JSC TGC-1 has published its financial report for the first half of 2014, prepared in accordance with Russian Accounting Standards.

Detailed information on main indicators of the financial report for 6 months of 2014 and 2013 are shown below (mln RUR).

 * EBITDA = profit before taxation – interests receivable + interests payable – revenue from participation in other companies + depreciation.  

The company's revenue for the 6 months of 2014 reduced by 3.7 % compared to the same figure last year and reached 34.907 billion RUR.

The main share of revenue comes from the income from the electricity sale, which according to the results of the first half of 2014 reduced by 11.6 % to 14.117 billion RUR, mainly due to reduction of sales volumes on the day-ahead market by 17.2% and reduction of export operations by 45.5%.

Revenue from sales of power reduced by 3.2% compared to the figures for the similar period of 2013 to 6.816 billion RUR, which is still a result of reduction of power sale on competitive selection of power (the sale of power reduced by 14.3% over 6 months of 2014), and reduction of average price of sale of power on power supply contracts (the price reduced by 3.6% over 6 months).

Revenues from the sale of heat increased by 5.3% to 13.701 billion RUR, which is due to the increase in heat tariffs in the second half of 2013. Other sales account for 271.3 million RUR.

The cost of production reduced by 2.7% to 30.7059 billion RUR. The key impact on the changing costs was the reduction of electricity generation and heat output, and efficient operation of new power generating units.

The gross profit of JSC TGC-1 for 6 months of 2014 was 4.2011 billion RUR, decreasing by 10.4 %. The EBITDA indicator was almost at the previous year’s level and was fixed at the level of 8.1274 billion RUR. Thanks to efficient operations with credit portfolio which resulted in reduction of interests payable on credits, and implementation of the cost reduction programme within the reporting period, other costs reduced by 68.8%. Therefore, the net profit for the first half of 2014 increased by 7.6% compared to the same figures in 2013 and was fixed at the level of 2.8702 billion RUR.

Further information about the financial results for the first half of 2014 according to RAS can be found on the company website in the section ‘Reports’.