IV. NON-CURRENT LIABILITIES          
Borrowings and bank loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

409,3

Deferred tax liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

805,3

Other non-current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

155,1

TOTAL for Section IV

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1 369,7

V. CURRENT LIABILITIES
Borrowings and bank loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6 439,5

Accounts payable

-

2,9

1,6

0,1

-

0,2

2,1

3,6

1,5

0,1

2,1

3,7

3,7

4,2

3,9

3,3

1,2

1,9

-

3,2

0,2

-

3,0

-

-

0,1

-

-

-

0,6

2 354,9

Income payable to members (founders)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

130,5

Income of future periods

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

260,1

Reserves for future expenses and payments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

TOTAL for Section V

-

2,9

1,6

0,1

-

0,2

2,1

3,6

1,5

0,1

2,1

3,7

3,7

4,2

3,9

3,3

1,2

1,9

-

3,2

0,2

-

3,0

-

-

0,1

-

-

-

0,6

9 185,0

TOTAL LIABILITIES AND EQUITY:

28 019,7

236 156,3

96 113,5

30 281,3

37 873,2

1 234,7

25 189,6

19 877,6

30 390,3

27 400,1

228,8

252,2

2 630,8

7 044,9

139,0

86,7

3 192,0

24 425,4

6 016,5

5 844,7

668,2

5 641,2

6 909,9

35 440,3

57 727,6

4 680,8

16 171,2

41 521,1

132 999,4

118 381,6

84 514,0

Equity and Reserves

Balance sheet items Line code

Ord. shares as at 31 March 2007

 OAO RAO
"UES of Russia"		 OAO "Centr-
energoholding"		 OAO "IDC Holding" OAO "RAO Energy Systems of the East" OAO "TGC-5 Holding" OAO "Sibenergoholding" OAO "WGC-5 Holding" OAO "UES FGC Minority Holding" OAO "TGC-9 Holding" OAO "SGC TGC-8 Holding" OAO "Volzhskaya TGC Holding" OAO "TGC-6 Holding" OAO "TGC-4 Holding" OAO "Mosenergo Holding" OAO "TGC-2 Holding" OAO "TGC-14 Holding" OAO "Yeniseyskaya TGC Holding" OAO "Kuzbassenergo Holding" OAO "TGC-11 Holding" OAO "TGC-10 Holding" OAO "TGC-1 Holding" OAO "WGC-6 Holding" OAO "WGC-4 Holding" OAO "WGC-3 Holding" OAO "WGC-2 Holding" OAO "WGC-1 Holding" OAO "Inter RAO UES Holding" OAO "Intergeneratsiya" OAO "HydroWGC State Holding" OAO "State Holding" OAO "HydroWGC Minority Holding"
Charter capital, RUB millions

410

21,558.5

21,558.5

452.3

43,116.9

21,558.5 856.4 416.6 6,400.9 139.5 139.5 139.5 139.5 139.5 139.5 139.5 139.5 14.0 14.0 139.5 139.5 139.5 139.5 139.5 139.5 139.5 139.5

139.5

21,558.5 1,516.4 2,271.5 2,271.5 139.5
preferred shares

41001

1,037.6

1,037.6

21.8

2,075.1

1,037.6 41.2 20.1 308.0 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3 1.5 1.5 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3

14.3

1,037.6 73.0 109.3 109.3 14.3
ordinary shares

41002

20,520.9

20,520.9

430.5

41,041.8

20,520.9 815.2 396.5 6,092.9 125.2 125.2 125.2 125.2 125.2 125.2 125.2 125.2 12.5 12.5 125.2 125.2 125.2 125.2 125.2 125.2 125.2 125.2

125.2

20,520.9 1,443.4 2,162.2 2,162,2 125.2
Treasury shares repurchased from shareholders, RUB millions

411

- 76.1

- 76.1

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
Capital surplus, RUB millions

420

91,758.0

-

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
Settlements for spun-off company, RUB millions

423

-

-

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
Reserve capital, RUB millions

430

3,234.2

3,234.2

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
Statutory reserves, RUB millions

431

3,234.2

3,234.2

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
Reserves created under the constitutional documents, RUB millions

432

-

-

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
Social security fund, RUB millions

440

-

-

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
Designated purpose finance allocations and proceeds, RUB millions

450

-

-

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
Retained earnings of previous years, RUB millions

460

957,124.6

46,387.2

117,928.7

89,882.5

19,962.6 15,314.8 4,264.1 51,326.7 35,300.8 6,767.4 5,501.7 528.5 5,702.0 5,877.0 24,284.0 3,051.3 69.4 121.1 6,901.2 2,487.6 109.0 87.2 27,260.5 30,249.3 19,734.5 25,048.0

1,095.0

 16,314.7 28,764.8 93,840.4 233,881.9 27,880.2
Uncovered loss of previous years, RUB millions

465

-

-

-

-

 - - - - - - - - - - - - - - - - - - - - - - - - -
Retained earnings of the reporting year, RUB millions

470

2,855.5

2,855.5

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
Uncovered loss of the reporting year, RUB millions

475

-

-

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

 - - - - -
TOTAL for Section III, RUB millions

490

1,076,454.7

73,959.3

118,381.0

132,999.4

41,521.1 16,171.2 4,680.7 57,727.6 35,440.3 6,906.9 5,641.2 668.0 5,841.5 6,016.5 24,423.5 3,190.8 83.4 135.1 7,040.7 2,627.1 248.5 226.7 27,400.0 30,388.8 19,874.0 25,187.5

1,234.5

37,873.2 30,281.2 96,111.9 236,153.4 28,019.7
Assets, RUB millions

1,087,052.6

84,514.0

118,381.6

132,999.4

41,521.1 16,171.2 4,680.8 57,727.6 35,440.3 6,909.9 5,641.2 668.2 5,844.7 6,016.5 24,425.4 3,192.0 86.7 139.0 7,044.9 2,630.8 252.2 228.8 27,400.1 30,390.3 19,877.6 25,189.6

1,234.7

37,873.2 30,281.3 96,113.5 236,156.3 28,019.7
Liabilities, RUB millions

10,597.9

10,554.7

0.6

-

- - 0.1 - - 3.0 - 0.2 3.2 - 1.9 1.2 3.3 3.9 4.2 3.7 3.7 2.1 0.1 1.5 3.6 2.1

0.2

- 0.1 1.6 2.9 -
Assets – Liabilities – line 490

-

-

-

-

- - - - - - - - - - - - - - - - - - - - - -

-

- - - - -
Line 190 (Fixed Assets), RUB millions

1,031,610.1

51,305.4

117,299.7

131,172.2

41,254.2 16,171.2 4,581.2 57,727.6 35,375.5 6,891.9 5,612.0 666.9 5,824.1 6,004.7 24,412.9 3,184.6 62.6 113.6 7,019.5 2,608.4 230.3 216.4 27,383.6 30,379.9 19,855.4 25,177.2

1,228.6

27,322.0 29,928.6 91,779.8 235,308.3 25,511.8
line 410/line 490

0.02

0.29

0.00

0.32

0.52 0.05 0.09 0.11 0.00 0.02 0.02 0.21 0.02 0.02 0.01 0.04 0.17 0.10 0.02 0.05 0.56 0.62 0.01 0.00 0.01 0.01

0.11

0.57 0.05 0.02 0.01 0.00
Net assets, RUB millions

1,076,714.8

74,219.4

118,381.0

132,999.4

41,521.1 16,171.2 4,680.7 57,727.6 35,440.3 6,906.9 5,641.2 668.0 5,841.5 6,016.5 24,423.5 3,190.8 83.4 135.1 7,040.7 2,627.1 248.5 226.7 27,400.0 30,388.8 19,874.0 25,187.5

1,234.5

37,873.2 30,281.2 96,111.9 236,153.4 28,019.7
Net assets – Charter capital, RUB millions

1,055,156.3

52,660.9

117,928.7

89,882.5

19,962.6 15,314.8 4,264.1 51,326.7 35,300.8 6,767.4 5,501.7 528.5 5,702.0 5,877.0 24,284.0 3,051.3 69.4 121.1 6,901.2 2,487.6 109.0 87.2 27,260.5 30,249.3 19,734.5 25,048.0

1,095.0

16,314.7 28,764.8 93,840.4 233,881.9 27,880.2
Charter capital – 1000*Minimum Wage Amount (MROT), RUB millions

21,558.4

21,558.4

452.2

43,116.8

21,558.4 856.3 416.5 6,400.8 139.4 139.4 139.4 139.4 139.4 139.4 139.4 139.4 13.9 13.9 139.4 139.4 139.4 139.4 139.4 139.4 139.4 139.4

139.4

21,558.4 1,516.3 2,271.4 2,271.4 139.4
Charter capital, RUB millions

21,558.5

21,558.5

452.3

43,116.9

21,558.5 856.4 416.6 6,400.9 139.5 139.5 139.5 139.5 139.5 139.5 139.5 139.5 14.0 14.0 139.5 139.5 139.5 139.5 139.5 139.5 139.5 139.5

139.5

21,558.5 1,516.4 2,271.5 2,271.5 139.5
Quantity of ordinary shares

41,041,753,984

41,041,753,984

43, 052, 299, 755

41, 041, 753, 984

41, 041, 753, 984 41, 041, 753, 984 39, 656, 248, 581 41, 041, 753, 984 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381 12, 516, 366, 381

12, 516, 366, 381

41, 041, 753, 984 144, 339, 247, 437 216, 221, 460, 949 216, 221, 460, 949 12, 516, 366, 381
Par value of ordinary shares, RUB  

0.50

0.50

0.01

1.00

0.50 0, 019, 862, 225, 726, 4326 0.01 0, 148, 455, 449, 093, 326 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.001 0.001 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.01

0.50 0.01 0.01 0.01 0.01
Quantity of preferred shares  

2,075,149,384

2,075,149,384

2, 177, 091, 245

2, 075, 149, 384

2, 075, 149, 384 2, 075, 149, 384 2, 005, 380, 419 2, 075, 149, 384 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060 1, 429, 906, 060

1, 429, 906, 060

2, 075, 149, 384 7, 298, 352, 563 10, 932, 854, 421 10, 932, 854, 421 1, 429, 906, 060
Par value of preferred shares, RUB  

0.50

0.50

0.01

1.00

0.50 0, 019, 862, 225, 726, 4326 0.01 0, 148, 455, 449, 093, 326 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.001 0.001 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.01

0.50 0.01 0.01 0.01 0.01

 
 
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