OREANDA-NEWS. OGK-5 published its interim consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRS) for the six months ended on June 30, 2007.

According to the press-release, the property, plant and equipment of OGK-5 group as of June 30. 2007 totaled RUR45,757 mln, which is RUR1,642 mln  higher than PP&E at the beginning of the year (RUR44,115 mln ). The total assets of OGK-5 group increased by RUR1,163 mln  over the six months of 2007 and totaled RUB63,547 mln as of 30 June 2007. The non-current assets totaled RUR46,372 mln having increased by RUR1,996 mln, the current assets totaled RUR17,175 mln, which is RUR833 mln higher that the similar indicator as of the beginning of the year.

The accounts receivable increased by RUR1,213 mln during the first half of 2007 and totaled RUR3,078 mln  as of June 30, 2007. The increase of the accounts receivable in the reporting period was mainly caused by the increase of the trade receivables by RUR571 mln, and the increase of the insurance costs byRUR529 mln . The total amount of the current and non-current accounts payable including deferred tax liabilities was RUR13,477 mln for six months of 2007.

Interim Consolidated Income Statement for Six Months ended June 30, 2007:

In the first half of 2007, the revenues of OGK-5 group totaled RUR13,748 mln, which is RUR1,270 mln (10%) higher than the revenues in the first half of 2006. The operating expenses of OGK-5 group for the first half of 2007 increased by RUR1,040 mln  (9%) and totaled RUR12,654 mln .

The operating profit of OGK-5 group in the reporting period increased by RUR405 mln as compared to the similar period of 2006 and totalled RUR1,370 mln , including RUR232 mln of the insurance compensation for the loss of PP&E. The profit before income tax totaled RUR1,574 mln, having increased by RUR711 mln  as compared to the similar period of 2006.

The net profit of OGK-5 group in the six months of 2007 as compared to the similar period in the preceding year (excluding the effect of a one-off recognition of the deferred tax asset totaling RUR3,300 mln  in the first half of 2006), increased by RUR537 mln and totaled RUR1,200 mln .

Interim Consolidated Cash Flow Statement for Six Months ended June 30, 2006:

The net cash generated from operating activities in the first half of 2007 totaled RUR1,996 mln, which is RUR1,759 mln higher than in the similar period of 2006.

In the first half of 2007, OGK-5 group spent RUR3,044 mln for its investment activities, which is RUR2,211 mln higher than this indicator in the similar period of 2006.

The review of the IFRS interim consolidated financial statements for 1H 2007 was conducted by ZAO PricewaterhouseCoopers Audit, approved as OGK-5’s Auditor by the Annual General Shareholders’ Meeting of OGK-5.