OREANDA-NEWS. October 2, 2007. October 2, 2007. OGK-5 publishes the interim consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRS) for the six months ended on 30 June 2007.

Interim Consolidated Balance Sheet as at 30 June 2007

The property, plant and equipment of OGK-5 group as of 30 June 2007 totalled 45,757m RUB, which is 1,642m RUB higher than the PP&E as at the beginning of the year (44,115m RUB). The total assets of OGK-5 group increased by 1,163m RUB over the six months of 2007 and totalled 63,547m RUB as at 30 June 2007. The non-current assets totalled 46,372m RUB having increased by 1,996m RUB, the current assets totalled 17,175m RUB, which is 833m RUB higher that the similar indicator as at the beginning of the year.

The accounts receivable increased by 1,213m RUB during the first half of 2007 and totalled 3,078m RUB as at 30 June 2007. The increase of the accounts receivable in the reporting period was mainly caused by the increase of the trade receivables by 571m RUB, and the increase of the insurance costs by 529m RUB. The total amount of the current and non-current accounts payable including deferred tax liabilities was 13,477m RUB for the six months of 2007.

Interim Consolidated Income Statement for Six Months Ended 30 June 2007

In the first half of 2007, the revenues of OGK-5 group totalled 13,748m RUB, which is 1,270m RUB (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 1,040m RUB (9%) and totalled 12,654m RUB.

The operating profit of OGK-5 group in the reporting period increased by 405m RUB as compared to the similar period of 2006 and totalled 1,370m RUB, including 232m RUB of the insurance compensation for the loss of PP&E. The profit before income tax totalled 1,574m RUB, having increased by 711m RUB 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 totalling 3,300m RUB in the first half of 2006), increased by 537m RUB and totalled 1,200m RUB.

Interim Consolidated Cash Flow Statement for Six Months Ended 30 June 2006

The net cash generated from operating activities in the first half of 2007 totalled 1,996m RUB, which is 1,759m RUB higher than in the similar period of 2006.

In the first half of 2007, OGK-5 group spent 3,044m RUB for its investment activities, which is 2,211m RUB 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.