OGK-3 Publishes Financial Statements for H1 2012 under RAS
OREANDA-NEWS. August 07, 2012. JSC OGK-3 revenue in H1 2012 decreased by 0.1 billion rubles (0.5%) compared to the same period in 2011 and totaled 20.9 billion rubles, reported the press-centre of OGK-3.
Revenue from electricity sales of JSC OGK-3 for H1 2012 was almost unchanged compared to the same period in 2011 and totaled 14.5 billion rubles (down 0.1%). The revenue from the sale of electricity was influenced from various angles by the growth in electricity generation of 3.2% with a decrease in the average sales price of electricity for the day ahead market (DAM) by 4.8%.
The decrease in revenue from the sale of power by 2.5% was due to the reduction of competitive selection of capacity prices compared to 2011 for the power sold by Kostromskaya TPP, as well as for Kharanorskaya TPP, implemented under forced generation and the planned transfer of indexation under competitive selection of capacity from January 1 to July 1, 2012.
The cost of sales for the period grew by 0.7 billion rubles (3.8%) and amounted to 19.1 billion rubles, which was mainly due to increased fuel costs of 3.6%.
As a result, profits from sales in the reporting period decreased by 0.9 billion rubles (42.9%) and amounted to 1.2 billion rubles.
Over the period the balance of other income and expenses (including interest receivable and interest payable) grew by 0.6 billion rubles over the same period in 2011 and amounted to 0.9 billion rubles. This change was affected by the growth of other income by 0.3 billion rubles with a decrease in other expenses by 0.6 billion rubles.
Interest income decreased by 22.3% and amounted to 0.9 billion rubles against 1.2 billion rubles in H1 2011, which is associated with a reduction in the allocation of funds on deposit. In H1 2012 the funds were mainly used to finance projects of the Power delivery contracts for Kharanorskaya TPP, Gusinoozerskaya TPP and Yuzhnouralskaya TPP-2.
As a result of its financial and economic activity in H1 2012, JSC OGK-3 generated a net profit of 1.8 billion rubles as against 1.9 billion rubles in the H1 2011, mainly due to a decrease in sales, in particular, in the sale of power.
Balance sheet
Total assets of JSC OGK-3 in H1 2012 increased by 4.8 billion rubles (5.0%) and as of 30 June 2012 totaled 101.9 billion rubles.
Non-current assets during the reporting period increased by 12.8 billion rubles (22.8%) and as of 30 June 2012 amounted to 69.0 billion rubles. The growth of non-current assets was due to the growth of fixed assets by 14.3 billion rubles (33.0%), mainly the increase of unfinished construction by 51.3% which was associated with the implementation of the investment program, including projects on Power delivery contracts at Kharanorskaya TPP, Gusinoozerskaya TPP, and Yuzhnouralskaya TPP-2+. Other non-current assets decreased by 1.4 billion rubles (12.8%) to 9.8 billion rubles. This was associated with a reduction in long-term receivables at an amount equivalent to that caused by a decrease in the advances to contractors.
Current assets in the reporting period decreased by 8.1 billion rubles (19.7%) and as of 30 June 2012 amounted to 32.9 billion rubles. Changes to current assets were due to the decrease of investments in the form of deposits for a period of 3 to 12 months (by 20.5 billion rubles), an increase in the placement of temporarily free funds for deposits of up to 3 months, and an increase in cash balances on accounts by 12.9 billion rubles to finance the investment program.
Reserves rose by 0.4 billion rubles (15.5%) and as of 30 June 2012 amounted to 3.1 billion rubles, which is associated with an increase in fuel supplies.
Short-term receivables of JSC OGK-3 dropped by 0.8 billion rubles (13.5%) and as of 30 June 2012 amounted to 4.9 billion rubles.
Equity capital of JSC OGK-3 was up by 3.7 billion rubles (4.1 %) and as of June 30, 2012 amounted to 92.7 billion rubles, which is associated with a reduction in non-covered losses of 1.6 billion rubles in connection with the receipt of net profit in H1 2012 of 1.8 billion rubles.
Accounts payable in H1 2012 increased by 1.1 billion rubles (16.2%) to 8.0 billion rubles, which is associated with the implementation of payments to suppliers and contractors for investment projects and for fuel.
During the reporting period, the company did not attract loans or credits. The share of total liabilities to total assets was 9.1%.
Комментарии