OREANDA-NEWS. September 11, 2012. OJSC OGK-2 releases its interim condensed unaudited consolidated Financial Statements for the 6 months period, ended June 30, 2012, prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income　 Highlights (mn RUR)

6M 2012

6M 2011 (restated)**

Revenue

48,113　

54,286

Operating expenses

(46,157)　

(49,441)　　

Operating profit

1,899　　

　　 4,692

EBITDA*

4 383

6 508

Profit for the period

429　　

4,175　　

* EBITDA= Operating profit + Depreciation and Amortization.

** Financial Statements of OGK-2 for the 6 months period, ended June 30, 2012, prepared in accordance with IFRS, were prepared as if the reorganization of OGK-2 and OGK-6, described in Note 1 to the mentioned above Financial Statements, had been completed by January 1, 2010.

　In 6 months 2012 the revenue of OJSC OGK-2 totaled RUR 48,113 mn, that is lower by 6 billion 173 million rubles (-11%) year-on-year. The revenue decrease resulted, mainly, from the lower prices at the "day-ahead market”.

　Operating expenses decreased by 3 billion 284 million rubles (-7%). At the same time the cost of purchased electricity, capacity and heat down to 3 billion 410 million rubles (-9%), depreciation of property, plant, equipment and intangible assets increased to 668 million rubles (+37%), other expenses decreased by 541 million　(-5%).

　As a result, operating profit for the 6 months of the 2012 decreased by RUR 2,793 mn (-60%) year-on-year and totaled RUR 1,899 mn.

EBITDA for the 6 months of the 2012 decreased by 33% year-on-year and reached RUR 4,383 mn.

　Profit for the 1st half of the 2012 decreased by 90% year-on-year and totaled RUR 429 mn. Reduction in the profit for the period stipulated:

• the revenue decline;

• the increase of depreciation of property, plant, equipment and intangible assets in connection with put into operation of new capacities;

• the debt increase and a substantial amount of interest payable.

　Detailed information about OGK-2 performance in the 6 months 2012　in accordance with IFRS is available at the company’s website in the IFRS Financial Reports section.

OGK-2 is a leading heat generator with total installed capacity of circa 18.4 GW, providing about 8% of Russia’s electricity output, 　with 10 branches - power stations and Adlerskaya TPS (under construction).

The Company includes: Adlerskaya TPS, Kirishskaya State District Power Plant, Krasnoyarskskaya State District Power Plant 2, Pskovskaya State District Power Plant, Novocherkasskskaya State District Power Plant, Ryazanskaya State District Power Plant, Serovskaya State District Power Plant, Stavropolskaya State District Power Plant, Surgutskaya State District Power Plant 1, Troitskskaya State District Power Plant, Cherepovetskaya State District Power Plant.