RAO UES of Russia discloses financial results of 2001 according to US GAAP

The net profit of RAO UES of Russia (parent company) was RUR41.6 billion (around $1.32 billion) in 2001 according to US GAAP, Anatoliy Chubais, the company's CEO, said today reporting at the annual general shareholders' meeting in Konakovo of the Tver region. The approved data on the company's net profit was provided by the company's auditor PricewaterhouseCoopers.

The company's consolidated profit grew more than 80 times in 2001 as compared to the figure reported in 2000, the company's CEO pointed out. Additionally, the company's revenues rose 37 percent to RUR400.05 billion (around $12.71 billion), operating profit grew 50 percent to RUR59.49 billion (around $1.89 billion), while the recommended dividends for 2001 increased 30 percent. According to Russian accounting standards, RAO UES of Russia's net profit was RUR14.01 billion (around $444.8 million) in 2001 (against RUR9.502 billion or $301.8 million in 2000), operating revenues - RUR454.48 billion (around $14.44 billion) (as compared to RUR335.65 billion or $10.66 billion posted in 2000), pre-tax profit - RUR46.30 billion (around $1.47 billion) (up from RUR28.19 billion or $895.77 million reported in 2000).

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