OJSC TGC-1 releases its abbreviated interim unaudited consolidated Financial Statements for the 6 months period, ended June 30, 2015 prepared in accordance with International Financial Reporting Standards (IFRS).
|
Consolidated Statement of Comprehensive Income Highlights (mln RUB) |
6Ì 2015 |
6Ì 2014 |
|
Profit for the Period |
36,936 |
36,637 |
|
Operating Expenses* |
(29,887) |
(30,716) |
|
Operating Profit |
7,049 |
5,921 |
|
EBITDA** |
10,630 |
9,262 |
|
Profit for the Period |
4,806 |
3,756 |
* Includes state subsidies and other operating income.
** EBITDA is calculated as Operating profit + Depreciation of PP&E + Amortization of intangible assets and investment property.
Consolidated TGC-1 Group revenue for 6M 2015 increased by 0.8% year-on-year, up to 36,936 mln RUB. The revenue dynamics were determined by the following factors: higher revenue from heat sales on the back of growing tariff; increased exports; lower capacity volume sold at Competitive Capacity Outtake (CCO) on the back of less capacity taken at CCO-2015; optimization of capacity load.
Operating expenses for the 6 months of 2015 decreased by 2.7% year-on-year, down to 29,887 mln RUB. Variable costs decreased by 2.3%, down to 20,175 mln RUB mostly on the account of lower fuel costs. Fixed costs decreased by 5% down to 6,928 mln RUB mainly due to recovery of provision for receivables impairment.
TGC-1 operating profit grew by 19% year-on-year totaling 7,049 mln RUB. EBITDA amounted to 10,630 mln RUB, up to 14.8% year-on-year.
Profit for 6M 2015 increased by 28%, up to 4,806 mln RUB.
Full OJSC TGC-1 6M 2015 results under IFRS can be found at the corporate website in the “Reports” section.
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