OGK-2 net debt rises 18% to 34.1 bln rubles in 2014
MOSCOW. March 16 (Interfax) - OGK-2 increased net debt 17.7% to 34.1 billion rubles in 2014, the genco said in a presentation on its IFRS results.
Net debt was just under 29 billion rubles as of the end of 2013. The net debt/EBITDA ratio rose to 2.6 at the end of 2015 from 2.5 a year earlier.
Short-term borrowings and the current portion of long-term debt amounted to 6.6 billion rubles as of the end of 2014, up from just 80 million rubles. Long-term borrowing totaled 40.6 billion rubles, up from 34.64 billion rubles at the end of 2013.
Investment program financing in 2014 amounted to 20.36 billion rubles on construction of facilities under capacity provision agreements (including VAT). OGK-2 added 420 megawatts of capacity in 2014. The company plans to add 1,470 MW of capacity in 2015, another 420 MW in 2017 and 360 MW in 2018, when the capacity provision agreement program will be completed.
