Business results of Open Joint-Stock Company Fourth Generating Company of the Wholesale Electricity Market (JSC OGK-4) in 2007 are summed up.
In 2007 power plants of JSC OGK-4 generated 54.2 bln. kWh of electric power – by 6.3% more than in 2006. The load factor of OGK-4 as per the results of the year is 71.1% (in 2006 it was 67.5%). 52 bln. 233 mln. kWh of electric power to the sum of 20 bln. 304 mln. rubles (without capacity fee) were sold at the wholesale market in 2007.
JSC OGK-4 revenues from sale of merchandise, products, works, and services in 2007 that were calculated according to the Russian Accounting Standards (RAS) amount to 31 bln. 461 mln. rubles. Production cost is 28 bln. 366 mln. rubles. EBITDA (ernings before interest, tax, depreciation and amortization) is 4 bln. 158 mln. rubles, returns against this index equal to 13.2%. Net profit of JSC OGK-4 in 2007 amounts to 1 bln. 489 mln. rubles*.
"In 2007 the Company managed to achieve high operating and financial results, to become a leader among Russian heat OGK with regard to the scope of electric power output and capacity loading”, said Andrey Kitashev, General Director of JSC OGK-4. “In 2007 EPC-contracts for new capacities construction were concluded at Shaturskaya GRES and Surgutskaya GRES-2. The most important event of the last year for OGK-4 was the acquisition of a majority shareholding in the company by E.ON. Record investments were attracted in the amount of 146.5 bln. rubles as the result of OGK-4 state share sale to E.ON and placement in its favor of additional issue of the Company’s shares into the Russian electric power industry. In 2008 we will face a range of significant tasks that include OGK-4 integration into E.ON Group as well as creation of the Company’s target model related to cessation of RAO UES of Russia activities starting from July 1 that will result in appearance of 350,000 new shareholders of the Company”.
*It will be incorrect to compare financial indices of JSC OGK-4 activities in 2007 with the similar indices of 2006. In the period starting from September 1, 2007 till July 1, 2007 the primary economical activity of JSC OGK-4 was rendering services as the sole executive body. After termination of the reorganization process on July 1, 2006 in the form of merger of JSC Surgutskaya GRES-2, JSC BGRES-1, JSC Shaturskaya GRES-5, JSC Smolenskaya GRES and JSC Yaivinskaya GRES, JSC OGK-4 acts as a sole production company.