Vostokenergo Announces Preliminary 2005 Results.

The private energy generation company Vostokenergo reported net revenues of USD 475 mln (5% growth yoy), and a net income USD 49 mln (14% growth yoy). Concorde Capital: The company’s low level of revenue growth on the background of 7.5% electricity output increase and about a 10% increase of the company’s average company’s tariff is due to the company’s reduced revenues in sectors not connected to electricity generation activities. Note that despite the company’s complaints about unbeneficial changes in pricing policy, the company has increased its net margin from 9.4% in 2004 to 10.2% last year. Vostokenergo is a limited liability company, part of SCM’s energy holding and a candidate for an IPO in the midterm.