Revenue OGK-1 for 1 st quarter 2009 According to IFRS amounted to 11.87 billion rubles, which is 12.8% lower than in the first quarter of 2008, the main cause of decline of this indicator has been making power reduction OGK-1 by almost 16% in connection with the collapse of energy in the regions of plants, the report says the company.
In addition, the decrease in revenues, as well as to change the costs of ongoing activities, in addition to these factors, influenced the effect of the consolidation of the Group share of OGK-1 in the net assets of JSC Nizhnevartovsk GRES. Thus, accounting for 1 quarter 2008 the proportion was 100% and accounts for the 1 st quarter of 2009 - 75% - 1 share (in proportion to OGK-1 in the authorized capital of joint venture with TNK-BP business - NVGRES HOLDING LIMITED , which is implementing an investment project in Nizhnevartovsk GRES.).
The cost of the current activities of OGK-1 for 1 st quarter of 2009 decreased by 21.2% to 10.23 billion rubles. Faster decrease of the cost compared to the rate of reduction of revenue due, mainly, the reduction in variable and fixed costs.
Financial income for the first three months of 2009 amounted to 0.67 billion rubles to 0.05 billion rubles of financial expenditure for the same period in 2008
In connection with an decrease in cost compared to the decrease in revenue earnings from the current activities of OGK-1 for the period increased compared with that of 2008 at 2.6 times to 1.64 billion rubles.
Profit before tax for January - March 2009 increased by 4 times compared to the same period in 2008 and amounted to 2.31 billion rubles. Income tax expense OGK-1 in the 1 quarter of 2009 increased by 35% to 0.28 billion rubles.
Net profit OGK-1 for the first quarter of 2009 increased in 5,4 times and amounted to 2.03 billion rubles. The growth of net profit attributable to the economic effect of implementing a comprehensive program of crisis events, as well as gradual (quarterly), rather than ad hoc, as in previous years, the increase in gas tariff, with a one-indexed (from 1 January 2009) of electricity tariffs and warm. It was expected that by the end of the year the economic impact of the phased tariff increases to limit gas will level out, and their growth relative to last year amount to 27.7%.
Changing the net profit was the result and reduce costs for the purchase of commercial gas, the absence of costs for the purchase of stock, and excessive gas, optimization of the generating equipment is included in a reduced power generation due to falling energy consumption. In addition, the growth of this indicator has affected a financial income of 0.67 billion rubles in the work to invest temporarily available funds, the report says WGC-1.
Total assets OGK-1 for the period from January to March 2009 increased by 4,1% and at the end of the quarter amounted to 51.97 billion rubles. Of these, the value of fixed assets amounted to 34.87 billion rubles, an increase of 2.1%.
Current assets amounted to 17.09 billion rubles, which is 8.5% more than the rate at the beginning of 2009
Net assets OGK-1 from January to March 2009 increased by 6,5% to 34.92 billion rubles.
Total commitments for the period decreased by 0.4% and amounted to 17.05 billion rubles. The change relates to the restructuring of short-term borrowed funds raised to finance the investment program.
The volume of credits and loans for 1 quarter of 2009 decreased by 4,5% and amounted to 10.19 billion rubles. The decrease in this indicator relates to the work to optimize the loan portfolio and reduce the debt burden under which the OGK-1 comprehensive program to reduce costs.
cash inflows from the current activity for the period grew by 2.2 times to 2.83 billion rubles, which positively affected the liquidity of the company.
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