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OGK-2 increased its 6M 2015 RAS revenue by 1%
29.07.2015

OGK-2 releases its operating results and Accounting Statements for 6 months of the 2015, prepared inaccordance with Russian Accounting Standards (RAS).

Electricity production for 1H 2015 totaled 32 bln 360 mn kWh, decreasing by 1.7% (in 1H 2014 – 32 bln 929 mn kWh). The decrease is dew to decommissioning of inefficient units at Troitskskaya GRES and Serovskaya GRES totaling 428 MW, and production at Adlerskaya TPP lower than peak in 2014 during the Olympics. Heat output decreased by 7.1%, to 3,507 mn Gcal (in 1H 2014 3,774 Gcal) on the account of lower consumption on the back of warm winter.

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

6M 2015

6M 2014

Change (%)

Change (∆)

Revenue

56,058

55,661

+0.7%

+397

Cost of sales

(50,623)

(48,142)

+5.2%

+2,481

Gross profit

5,435

7,519

-27.7%

-2,084

Profit from sales

4,462

6,645

-32.9%

-2,183

Net profit

3,098

4,477

-30.8%

-1,379

The Company’s revenue for the 6 months of the 2015 totaled RUR 56 bln 058 mn, growing by 0.7% year-on-year. The increase in this parameter was due to higher revenue from electricity and capacity produced by CCGT Unit-420 at the Cherepovetskaya GRES, commissioned in the late 2014 under CSA, as well as growing prices at the wholesale market of electricity and capacity in 1Q 2015.

Cost of sales for the 6 months of the 2015 grew by 5.2% year-on-year and totaled RUR 50 bln 623 mn. The main reasons for the growth were operating costs of CCGT Unit-420 at the Cherepovetskaya GRES, higher fuel and purchased electricity costs, as well as higher costs of main materials and production services. Besides, measures were taken for more marginal fuel usage, which is the main contributor to company costs.

As a result, the gross profit for the 6 months of the 2015 decreased by 27.7% year-on-year and totaled RUR 5 bln 435 mn.

EBITDA for the 6 months of the 2015 decreased by 27% year-on-year, amounting to RUR 5 bln 890 mn.

OGK-2 net profit for the 6 months of the 2015 totaled RUR 3 bln 098 mn, down by 30.8% year-on-year.

Detailed information about OGK-2 performance for the 6 months of the 2015 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 branches power plants with total installed capacity of circa 18.0 GW, providing about 7% of Russias electricity output. The Company includes 11 power plants are operating and one is under construction: Adlerskaya TPP, Kirishskaya GRES, Krasnoyarskskaya GRES-2, Pskovskaya GRES, Novocherkasskskaya GRES, Ryazanskaya GRES, Serovskaya GRES, Stavropolskaya GRES, Surgutskaya GRES-1, Troitskskaya GRES, Cherepovetskaya GRES, Groznenskaya TPP.

The Companys controlling shareholder is ‘Gazprom Energoholding LLC (100% subsidiary of GAZPROM PJSC).

  • 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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