OGK-2 Increased 12 Months RAS Net Profit by 12%

OREANDA-NEWS. OJSC OGK-2 releases its Accounting Statements for 12M 2013, prepared in accordance with Russian Accounting Standards (RAS).

Key Highlights of the Statement of Financial Results

The Company's revenue for the 12 months of the 2013 totaled RUR 111,589 mln, growing by 7.2%, which is by RUR 7,531 mln more year-on-year. The revenue increase resulted from the growing capacity sales under capacity supply agreements (CSA), commissioning of Adlerskaya TPP and growing prices at the wholesale market of electricity and capacity.

Cost of sales for the 12 months of the 2013 totaled RUR 99,696 mln. This parameter demonstrated weaker growth by 5.6% year-on-year if compared to the revenue. This should be attributed to the electricity output decrease under the program of the capacity load optimization and fixed cost control.

As a result of it, profit from sales for the 12 months of the 2013 grew by over 30% year-on-year and totaled RUR 10,284 mln.

EBITDA* for the 12 months of the 2013 grew by 8.0% year-on-year, amounting to RUR 10,828 mln (RUR 10,023 mln for the 12 months of the 2012).

The Company formed a reserve of RUR 2,798 mln for doubtful receivables, not repaid within the contracted terms and not properly guaranteed. EBITDA* for the 12 months of the 2013, adjusted to the amount of the reserve, totaled RUR 13,626 mln.

OJSC OGK-2 net profit for the 12 months of the 2013 totaled RUR 4.483 mln, increasing by RUR 476 mln year-on-year or 12%.

Detailed information about OJSC OGK-2 performance for the 12 months of the 2013 in accordance with RAS is available at the company's website in the RAS Accounting Reports section.