OGK-1 Released RAS Financial Statements for First Quarter of 2012
OREANDA-NEWS. May 5,
Reduction of revenue from sales of electric energy by 4.3 billion RUB was primarily driven by reduced amount of electricity purchased for delivery on free agreements, and by increased sales of electricity in the free market while next-day market pricing in the first pricing zone went down by 11.5%. Reduction of revenue from sales of electric power by 0.2 billion RUB was driven by increased price pressure on competitive power delivery contracts in Center and Ural free flow zones compared to 2011, and by rescheduling of planned price indexation from January 1 to July 1, 2012.
Cost of goods sold in the first quarter of 2012 reduced proportionately with revenue by 3.6 billion RUB (down 22.9 %) to 12.1 billion RUB due to lack of buyers in the next-day market to whom we could sell electricity under free agreements.
This reduction was primarily driven by reduced amount and cost of electricity purchased in the free next day market over the first quarter of 2012 compared to the first quarter of 2011 (down 8.4% and 79.3 RUB/MW) due to lack of buyers under free agreements in the next-day market. In the first quarter of 2012, fuel costs went up 1% while fuel prices remained at the same level as over the same period a year ago.
Sales profit went down 39.1% to 1.4 billion RUB compared to the same period of 2011.
Balance of other income and expenses (including interest receivable and interest payable) grew up to 0.02 billion RUB (compared to minus 0.01 billion RUB in the first quarter of 2011). This change was driven by debt repayment in the course of 2011.
Interest receivable was 0.2 billion RUB compared to 0.3 billion RUB in the first quarter of 2011. Reduction of interest receivable was influenced by reduced allocation of temporarily free cash reduction to short-term financial investments due to spending of free cash on Urengoy TPS investment program.
There was no interest payable in the reporting period due to early repayment of all debt of OKG-1.
Net profit of OGK-
Balance Sheet
Total assets of OGK-1 increased by 2.6% to 66.9 billion RUB as of March 31, 2012.
Fixed assets increased by 0.9 billion RUB (1.9%) in the first quarter and reached 46.9 billion RUB as of March 31, 2012. Due to implementation of investment program (primarily construction of Urengoy TPS), property, plant and equipment for the reporting period increased by 1.0 billion RUB or 2.7 % to 38.9 billion RUB. Long-term accounts receivable reduced by 0.2 billion RUB (11.9%) to 1.6 billion RUB as of March 31, 2012, due to settlements under the general contracting agreement for Urengoy TPS development.
Current assets increased by 0.9 billion RUB (4.5%) in the first quarter of 2012, and reached 20.1 billion RUB as of March 31, 2012, due to positive operating cash flow in the reporting period.
Total liquid assets in the first quarter of 2012 increased by 0.8 billion RUB (7.8%) to 11.6 billion RUB as of March 31, 2012.
Total liabilities of OGK-1 increased by 0.6 billion RUB (10.4%) to 6.8 billion RUB, primarily due 0.5 billion RUB (12.4%) increase in accounts payable, mainly attributable power delivery from Urengoy TPS under general contracting agreement.
RAS financial highlights of Nizhnevartovsk TPS
|
Indicator * |
3 months of 2012 |
3 months of 2011 |
Change, % |
|
Revenue |
2.8 |
3.3 |
–15.2 |
|
Cost of goods sold |
2.2 |
2.3 |
–4.3 |
|
Sales profit |
0.4 |
0.8 |
–50.0 |
|
Net profit |
0.4 |
0.7 |
–42.9 |
|
|
March 31, 2011 |
December 31, 2011 |
|
|
Total assets |
14.4 |
13.7 |
5.1 |
|
Total equity |
10.5 |
10.1 |
4.0 |
|
Debt finance |
2.6 |
2.5 |
4.0 |
|
Net debt** |
1.3 |
0.8 |
62.5 |
* billion RUB unless indicated otherwise
** net debt calculated as Short-term debt finance plus Long-term debt finance less Cash and cash equivalents less Short-term financial investments.
In the first quarter of 2012, Nizhnevartovsk TPS reported revenue of 2.8 billion RUB, down 15.2% compared to the same period of 2011. The primary reasons for revenue contraction were unscheduled repair of 800 MW power generating unit
Cost of goods sold decreased by 4.3% to 2.2 billion RUB.
Interest receivable reduced from 0.02 billion RUB in the first quarter of 2011 to 0.01 billion RUB in the first quarter of 2012 due to reduced allocation of temporarily free cash to short-term financial investments resulting from investments in construction of the third power generating unit.
Interest payable reduced from 0.01 billion RUB in the first quarter of 2011 to zero in the first quarter of 2012 due to capitalization of loan interest as the result of construction work at the third power generating unit.
Balance of other income and expenses (including interest receivable and interest payable) grew up to 0.03 billion RUB (compared to minus 0.04 billion RUB in the first quarter of 2011). Sale of non-core assets of Nizhnevartovsk TPS, increased foreign exchange gain and reduction of provisions for bad debt due to receipt of accounts receivable payments contributed to this growth.
Gross profit reduced to 0.6 billion RUB, 0.4 billion RUB or 40.0% down from the same period in 2011. Earnings before tax was 0.5 billion RUB, down 0.3 billion RUB or 37.5%.
Net profit of Nizhnevartovsk TPS in 2011 reduced to 0.4 billion RUB, 0.3 billion RUB down from the first quarter of 2011.
Total assets of Nizhnevartovsk TPS as of March 31, 2012 increased by 5.1% to 14.4 billion RUB.
Fixed assets grew by 11.8% to 11.4 billion RUB due to implementation of investment program focused on construction of third power generating unit. Current assets decreased by 0.4 billion RUB (11.8%) to 3.0 billion RUB, primarily due to reduction of short-term accounts receivable from 1.6 billion RUB as of December 31, 2011, to 1.3 billion RUB as of March 31, 2012, and also due to 23.5% reduction of cash and cash equivalents to 1.3 billion RUB. This reduction was primarily driven by prepayments to suppliers in the third power generating unit construction project.
Total assets as of March 31, 2012 increased by 0.4 billion RUB to 4.0 billion RUB. This change was driven by increase in long-term debt financing from internal sources of the Group due to implementation of investment program focused on construction of the third power generating unit.
At the same time, net debt to net assets ratio stays at acceptable level of 1.3.
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