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OJSC OGK-2 increased its 9M 2013 RAS Results net profit nearly twofold
30.10.2013

OJSC OGK-2 releases its Accounting Statements for 9M 2013, prepared in accordance with Russian Accounting Standards (RAS).

Key Highlights of the Statement of Financial Results (mn RUR)

9M 2013

9M 2012

Change (%)

Change (∆)

Revenue

81,191

76,095

+ 6.7%

+ 5,096

Cost of sales

(71,685)

(69,291)

+ 3.5%

+ 2,394

Gross profit

9,506

6,804

+ 39.7%

+ 2,702

Profit from sales

8,397

5,512

+ 52.3%

+ 2,885

Net profit

5,456

2,908

+ 87.6%

+ 2,548


The Company’s revenue for the 9 months of the 2013 totaled RUR 81,191 mln, growing by 6.7% or by RUR 5,096 mln year-on-year. The revenue increase resulted from the growth in capacity prices and sales under capacity supply agreements (CSA) – among other thighs, on the back of commissioning of Adlerskaya TPP. This positive effect was enhanced by growing electricity prices at the wholesale market and increased prices at the “competitive capacity outtake” (CCO) in 2013.

Cost of sales for the 9 months of the 2013 totaled RUR 71,685 mln, growing manageably by 3.5% year-on-year.

As a result of it gross profit for the 9 months of the 2013 grew 1.4 times year-on-year and totaled RUR 9,506 mln.

EBITDA¹ for the 9 months of the 2013 grew by 44.1% year-on-year, amounting to RUR 10,669 mln (vs RUR 7,406 mln in 9M 2012).

OJSC OGK-2 net profit for the 9 months of the 2013 totaled RUR 5,456 mln, increasing by RUR 2 bln 548 mn, or nearly twofold year-on-year.

Implementation of the project Effectiveness ensured stable operating expenses on the account of capacity load optimization. Particularly, the contribution of ineffective generation to the total output was reduced. A number of stations took robust advantage of diversifying fuel balance. We have also proceeded with the cost reduction measures. Competitive purchasing and organization structure improvement are among them, - remarked Denis Bashuk, General Director of OJSC OGK-2.

Detailed information about OJSC OGK-2 performance for the 9 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).
¹ Calculated as profit before tax plus depreciation and amortization minus interest receivable and benefits of participation in other companies plus interest payable.
  • Peterburgskoe highway 66,
  • Buid. 1, litera A, St. Peterburg, 196140, Russia
  • (812) 646-13-64
  • mail: office@ogk2.ru
  • Alevtina Tolstykh
  • E-mail: tolai@ogk2.ru
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