OREANDA-NEWS. May 26, 2011. OJSC OGK-2 releases its unaudited interim condensed consolidated Financial Statements for the period ended March 31, 2011 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income  Highlights (mn RUR)

1Q 2011

1Q 2010

Revenue

15,470

13,187

Operating expenses

(12,746)

(11,142)

Operating profit

2,730

1,970

EBITDA*

3,075

2,300

Profit for the period

2,088

1,472

                         *EBITDA= Operating profit + Depreciation and Amortization.

In 1Q 2011 the company’s revenue totaled RUR 15,470 mn, which is 17% higher compared to the same period in the previous year. 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 1Q 2011 operating expenses reached RUR 12,746 mn (+14%). Operating expenses were substantially affected by the growing fuel prices and increased expenses for purchased electricity and capacity on the wholesale market to meet conditions of regulated contracts.

Operating profit in 1Q 2011 rose by 39% compared to the same period in the previous year reaching RUR 2,730 mn. Profit for the period (net profit) increased by 42% up to 2,088 mn.

Detailed information about OGK-2 performance in the 1Q 2011 in accordance with IFRS is available at the company’s website in the IFRS Financial Reports section.