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10 August 2010

ОАО “IDGC OF URALS”: 1H 2010 RAS RESULTS

Ekaterinburg (Ural Federal District, Russia) - ОАО "IDGC of Urals" (RTS and MICEX: MRKU) reports on 1H 2010 results prepared under Russian Accounting Standards (RAS)

The Company's revenues in 1H 2010 totaled US$ 841.5 mln. (+36.3% on 1H 2009).

Our expenses as of 1H 2010 totaled US$ 746.0 mln. (+34.2%).

Tab. 1. Financial result of OAO "IDGC of Urals" in 1H 2009-2010

Item

1H 2010

1H 2009

Revenues from services, US$ thous. [1]

841 501.9

617 300.1

Expenses, US$ thous.

746 042.1

556 074.1

Operating profit, US$ thous.

95 459.7

61 226.0

Operating margin

11,34%

9,92%

EBITDA, US$ thous. [2]

77 669.9

42 178.1

EBITDA margin

9,23%

6,83%

Pre-tax profit, US$ thous.

38 075.0

667.2

Net profit, US$ thous.

34 547.8

151.9

Net margin

4,11%

0,02%

[1] Here and henceforth currency conversions are based on average exchange rates: 1H 2010 - RUR 30.06, 1H 2009 - RUR 33.25.

[2] EBITDA is calculated according to the following formula: net profit + income tax and other obligatory payments + interest payable + depreciation and amortization.

 

Table 2. 1H 2010 Operating Results:

Item

1H 2010

Network and Equipment

Aerial lines (in lines)/ Cable lines, thous. km

113.2 / 4.7

Transformer substations PS-35/110-220 kW:

- quantity, pcs.

 

1 006

- installed capacity, MVA

20 453

Transformer substations TP-6-20/0.4 kW:

- quantity, pcs.

 

27 390

- installed capacity, MVA

7 406.7

Energy supply and losses

 

1H 2010

1H 2009

Change, %

Energy supply, mln. kWh

40 494 462

37 199 705

+8,86%

Productive supply, mln. kWh

37 134 945

33 861 720

+9,67%

Energy losses, mln. kWh

3 359 517

3 337 985

+0,65%
         

More detailed information on the Company's financial and operating results can be found in Supplements "Financial review" and "Operating review".

For 1H 2010 accounting statements prepared under Russian Accounting Standards (RAS), please, visit our corporate web-site at "Financial Statements" section (or follow the link: http://www.mrsk-ural.ru/en/672 ).

Download IR release (pdf, 264 kb)

_________________

ОАО "IDGC of Urals"(est. in February 2005) is grids company responsible for energy transmission 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 "Ekaterinburgenergosbyt").

As of 2009 the revenues from services totaled RUR 41.3 bln., net profit reached RUR 1.1 bln (under RAS). Overall energy supply in 2009 amounted to 75.8 bln. kWh, productive supply totaled 69.3 bln. kWh, energy losses reached 6.5 bln. kWh.

Common shares are traded on MICEX (Quotation list "B") and in RTS (Stock admitted for trading without listing). Free float is about 20%. In December, 2009 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) 215 26 58/ 215 25 84


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