UESR Annual Report 1997
Contents

Financial Results

Address to Shareholders from the RAO UESR Executive Office

Company's Business Results

Asset Structure

Volume of Products, Subscriber Fees, Revenues' Structure

Production Cost, Profit and its use

Accounts Receivable and Payable

Balance Sheet

Profit and Loss Account

RAO UESR Stock in the Securities Market

Summary of UES of Russia Coordination and Management Results

Electric Power Production and Transfer

Electric and Heat Power Markets

UES of Russia Dispatch Manegement

Subsidiary Management

Investments

Foreign Business Activity

Scientific and Technical Development of UESR

Audit Report

Information for Shareholders

Appendix

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Report's Home Page

Shareholder

UESR Home

Company's Business Results
1993 1994 1995 1996 1997
(RUR billion)
Volume of production (work/services) 2,139 8,090 6,225 9,653 12,099

subscriber fees

 551 2,417 5,970 8,228 10,306

electric power supplies

 1,588 5,581 - - -

subsidiaries’ products

 - 92 255 722 963

other products (work, services)

 703 830
Revenues from goods shipped and services provided - - 10,7581 9,653 12,099
Cost of production 1,983 7,298 9,612 8,497 5,4552
Sales profit (on products shipped) - - 1,146 1,156 6,644
Revenue from products sold 1,198 4,569 4,749 7,147 8,303

the same as % of production volume

 56.0 56.5 76.3 74.0 68.6
Cost of products paid for 1,103 4,169 4,185 6,311 4,490
Sales profit (on products paid for) 95 400 564 836 3,813
(%)
Profitability (profit to cost of production) 8.6 9.7 13.5 13.2 84.9
(Kopecks/Rouble)
Costs per rouble of products sold 92.07 91.24 88.12 88.30 54.08
(ratios)
Current liquidity ratio 1.90 1.63 1.28 1.41 1.74
Own funds supply ratio 0.40 0.34 0.17 0.27 0.46
Solvency recovery ratio 1.13 0.95 0.47 0.54 1.04

1 As of January 1, 1995, the method of accounting revenues on products shipped was changed.

2 As of April 1, 1997, the procedure of accumulating investment funds was changed. The new procedure is to deduct the investment component from the cost of products and to form it from profit in accordance with Resolution ¹390 of the Government of the Russian Federation dated April 3, 1997.

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