ОАО Вторая генерирующая компания оптового рынка электроэнергии
OGK-2 increased its 1H 2014 RAS Net Profit by 8.4%
|Key Highlights of the Statement of Financial Results (mn RUR)||1H 2013||1H 2012||Change (%)||Change (∆)|
|Cost of sales||(48,142)||(45,475)||5.9%||(2,667)|
|Profit from sales||6,645||6,102||8.9%||543|
The Company’s revenue for the 6 months of the 2014 totaled RUR 55 bln 661 mn, growing by 6.4% or RUR 3 bln 330 mn year-on-year. That was reasoned by the growth of electricity and capacity prices on the wholesale market.
Cost of sales for the 6 months of the 2014 totaled RUR 48 bln 142 mn, showing controlled growth by 5.9% year-on-year.
The fuel expenses, which increased year-on-year on the back of growing fuel prices, dominated the cost of sales structure. At the same time, the structure of fuel usage was slightly improved via replacement of the ineffective gas generation by marginally more preferable coal generation. Notably, the increase in expenses for purchased electricity and capacity took place against the background of growing electricity and capacity prices on the wholesale.
As a result of the above mentioned factors, profit from sales for the 6 months of the 2014 increased by 8.9% or RUR 543 mn year-on-year and totaled RUR 6 bln 645 mn.
EBITDA* for the 6 months of the 2014 grew by 4.7% year-on-year, amounting to RUR 8 bln 50 mn (vs RUR 7 bln 689 mn in 1H 2013). OJSC OGK-2 net profit for the 6 months of the 2014 totaled RUR 4 bln 477 mn, increasing by RUR 347 mn or by 8.4% year-on-year.
“Net profit growth year-on-year was stimulated by the measures, aimed to curb growth of expenses, largely taken as a part of the “Effectiveness” project. Due to measures focused on capacity load optimization and ineffective generation share diminishment the Company’s average fuel rate lowered by 3,6g g/kWh and totaled 343,88 g/kWh. Besides that, thanks to fuel balance diversification, we improved our fuel supply contract portfolio”, - remarked Denis Bashuk, the General Director.
Detailed information about OJSC OGK-2 performance for the 6 months of the 2013 in accordance with RAS is available at the company’s website in the RAS Accounting Reports section.
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 Russia’s 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 Company’s controlling shareholder is ‘Gazprom Energoholding’ LLC (100% subsidiary of ‘Gazprom’ OJSC).
* Calculated as a sum of profit before tax and amortization minus interest receivable and participation capital plus interest payable.
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