OGK-2 Net Profit for 1H 2013 Grew 4.4 Times

OJSC OGK-2 releases its Accounting Statements for 1H 2013, prepared in accordance with Russian Accounting Standards (RAS).

Key Highlights of the Statement of Financial Results (mn RUR) 1H 2013 1H 2012
Revenue 52,331 48,109
Cost of sales (45,475) (44,718)
Gross profit 6,857 3,391
Profit from sales 6,102 2,494
Net profit 4,130 948

The Companys revenue for the 6 months of the 2013 totaled RUR 52 bln 331 mn, growing by 8.8% or RUR 4 bln 222 mn year-on-year. The growth took place on the account of increased electricity prices and tariffs, as well as growing volumes and prices of CSA capacity sales, competitive power outtake price indexation in 2012 and commissioning of Adlerskaya HPP.

Cost of sales for the 6 months of the 2013 grew by 1.7% totaling RUR 45 bln 475 mn. The fuel expenses, which increased year-on-year on the back of growing fuel prices, dominated the cost of sales structure. Notably, the increase in costs took place against the background of declining production volumes and corresponding decrease of fuel consumption. At the same time, the structure of fuel usage was slightly improved by replacement of the most expensive fuel oil by gas and coal.

Profit from sales for the 6 months of the 2013 grew almost 2.5 times and totaled RUR 6 bln 102 mn (vs. RUR 2 bln 494 mn in 1H 2012).

As a result of the above mentioned factors, EBITDA for the 6 months of the 2013 grew by 88.7% year-on-year, amounting to RUR 7 bln 686 mn (vs RUR 4 bln 073 mn in 1H 2012).

OJSC OGK-2 net profit for the 6 months of the 2013 totaled RUR 4 bln 130 mn, increasing by RUR 3 bln 182 mn, or 4.4 times year-on-year.

Detailed information about OJSC OGK-2 performance for the 6 months of the 2013 in accordance with RAS is available at the companys website in the RAS Accounting Reports section.

For reference:

OGK-2 is a leading heat generator comprising 11 branches - power plants with total installed capacity of circa 18.0 GW, providing about 7% of Russias electricity output. The Company includes: Adlerskaya TPS, 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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