OGK-5 Publishes Financial Statements for 2006
OREANDA-NEWS. OGK-5 publishes consolidated financial statements for 2006, prepared in accordance with the International Financial Reporting Standards (IFRS).
Consolidated Balance Sheet as at 31 December 2006
The PP&E of the OGK-5 group as at 31 December 2006 totaled RUR 44,115 million, which is RUR 25,994 million more than the PP&E of the Company as at the beginning of the year (RUR 18,121 million). The increase of the carrying value of the PP&E was mainly caused by the revaluation of the PP&E for the purpose of the preparation of the IFRS Financial Statements, which was held on 1 January 2006.
In 2006, the total assets of the OGK-5 Group increased by RUR 40,298 million and totaled RUR 62,384 million as at 31 December 2006, including the non-current assets of RUR 44,376 million (increased by RUR 25,805 million), and the current assets of RUR 18,008 million (increased by RUR 14,493 million as compared to the amount as at the beginning of the year).
The accounts receivable increased by RUR 197 million over 2006 and totaled RUR 1,865 million as at 31 December 2006. The accounts payable as at the end of 2006 totaled RUR 13,478 million, having increased by RUR 7,355 million since the start of the year. The change of the accounts payable was mainly caused by the RUR 5 billion bond issue in October 2006, and the growth of the deferred tax liability due to the revaluation of the PP&E held as at 1 January 2006.
Consolidated Income Statement for year ended 31 December 2006
The revenues of the OGK-5 Group from operating activities over 12 months of 2006 totaled RUR 24,811 million, which is RUR 14,711 million (146%) more than the amount for the same period of 2005.
The operating expenses of the OGK-5 Group in 2006 (excluding the reversal of the impairment of the PP&E in 2005) increased by RUR 14,592 million (145%) and totaled RUR 24,643 million. The growth of the revenues and operating expenses was mainly caused by the fact that JSC OGK-5 started to run the two power plants (Reftinskaya GRES and Sredneuralskaya GRES), which had been previously leased. These expenses also include the loss of RUR 313 million from the write-off of a part of the value of PP&E damaged in December 2006 as a result of the incident at Reftinskaya GRES.
The operating profit of the OGK-5 Group for the reporting period increased by RUR 170 million as compared to 2005 (excluding the reversal of the impairment of the PP&E in 2005) and amounted to RUR 412 million. The profit before income tax totaled RUR 191 million, which was RUR 71 million higher than the amount in 2005 (excluding the effect of a one-off reversal of the PP&E impairment provision in 2005).
The net profit of the OGK-5 Group for 12 months of 2006 as compared to the similar period of the previous year (excluding the effect of a one-off reversal of the PP&E impairment provision in 2005) increased by RUR 3,143 million and totaled RUR 3,219 million. This was mainly caused by the recognition in 2006 of the deferred tax asset totaling RUR 3,310 million.
Consolidated Cash Flow Statement for year ended 31 December 2006
The net cash generated from the Group’s operating and financing activities in 2006 totaled RUR 16,206 million, which is RUR 14,537 million higher than the level of 2005. For 12 months of 2006, the OGK-5 Group used RUR 16,062 million of net cash in its investing activities, which is RUR 14,499 million more than the level for the same period of 2005. This increase was mainly caused by depositing of cash, which had been received as a result of the IPO held in November 2006, into banks.
The audit of the IFRS Consolidated Financial Statements for 2006 was made by ZAO PricewaterhouseCoopers Audit, who were approved as the Company’s Auditors by the Annual General Shareholders’ Meeting of JSC OGK-5.
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