OREANDA-NEWS. On 19 May 2009 was announced, that OGK-5 published its financial statements prepared in accordance with Russian Accounting Standards (RAS), for the first quarter of 2009.

Income Statement for 1Q 2009

Net Revenue totaled 10,393 million RUR, 400 million RUR lower than the figure posted in the first quarter of 2008 (-4%). The decrease was caused by the decline in energy consumption (-7.4% for European Russia) due to the current unsteady economic scenario, which, in its turn, lead to a decrease in the free market price.

Gross Profit stood at 2,043 million RUR, 610 million RUR higher than the same figure posted in the corresponding period of the previous year (+43%).

The favourable change is mainly explained by the growth of generation margin due to higher capacity revenue and the increase of the power tariff outpacing average fuel cost growth.

Additionally, it is worth mentioning the positive impact coming from fixed cost reduction, thanks to the successful implementation of the efficiency programme launched by the company in the second half of 2008.

Profit on Sales amounted to 1,860 million RUR, 578 million RUR higher than the figure in the first quarter of 2008 (+45%)

Net Financial Expenses totaled 115 million RUR, versus net financial revenues of 21 million RUR achieved in the corresponding period of 2008. This change can be explained by the financing of the investment programme carried out by the company.

Net Result From Non-Operating Activities amounted to -297 million RUR versus -382 million RUR in the first quarter of 2008.

Profit Before Tax totaled 1,448 million RUR, 527 million higher than the figure of the corresponding period of 2008 (+57%)

Net Profit for the period totaled 1,135 million RUR, 462 million RUR higher than the value posted in the first quarter of 2008 (+69%).

Balance Sheet as of 31 March 2009

Total Assets at the end of the first quarter totaled 62,133 million RUR, 4,312 million RUR higher than the figure at the end of 2008.

Non-Current Assets totaled 51,560 million, 3,861 million RUR higher than the value achieved at the end of 2008, due to the capital expenditure program carried out in the first quarter of 2009.

Current Assets totaled 10,572 million RUR, 451 million RUR higher than the figure posted at the end of 2008. The increase is mainly caused by the growth of short-term accounts receivable.

Total Equity at the end of the first quarter of 2009 stood at 47,955 million RUR, 1,135 million RUR higher than the corresponding value at the year end 2008. The increase is due to the net profit for the period.

Total Liabilities stood at 14,178 million RUR, 3,177 million RUR higher than the figure posted at the end of 2008. The change is mainly driven by the increase of borrowings used to support the investment programme of the company.