Open Joint Stock Company “Fourth Generation Company of the Wholesale Electricity Market” (JSC “OGK-4”) presents the audited results of its business and financial performance for the year 2009 prepared according to the International Financial Reporting Standards (IFRS). Consolidated revenues of OGK-4 for the year 2009 grew by RUB 4.87 bln, or by 12.8%, compared with the prior year, totaling RUB 42.9 bln.
“The revenue’s increase was driven by the further liberalization of the electricity and capacity market, OGK-4’s efficient operations on the wholesale market, as well as by growth of heat supply”, says Yuri Sablukov, Director General of “OGK-4”. Electricity and capacity sales in 2009 increased to RUB 41.2 bln, 11.7% up year-on-year. Heat sales grew by 28.4% up to RUB 942 mln.
Operating expenses of the Company increased by 5.5% compared to 2008 and amounted to RUB 37.4 bln. Revenues growth rate outstripped the growth of expenses due to reduction of fixed and variable costs as a result of the comprehensive cost-cutting program being implemented at the company.
Earnings before deduction of interest, taxes, depreciation and amortization (EBITDA) in 2009 amounted to RUB 8.9 bln, 69% up compared with 2008. OGK-4’s operating profit demonstrated even more impressive growth, having increased by almost 2.3 times from RUB 2.8 bln in 2008 to RUB 6.3 bln in 2009 due to the revenues growth outpacing the growth of the company’s expenses, as well as due to the change of the OGK-4’s accounting policy. Annual net profit of the Company made up RUB 5.5 bln. Total comprehensive income for the reporting period amounted to RUB 6.8 bln.
OGK-4’s total assets grew by 8.9%, amounting to RUB 92.5 bln as of the year end. Thereof, non-current assets constituted RUB 65.2 bln, having grown by 33% year-on-year primarily due to implementation of the Company's investment program and corresponding excess of the capital investments over the depreciation and decommissioning charges.
OJSC “OGK-4" comprises five thermal electric power plants with a total capacity of 8,630 MW, including Surgutskaya GRES (4,800 MW), Berezovskaya GRES (1,500 MW), Shaturskaya GRES (1,100 MW) Smolenskaya GRES (630 MW), and Yayvinskaya GRES (600 MW). 78.3% of JSC “OGK-4” shares are owned by E.ON Russia Holding, which is a 100% subsidiary of the international energy group E.ON AG.
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