OREANDA-NEWS. On 06 May 2008 OGK-5 publishes the Consolidated Financial Statements for 2007 prepared in accordance with the International Financial Reporting Standards (IFRS).

Consolidated Balance Sheet as at 31 December 2007

The total assets of OGK-5 Group increased by RR 16,756 million over 2007 and totaled RR 79,140 million as at 31 December 2007, including RR 64,408 million of non-current assets (RR 20,032 million increase as compared to the beginning of the year) and RR 14,731 million of current assets (RR 3,277 million decrease as compared to the beginning of the year).

The PP&E of OGK-5 Group as at 31 December 2007 totaled RR 63,523 million, which is RR 19,408 million higher than the same indicator as at the beginning of the year (RR 44,115 million). The increase of the book value of the PP&E was mainly caused by PP&E revaluation for the purpose of the preparation of the IFRS financial statements, held as at 31 December 2007.

The receivables of OGK-5 Group increased by RR 1,951 million over 2007 and totaled RR 3,816 million as at 31 December 2007. The main reasons for the increase of the receivables in the reporting year were the increase of advances to fuel suppliers in the amount of 884 million RUB, the increase of trade receivables by 380 million RUB and the increase of prepayments for insurance totaling RR 369 million. The total current and non-current liabilities including the deferred tax liabilities totaled RR 17,853 million as at 31 December 2007, having increased by RR 4,375 million from the start of the year. The increase in the liabilities was mainly caused by the growth of the deferred tax liabilities by RR 3,273 million due to the revaluation of the PP&E held as at 31 December 2007.

Consolidated Income Statement for 12 Months Ended 31 December 2007

The revenue of OGK-5 Group for the 12 months of 2007 totaled RR 33,465 million, which is RR 7,209 million (27%) higher than the same indicator for the 12 months of 2006.

The operating expenses of OGK-5 group for 2007 increased by RR 6,537 million (by 25%) and totaled RR 32,625 million.

The operating profit of OGK-5 Group in the reporting period increased by RR 1,356 million as compared to the same indicator of 2006, and totaled RR 1,768 million.

The profit before income tax totaled RR 2,080 million, having increased by RR 1,889 million as compared to the similar period of 2006.

The net profit of OGK-5 Group (excluding the one-off effect of the recognition of the deferred tax asset in 2006 totaling RR 3,278 million) over 2007 increased by RR 2,054 million as compared to the same indicator in the preceding year, and totaled RR 1,995 million.

Consolidated Cash Flow Statement for 12 Months Ended 31 December 2007

The net cash generated from operating activities totaled RR 3,507 million in 2007, which is RR 2,218 million higher than in the similar period of 2006.

In 2007, OGK-5 Group used RR 3,006 million of net cash in its investing and financing activities, which is RR 1,861 million higher than the same indicator for the similar period of 2006.

The net increase in cash of OGK-5 Group in 2007 totaled RR 501 million in 2007, which is RR 357 million higher than in the similar period of 2006.

The audit of the IFRS Consolidated Financial Statements for 2007 was performed by ZAO PricewaterhouseCoopers Audit, approved as the auditor of JSC OGK-5 by the Annual General Shareholders’ Meeting of JSC OGK-5.