OGK-2 sees IFRS net profit drop 27.4% to 2.67 bln rubles; EBITDA rises to 5.97 bln rubles
MOSCOW. May 26 (Interfax) - OGK-2 posted an IFRS net profit of 2.67 billion rubles in Q1 2016, 27.4% less than in the same period last year, the genco reported.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4.6% to 5.976 billion rubles.
Revenue rose 3.3% to 32.2 billion rubles due to growing revenue from capacity sales under capacity supply agreements (CSA): commissioning of CCGT-420 at Serovskaya district power station (Serovskaya GRES) and finalized reconstruction of the N2 unit at Ryazanskaya GRES with capacity increasing 60 MW at the end of 2015).
Operating expenses rose to 28.13 billion rubles in Q1 2016, up from 26.94 billion rubles in Q1 2015.
Net profit declined mostly due to the cost of servicing debt raised to implement the CSA investment program. It was reported earlier that OGK-2 plans to complete commissioning of new power units at the Troitskaya GRES and Novocherkasskaya GRES before the end of the current quarter.
"In Q1 2016 the company assured growth of the cash flow from operating activities by 33% year-on-year (RUR 5,809 mn vs RUR 4,372 mn)," CEO Denis Bashuk is quoted in the press release as saying.
"Growing operating efficiency, lower fuel consumption and launch of two CSA-units (CCGT-420 at Serovskaya station and the N2 unit at Ryazanskaya station) became the growth factors," Bashuk said.
OGK-2 includes power stations with 18,500 MW of capacity. Gazprom Energoholding (GEH), a 100% subsidiary of Gazprom , is the controlling shareholder.