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Gold/Mining/Energy : Mosenergo ADR
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To: Copperfield who started this subject11/13/2003 7:23:20 AM
From: Copperfield   of 241
 
AO MOSENERGO summed up the financial results for 9 months of 2003

11.11.2003 ã.

In January-September 2003, AO MOSENERGO's power stations generated 53.9 bn kWt-h of electric power which is 9.4% more compared to the same period last year. AO MOSENERGO's customers consumed 4.8% more electricity than at the same period last year.

To satisfy higher demand in Moscow and the Moscow region AO MOSENERGO had to purchase power from other regions. In total, AO MOSENERGO bought at FOREM 1.8 bn kWt-h of electric power.

From the start of the year, AO MOSENERGO produced 49.5 mn Gcal of heat – 14% more as compared to 2002, due to the late end of the heating period and colder air temperatures this year.

During January-September, AO MOSENERGO supplied power worth 48.8 bn rubles. During this period the Company's revenues have amounted to 51.4 bn rubles, or 105.2% of shipped produce.

AO MOSENERGO's earnings for nine months of 2003 amounted to 2,519.8 mn rubles. Adjusted for operation and non-sale costs the after-tax loss amounted to 1,067.3 mn rubles against the forecast 1,585.9 mn rubles.

AO MOSENERGO's receivables from electricity and heat consumers (adjusted for FOREM sales) decreased from the start of the year by 36.0% from 7.2 to 4.6 bn rubles. AO MOSENERGO managed to arrange the return of some debts owed by the Ministry of Defense, municipal consumers and regional wholesale resellers.
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