Subsequent further devaluation of the Russian currency is bound to mean an even bigger decline of 12-month annual revenues and minimal net profits or even a loss. RAO UES, RMG estimates The industrial situation of UES is hard to assess since the local power companies, which are its main components, are in very different situations. The economic crisis has forced most Russian enterprises to review their financial and industrial strategies and UES is no exception. The information contained herewith is based on information made available to the public and is for information purposes only. Information sources are deemed reliable by RMG Securities, however RMG Securities abstains from any liabilities determined from the information herewith.
Analysis is based on dated market information and is subject to change.