OGK 2 : RAS EBITDA for 2016FY Almost Doubled Growing to 16.6 bln RUR

OGK-2 RAS EBITDA for 2016FY Almost Doubled Growing to 16.6 bln RUR
21.02.2017

OGK-2 releases its operating results and Accounting Statements for 12 months of 2016, prepared in accordance with Russian Accounting Standards (RAS).

Company revenue for the 12 months of the 2016 totaled RUR 134 bln 285 mn, increasing by 19.8% year-on-year, on the back of growing electricity production at OGK-2, growing electricity prices at the 'day-ahead' market as well as commissioning and initiation of capacity supply to the wholesale market by a number of units under CSA.

At the same time revenue from electricity sales grew by 11.5% to RUR 86 bln 072 mn, revenue from capacity sales - by 43.2% to RUR 42 bln 192 mn. All the capacity sales surplus was due to increased share of CSA-units (RUR 9 bln 170 mn in 2015 vs. RUR 22 bln 195 mn in 2016). Cost of sales amounted to RUR 117 bln 618 mn (+13.2% year-on-year) mostly on the account of increased fuel consumption, caused by growing load, amortization and property tax, on the back of CSA-units commissioning.

Gross profit increased by 104.0% year-on-year up to RUR 16 bln 667 mn.

Net profit grew by 16.5% to 11 bln 075 mn.

EBITDA grew by 96.0% year-on-year, up to RUR 16 bln 623 mn.

Detailed information about OGK-2 performance for the 12 months of the 2016 in accordance with RAS is available at the company's website in the RAS Accounting Reports section.

For reference:

OGK-2 is a leading heat generator comprising 11 active power plants with total installed capacity of circa 19.0 GW. The Company includes: Adlerskaya TPS, Kirishskaya State District Power Plant, Krasnoyarskskaya State District Power Plant 2, Pskovskaya State District Power Plant, Novocherkasskskaya 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.

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