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OJSC OGK-2 increased its 1H 2014 IFRS Profit by 20%
15.08.2014

OJSC OGK-2 releases its interim condensed unaudited consolidated Financial Statements for the 6 months period, ended June 30, 2014, prepared in accordance with International Financial Reporting Standards (IFRS).
Consolidated Statement of Comprehensive Income Highlights (mn RUR)6M 20136M 2014Change
Revenue52,70655,686+5.7%
Operating expenses(47,174)(49,924)+5.8%
Operating profit5,5605,817+4.6%
EBITDA*7,8958,274+4.8%
Profit for the period3,7254,476+20.2%
Total comprehensive income for the period3,7084,484+20.9%
* EBITDA= Operating profit + Depreciation and Amortization.

In 6 months 2014 the revenue of OJSC OGK-2 totaled RUR 55,686 million, that is higher by 2 billion 980 million rubles (+5.7%) year-on-year. The revenue increase resulted from the growth of electricity prices at the wholesale market. At the same time, due to reduced output, there was a decline in sales volume of electricity at the wholesale market by 5.5%.
Operating expenses increased by RUR 2,750 million (+5.8%). The bulk of the increase in operating expenses was due to increase of fuel prices and purchased heat and electricity expenses. The respective income statement articles increased by RUR 1,407 million (+4.8%) and RUR 883 million (+20.8%).
The management efforts for capacities` workload optimization (reduced proportion of inefficient capacity in the output), structure optimization of fuel usage and cost-cutting activities made a positive effect for OJSC OGK-2 6 month financial results.
Operating profit for the 6 months of the 2014 increased by RUR 257 million (+4.6%) and totaled RUR 5,817 million.
EBITDA for the 6 months of the 2014 increased by 4.8% year-on-year and reached RUR 8,274 million (for the 6 months of the 2013 - RUR 7,895 million).
Profit for the 6 months of the 2014 increased by RUR 751 million or more than 20% year-on-year and totaled RUR 4,476 million.
Total comprehensive income also increased by 21% year-on-year and totaled RUR 4,484 million.

Detailed information about OGK-2 performance in the 6 months 2014
in accordance with IFRS is available at the company’s website in the IFRS Financial Reports section.
For reference:
OGK-2 is a leading heat generator, including 11 production branches-power plants with total installed capacity of circa 18.0 GW, providing about 7% of Russias electricity output, with 10 branches - power stations and Adlerskaya TPS (under construction). 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).

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