30.08.2011, 08:57
ATON Comments OGK-2 and OGK-6 1H11 IFRS Results
OREANDA-NEWS. August 30, 2011. OGK-2 and OGK-6 released their 1H11 IFRS results. The results are generally in line with our estimates for OGK-2 and below our and consensus numbers for OGK-6, reported the press-centre of ATON.
For OGK-2, the 51% YoY EBITDA growth rate was slightly ahead of our and consensus estimates (48% and 30%, respectively) mostly thanks to further liberalisation of the electricity market. Net income, +66% YoY, was slightly lower than our estimate of 82%, but beat consensus (45%).
OGK-6’s numbers look weak overall: EBITDA remained unchanged vs 1H10 with a substantial increase in fuel expenses, while net income dipped 40% YoY. We expected EBITDA and net income to rise 30% and 69% YoY (consensus expected 2% EBITDA growth and a decline of 21% in net income YoY).
Overall, we view the 1H11 IFRS results as neutral for OGK-2 and mostly negative for OGK-6.
For OGK-2, the 51% YoY EBITDA growth rate was slightly ahead of our and consensus estimates (48% and 30%, respectively) mostly thanks to further liberalisation of the electricity market. Net income, +66% YoY, was slightly lower than our estimate of 82%, but beat consensus (45%).
OGK-6’s numbers look weak overall: EBITDA remained unchanged vs 1H10 with a substantial increase in fuel expenses, while net income dipped 40% YoY. We expected EBITDA and net income to rise 30% and 69% YoY (consensus expected 2% EBITDA growth and a decline of 21% in net income YoY).
Overall, we view the 1H11 IFRS results as neutral for OGK-2 and mostly negative for OGK-6.
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