OGK 2 : IFRS EBITDA for 9M 2016 grew by 49%, up to RUR 12.7 bn

OGK-2 IFRS EBITDA for 9M 2016 grew by 49%, up to RUR 12.7 bn
25.11.2016

OGK-2 releases unaudited interim consolidated abbreviated Financial Statements for the 9 months ended September 30, 2016, prepared in accordance with International Financial Reporting Standards (IFRS).

Highlights of the Consolidated Income Statement (mn RUR)	9М 2015**	9М 2016	Change (%)	Change (∆)
Revenue	80,917	94,170	+16.4%	+13,253
Operating Expenses	(77,051)	(87,680)	+13.8%	-10,629
Operating Profit	3,846	5,927	+54.1%	+2,081
EBITDA*	8,501	12,659	+48.9%	+4,158
Profit for the Period	2,758	1,985	-28.0%	-773

* EBITDA= Operating profit + Depreciation and Amortization. ** Restated with consideration of acquisition of a company under common control

The Group revenue for 9M 2016 totaled RUR 94,170 mn, up by 16.4% or by RUR 13,253 mn year-on-year. The revenue dynamics were determined, mainly, by of commissioning and capacity supply of objects under CSA in 2016 (CCGT-420 at Serovskaya station since 01.01.2016, steam-power unit-330 (SPU-330) at Novocherkasskskaya station since 01.06.2016, SPU-660 at Troitskskaya station since 01.07.2016, and SPU-330 at Ryazanskaya station since 01.01.2016).

Operating expenses for 9M 2016 totaled RUR 87,680 mn, growing thus by 13.8% year-on-year, mainly, on the account of growing fuel consumption on the back of increased electricity production, depreciation growth caused by commissioning under CSA and provision for accounts receivable.

Operating profit for 9M 2016 increased by 54.1% year-on-year up to RUR 5,927 mn.

OGK-2 Group Profit for 9M 2016 decreased by 28% down to RUR 1,985 mn, mostly on the account of expenses for debts required for the investment program implementation under CSA.

EBITDA for 9M 2016 grew by 48.9 year-on-year, up to RUR 12,659 mn.

The detailed information about OGK-2 performance in 9M 2016 in accordance with IFRS is available at the company's website in the IFRS Financial Reports section.

For reference:

OGK-2 is a leading thermal generator, including 11 operating power plants and one under construction, with total installed capacity of 19.0 GW. Company branches produced 64 bln kWh of electricity in 2015 (circa 6% of the total production in Russia). Fuel mix: 65% - gas, 35% - coal.

The Company includes: Kirishskaya State District Power Plant, Krasnoyarskskaya State District Power Plant 2, Pskovskaya State District Power Plant, Novocherkasskaya State District Power Plant, Ryazanskaya State District Power Plant, Serovskaya State District Power Plant, Stavropolskaya State District Power Plant, Surgutskaya State District Power Plant 1, Troitskskaya State District Power Plant, Cherepovetskaya State District Power Plant and Adlerskaya TPS.

he Company's controlling shareholder is 'Gazprom Energoholding' LLC (100% subsidiary of 'Gazprom' JSC).

Contacts: [e-mail]