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TGC-1

August 27, 2013

JSC TGC-1 releases 1H 2013 IFRS results

OJSC TGC-1 releases its interim abbreviated unaudited consolidated Financial Statements for the 6 months period, ended June 30, 2013 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (mn RUR)

6Ì 2012

6Ì 2013

Revenue

32,128

37,421

Operating expenses

(27,177)

(30,484)

Operating profit

4,951

6,937

EBITDA*

7,642

10,259

Profit

3,179

4,357

* EBITDA is calculated as Operating profit + Depreciation of PP&E + Amortization of intangible assets and investment property

Consolidated TGC-1 revenue for the 6 months of 2013 totaled 37,421 mn RUR, growing thus by 16.5% year-on-year.

Dynamics of revenue caused by the following factors:

-      revenue from electricity sales grew by 20.4%, mostly on the back of the growing prices at the “day-ahead” market and increase in sales in the balancing market;

-      efficient operation of the new units and growth of the selling price at competitive power outtake (CPO) contributed to the increase in revenue from the sale of capacity by 28.5%. Revenue from PSA showed 50.5% growth year-on-year, revenue from capacity sales in the CPO higher by 14.5%;

-      revenue from heat sales up by 9.2%, resulting from growing heat tariffs in 2H 2012 and the subsidization of Murmanskaya CHP in 2Q 2013;

-      reduction in revenue from the installation of heat`s custody transfer metering station due to the fulfillment of a schedule installation and, consequently, the decline revenue from other sales by 31.2%.

Operating expenses for the 6 months of 2013 grew by 12.2% year-on-year, up to 30,484 mn RUR.

Fixed costs grew by 11.3%, up to 6,906 mn RUR mainly due to: 

-      a growth of the article "taxes, excepting income tax" by 50.3% due to adjustments to the direction of decreasing the amount of property tax in 1Q 2012 for previous periods and cancellation tax benefits for heat supply networks since the beginning of 2013;

-      a loss of 200.9 mn RUR from the disposals of OJSC "St. Petersburg Heating Grid" in connection with reconstruction of heat supply networks;

-      an increase in the cost of repairs and maintenance by 9.4% due to the growth in 2Q 2013 the scope of repair generation equipment according to the schedule approved maintenance program.

Variable costs grew by 10.2%, up to 20,637 mn RUR. From the articles with the largest weight in the structure of the variable cost dynamics of growth have shown:

-      fuel expenses increasing by 10.5%, among other things, due to gas price indexation;

-      a 12.2% growth of electricity, capacity and heat purchases expenses, resulting from growing prices at the “day-ahead” and balancing market, as well as, from growing purchases for export.

Amortization & depreciation grew by 23.4%, up to 3,322 mn RUR, in connection with the commissioning of new equipment – since 01.10.2012 hydroelectric unit ¹3 at Lesogorskaya HPP; since 01.01.2013 hydroelectric unit ¹2 at Svetogorskaya HPP and CCGT-450 at Pravoberezhnaya CHP. Other operating income decreased by 13%, down to 381 mn RUR.

Operating profit for 1H 2013 increased by 40.1% year-on-year totaling 6,937 mn RUR. EBITDA is fixed at the level of 10,259 mn RUR, which corresponds to 34.2% growth year-on-year.

According to the Financial Statements for the 6 months period, ended June 30, 2013, the profit grew by 37.1%, amounting to 4,357 mn RUR.

 

 

 

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