OGK-4 discloses its financial statements prepared in accordance with the Russian Accounting Standards (RAS) for the first nine month of 2008.
OGK-4’s revenues for the reporting period increased to 27,946 million rubles by 22.8%, compared with the first nine month of 2007. This increase in revenue is caused primarily by higher electricity tariffs. The Company’s expenses went up by 20.9% to 25,008 million rubles. Expenses rose due to higher fuel costs and higher expenses related to purchased electricity.
The Company’s sales profit increased by 41.7% to 2,938 million rubles, while its profit before tax grew 2.1 times to 4,153 million rubles.
OGK-4’s net income in January-September of 2008 amounted to 3,449 million rubles, a 2.5 times increase over the comparable period of the last year. The Company’s net profit growth was caused primarily by additional income from deposit allocation of the temporarily free cash raised in course of the capital increase and sale of additional shares in 2007.
The open joint stock company Forth Generation Company of the Wholesale Electricity Market (OGK-4) operates five power generation plants with the total capacity of 8,630 MW, including Surgutskaya GRES-2 (4,800 MW, Khanty-Mansi Autonomous District), Berezovskaya GRES (1,500 MW, Krasnoyarsk territory), Shaturskaya GRES (1,100 MW, Moscow region), Smolenskaya GRES (630 MW, Smolensk region) and Yayvinskaya GRES (600 MW, Perm territory). 76% of OGK-4 shares belong to E.ON Russia Power – a 100% affiliate of E.ON AG, coordinating corporation’s energy business in Russia.