print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases  TGC-1 REGISTER LOG IN

Press Releases > TGC-1  all about the company

company search
all press releases
all TGC-1 press releases

TGC-1

October 31, 2012

TGC-1 releases 9M 2012 RAS financial results

TGC-1 has released its financial results for the first 9 months of 2012 under Russian Accounting Standards.

Key Income Statement Figures
(RUR million)

9 months of 2012

9 months of 2011

 

Revenue

40 984

41 470

Cost of sales

(38 515)

(37 400)

Gross profit

2 469

4 070

Other income

3 664

4 732

Other expense

(2 549)

(4 653)

Net profit

1 951

2 915

The Company’s revenue for the first 9 months of 2012 decreased by 1.2% year-on-year to RUR 40,984.1 million. The decrease in revenue was primarily due to the following:

— an 8.5% reduction in the average electricity sales tariff in the wholesale electricity and capacity market because of a fall in prices in the day-ahead market and the balancing market: RUR 763.4 per MWh for the first 9 months of 2012 against RUR 834.0 per MWh for the first 9 months of 2011;

— a decline in the amount of capacity provided in forced mode since the beginning of 2012: at the end of the first 9 months of 2011, forced-mode generation accounted for 14.7% of the average monthly capacity sales; the figure for the first 9 months of 2012 was 0.1%;

— a drop in electricity exports caused by a slump in prices in the NordPool market: 539.8 million kWh for the first 9 months of 2012 against 993.4 million kWh for the first 9 months of 2011.

Revenue from electricity sales amounted to RUR 19,409.9 million, down 7.1% year-on-year. Receipts from electricity sales decreased by 1.4% in the day-ahead market and by 57.8% in the balancing market. However, an increase in the amount of electricity committed under regulated contracts and a rise in tariffs helped receipts grow by 37.7%.

With new combined cycle power plants coming on-stream, the company increased its capacity sales revenue by 17.8% to RUR 7,790.2 million. Capacity sales under Capacity Delivery Agreements doubled year-on-year. A greater amount of capacity that passed through the Competitive Capacity Procedure (CCP) in 2012 and an adjustment of the price limit on July 1, 2012 lead to a 29.1% jump in CCP capacity sales revenue for the first 9 months of 2012.
Heat sales revenue fell by 1.5% to RUR 13,613.1 million. Other sales totaled RUR 170.9 million.

Cost of production rose by 3.0% to RUR 38,515.5 million. As had been expected, this change in cost of production in the first 9 months of 2012 was caused by an increase in fuel costs and the depreciation cost of new equipment.

The Company’s gross profit for the first 9 months of 2012 was RUR 2,468.6 million. Net profit for the reported period of this year dropped by 33.1% compared with the same period last year to RUR 1,951.4 million.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer