ACCOUTNING REPORTS FOR 2003

Abridged Balance Sheet of Novosibirskenergo, in thousand rubles

	01.01.20031*	31.12.2003
ASSETS	17,228,539	17,921,071
Intangible assets	0	0
Fixed Assets (valued at depreciated cost)	10,912,204	10,846,148
Construction in progress	2,788,050	2,701,341
Long-term investment	185,264	396,670
Other fixed assets	106	552
Inventory	585,344	535,679
VAT on purchases	405,245	635,109
Receivables	1,791,910	1,355,194
Short-term investment	455,613	1,392,380
Cash	104,251	57,998
Other current assets	552	0
LIABILITIES	17,228,539	17,921,071
Stock Capital	160,746	160,746
Additional Capital	13,479,867	13,244,165
Reserve Capital	0	0
Social Funds	0	0
Previous Year Losses	-563,865	-335,576
Retained profit of the reporting year	х	149,159
Long-term loans	0	7,215
Long-terms payables	1,066,055	857,505
Short-term loans	220,000	517,596
Short-term receivables	2,737,803	3,153,794
Shareholder s' Income Overdue	3,926	1,022
Deferred Income	124,001	162,627
Reserves for due expenses	0	2,818
Other liabilities	6	0

Profit and Loss Statement of Novosibirskenergo, in thousand rubles

	2002	2003
Net revenue from sales of goods and services (minus VAT, excise tax, and other taxes)	8,334,158	10,526,995
Cost of goods and services	7,464,630	9,467,327
Commercial expenses	0	0
Management expenses	0	0
Profit from sales	869,528	1,059,668
Interest receivable	7,822	68,793
Interest payable	183,667	62,562
Income from shares in other companies	0	0
Other operating income	4,347,748	5,408,252
Other operating expenses	4,586,637	5,672,179
Other non-sales income	177,509	557,196
Other non-sales expenses	303,908	678,157
Profit before taxes	328,395	681,011
Deferred tax credit	106	446
Deferred tax liability	122,540	67,456
Profit tax	302,478	473,352
Other similar payments	98,442	126,402
Net profit (undistributed profit (loss)) of the reporting period	50,121	149,159