OJSC OGK-2 IFRS net profit for 1Q 2013 grew by almost 4.3 times

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 companys website in the IFRS Financial Reports section.

For reference:

OGK-2 is a leading heat generator with total installed capacity of circa 18.1 GW, providing about 8% of Russias electricity output, with 10 branches - power stations and Adlerskaya TPS (under construction). The Company includes: Adlerskaya TPP, Kirishskaya State District Power Plant, Krasnoyarskskaya State District Power Plant 2, Pskovskaya State District Power Plant, Novocherkasskskaya State District Power Plant, Ryazanskaya State District Power Plant, Serovskaya State District Power Plant, Stavropolskaya State District Power Plant, Surgutskaya State District Power Plant 1, Troitskskaya State District Power Plant, Cherepovetskaya State District Power Plant.

The Companys controlling shareholder is Gazprom Energoholding LLC (100% subsidiary of Gazprom OJSC).

  • Peterburgskoe highway 66,
  • Buid. 1, litera A, St. Peterburg, 196140, Russia
  • (812) 646-13-64
  • mail: office@ogk2.ru
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