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October 30, 2013

TGC-1 announces 9 months 2013 RAS results

TGC-1 releases its financial statements under Russian Accounting Standards (RAS) for the 9 months of 2013.

Below you will find detailed information about the key financial results for the 9 months of 2013 and 2012. Please note that the amounts in the table are in millions of Russian rubles (RUR).

Income Statement Highlights(RUR million)

9 M 2013

9 M 2012


47 743,8

40 984,1

Operating expenses

(43 972,6)

(38 515,5)

Gross profit

3 771,2

2 468,6

Other revenue

2 560,6

3 664,2

Other expenses

(2 827,2)

(2 549,0)

Net profit

1 620,1

1 951,4

In 2013, company’s 9 months revenue grew by 16.5% year-on-year, totaling RUR 47 bln. 743.8 mln. The key factors behind these positive changes in the revenue were:

- an increase in the amount of capacity delivered to the market under Capacity Delivery Agreement after the commissioning of a 405MW CCGT unit at the Pravoberezhnaya CHPP;

- an increase in the average electricity price on the wholesale market of electricity and capacity to RUR 883.5 per MWh, a 15.7% rise compared to the 2012 figure;

- a rise in heat tariffs in the 2nd half of 2013.

Revenue from electricity sales reached RUR 22 bln. 635.4 mln., a 16.6% increase as compared to the same period of 2012. Receipts from electricity sales on the day-ahead market grew by 15.9%. Revenues from regulated agreements were 17.0% up due to an increase in the volume of commitments and a rise in tariffs. Higher electricity prices on the NordPool market led to greater revenues from export operations, with company’s receipts increasing by 38.5% year-on-year.

Capacity sales revenue went up by 26.9% to RUR 9 bln. 882.1 mln. Revenue from capacity sales under Capacity Delivery Agreements was RUR 5 bln. 089.9 mln., 1.5 times the level reached in the 9 months of 2012. An increase in the marginal capacity price at competitive capacity auctions from January 1, 2013 resulted in a 12.3% rise in revenue in the reporting period.

Revenue from heat sales increased by 9.8% to RUR 14 bln. 951.6 mln. Other sales were RUR 274.6 mln.

Operating expenses grew by 14.2% to RUR 43 bln. 972.6 mln. This growth was largely due to higher fuel prices and increased depreciation from new assets.

TGC-1’s gross profit surged by 58% to RUR 3 bln. 771.2 mln. Year-on-year net profit in the 9 months of 2013 declined by 17.0% to RUR 1 bln. 620.1 mln. The difference in the figures is attributable to the sale of a non-core asset at a price of RUR 587 mln. which led to a surge in other revenue in 2012.




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