OREANDA-NEWS. OJSC OGK-2 releases its interim condensed unaudited consolidated Financial Statements for the 3 months period, ended March 31, 2013, prepared in accordance with International Financial Reporting Standards (IFRS). Consolidated Statement of Comprehensive Income Highlights (mn RUR)

3M 2012

3M 2013

Revenue

27,118

28,145

Operating expenses

(25,635)

(24,612)

Operating profit

1,367

3,587

EBITDA*

2,656

4,739

Profit for the period

589

2,519

* EBITDA= Operating profit + Depreciation and Amortization.

In 3 months of 2013 the revenue of OJSC OGK-2 totaled RUR 28 bln 145 mn, growing thus by RUR 1 bln 27 mn (+3.8%) year-on-year. A significant role in this growth was played by increased revenue from sales under capacity supply agreement (CSA) - on the back of commissioning of Adlerskaya TPP. In addition, the positive effect on the revenue resulted from a complete reconstruction of power unit #7 at Novocherkasskaya GRES. This positive effect was enhanced by growing electricity prices at the day-ahead market and increased prices at the competitive capacity outtake (CCO) in 2013 (which includes the effect of CCO price indexation since January 2013). At the same time, due to reduced output, there was a decline in sales volume of electricity at the wholesale market by 12.8%.

Operating expenses were decreased by RUR 1 bln 23 mn (-4.0%). The cost of fuel, employee benefits and depreciation and amortization of property, plant, equipment and intangible assets were down to RUR 1 bln 438 mn (-7.1%). Cost of purchased electricity, capacity and heat was slightly higher year-on-year, by RUR 18 mn (+0.8%). Other expenses increased by 397 mn (+12.3%). The company has provided lower operating costs on the account of capacities` workload optimization (reduced proportion of inefficient capacity in the output), and cost-cutting activities.

As a result, operating profit for the 3 months of the 2013 increased by RUR 2 bln 220 mn (+162.4%) year-on-year and totaled RUR 3 bln 587 mn.

EBITDA for the 3 months of the 2013 increased by 78.4% year-on-year and reached RUR 4 bln 739 mn (for the 3 months of the 2012 - RUR 2 bln 656 mn).

Profit for the 3 months of the 2013 increased by RUR 1 bln 930 mn or more than 4 times year-on-year and totaled RUR 2 bln 519 mn.

Detailed information about OGK-2 performance in the 3 months 2013 in accordance with IFRS is available at the company's website in the IFRS Financial Reports section.