OJSC OGK-6 releases its unaudited consolidated Financial Statements for the period ended March 31, 2011 prepared in accordance with International Financial Reporting Standards (IFRS).
Consolidated Statement of Comprehensive Income Highlights (mn RUR) | 1Q 2011 | 1Q 2010 |
Revenue | 14,553 | 12,031 |
Operating expenses | (12,981) | (10,925) |
Operating profit | 1,406 | 1,231 |
EBITDA* | 2,011 | 1,728 |
Profit for the year | 982 | 903 |
*EBITDA= Operating profit + Depreciation and Amortization.
In 1Q 2011 the company’s revenue totaled RUR 14,553 mn, which is 21% higher compared to the same period in the previous year. The revenue increase resulted, in particular, from:
· higher degree of liberalization of the electricity & capacity market,
· growth of weighted average prices at the wholesale market for electricity and capacity.
In 1Q 2011 operating expenses rose by 19% quarter-on-quarter and reached RUR 12,981 mn. Operating expenses mainly consist of fuel expenses, which grew by 12% up to RUR 8,126 mn due to fuel prices growth.
In 1Q 2011 EBITDA rose by 16% quarter-on-quarter and reached RUR 2,011 mn. Profit for the year increased by 9%, amounting to RUR 982 mn.
Detailed information about OGK-6 performance in the 1Q 2011 in accordance with IFRS is available at the company’s website in the IFRS Financial Reports section.