OREANDA-NEWS. April 25, 2011. JSC OGK-2 releases its audited consolidated Financial Statements for the period ended December 31, 2010 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income  Highlights (mn RUR)

2010

2009

Revenue

47,864

39,004

Operating expenses

(44,002)

(37,080)

Operating profit

3,600

1,898

Profit before income tax

3,216

1,402

EBITDA*

4,891

3,232

Profit for the year (Net profit)

2,191

1,094

*EBITDA= Operating profit + Depreciation and Amortization

In 2010 the company’s revenue totaled RUR 47,864 mn, which is by 23% higher than in 2009. The revenue increase resulted, in particular, from:

·         higher degree of liberalization of the electricity & capacity market,

·         growth of weighted average prices at the wholesale market for electricity and capacity.

In 2010 operating expenses amounted to RUR 44,002 mn (+19%). Operating expenses were considerably affected by fuel price growth and higher electricity & capacity purchases at the wholesale market in order to comply with the terms of the regulated contracts.

In 2010 operating profit rose by 90% year-on-year and reached RUR 3,600 mn. Profit for the year 2010 (net profit) doubled, amounting to RUR 2,191 mn.