The company’s revenues totalled USD 31.5 mn, while net losses amounted to USD 0.22 mn. The losses were due to a write-off of USD 3.6 mn in bad debt. Concorde Capital: Unlike in 2003, the company’s 2004 results claimed all operating income as sales (see February 28 Oblenergo report for details). While we adjusted for accounting distortions before the new methods were disclosed to the public, our revenue expectations for 2004 were slightly too optimistic. Nevertheless, we maintain our BUY recommendation.