OGK-2 releases Accounting Statements for the 2020FY, in accordance with Russian Accounting Standards (RAS).
|
Key Highlights of the Statement of Financial Results (mn RUR) |
2019FY |
2020FY |
Change (%) |
Change (∆) |
|
Revenue |
134,247 |
120,299 |
-10.4% |
-13,948 |
|
Cost of sales |
109,123 |
98,363 |
-9.9% |
-10,760 |
|
Gross profit |
25,124 |
21,936 |
-12.7% |
-3,188 |
|
Net profit |
12,545* |
12,289 |
-2.0% |
-256 |
|
EBITDA |
28,944 |
29,708 |
+2.6% |
+764 |
Company revenue totaled RUR 120 bln 299 mn, decreasing by 10.4% year-on-year.
Cost of sales decreased to RUR 98 bln 363 mn, down by 9.9%, resulting from the Company strategy towards lower output at inefficient equipment on the back of declining consumption in the energy system.
EBITDA increased by 2.6% year-on-year, up to RUR 29 bln 708 mn. Gross profit totaled RUR 21 bln 936 mn (-12.7%). Net profit changed marginally, down by 2% to 12 bln 289 mn.
* OGK-2 net profit for 2019FY was adjusted in accordance with changes to Accounting Regulations “Income Tax Expense Accounting” (PBU 18/2002), approved by the Russian Federation Ministry of Finance order #114n, effective as of Accounting Statements for the 2020FY.
For reference:
OGK-2 is a heat generating company. The Company’s controlling shareholder is ‘Gazprom Energoholding’ LLC (100% subsidiary of ‘Gazprom’ JSC).