OREANDA-NEWS. September 3, 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.