At the end of 2008 revenues of JSC INTER RAO UES IFRS increased by 396 million euro (31%) compared with the previous year and amounted to 1.672 billion euros. Increased revenue is due mainly to higher prices for the implementation of electricity.
costs of ongoing activities in the reporting year grew by 7% over the same period in 2007 and amounted to 1.526 billion euros. In doing so, the costs of purchasing electricity and power increased by 24% - up to 892 million euros, due to, first of all, higher prices for electricity purchased in the domestic market of the Russian Federation in order of performance on a regulated market for the sale of electricity (capacity) and foreign trade operations.
The increase was partially offset by decrease in loss on impairment of fixed assets as a result of the revaluation of fixed assets of some foreign subsidiaries and amounted in 2008, 6 million euros, against 123 million euro in 2007.
The operating profit of the company for 2008 amounted to 197 million euros, net profit - 87 million euros, while in 2007 INTER RAO UES, finished with a negative financial result, which is largely due to revaluation of fixed assets, held in 2007.
The value of total assets as of on 31 December 2008 increased by 263 million euro (14%) compared with the previous reporting period and amounted to 2.175 billion euros.
The main reason for the growth of fixed assets was initiated in 2008 an investment project to expand the Kaliningrad CHPP-2 by a second unit. Advances and construction related to the project, recorded in Other non-current assets of the group and on on 31 December 2008 amount to 129 million euros.
The cost of fixed assets as at on 31 December 2008 remained almost unchanged compared with the previous year and amounted to 1.257 billion euros.
The growth of current assets was mainly due to an increase in cash and cash equivalents of 143 million euros. The increase in the balance of this article was the result of accumulating funds to ensure the payment of the obligations of INTER RAO UES of Russia in early 2009.
Current liabilities the company at the end of 2008 amounted to 377 million euros, more than 2 times less than in 2007. This long-term liabilities as at on 31 December 2008 increased by more than 2-fold and amounted to 386 million euros.
Capital Company as at 31 December 2008 amounted to 1.412 billion euros, which is 51% higher than that recorded at the beginning of the reporting period (934 million euros). Growth of capital was mainly due to completion of the reorganization of RAO UES of Russia with the accession of OAO Inter RAO UES Holding 1 July 2008.
The increase in the authorized capital of the company as a result of restructuring and conversion of shares into shares of accession of OAO INTER RAO UES. The coefficients and the order of accession of the conversion of shares into shares of JSC INTER RAO UES the decisions of extraordinary general meetings of shareholders and reorganizing companies of RAO UES of Russia and contained in the treaty of accession.
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