JSC TGC-1 releases its summary interim consolidated Financial Statements for the six months ended June 30, 2011 prepared in accordance with International Financial Reporting Standards (IFRS).
|
Consolidated Statement of Comprehensive Income figures (mn RUR) |
1H 2010 |
1H 2011 |
Change,% |
|
Revenue, |
27,203 |
34,534 |
27 |
|
including:
electricity sales |
13,715 |
20,261 |
48 |
|
heat sales |
13,200 |
14,123 |
7 |
|
other sales |
288 |
150 |
-48 |
|
Operating expenses |
(23,250) |
(27,563) |
19 |
|
Operating profit |
3,953 |
6,971 |
76 |
|
Profit before income tax |
3,584 |
6,680 |
86 |
|
EBITDA* |
5,577 |
9,134 |
64 |
|
Profit |
2,944 |
4,431 |
51 |
* For business planning purposes EBITDA is calculated as “Operating profit + Depreciation of PP&E and intangible assets”.
In the 1H 2011 the Company’s consolidated revenue increased by 27% compared with the same period in 2010 and amounted to RUR 34,534 mn. The increase is associated with the following factors:
Increase of electricity output by 4.8%;
Growth of regulated and free electricity prices and an increase in tariffs for heat;
Commissioning of new efficient combined cycle units at Pervomayskaya and Yuzhnaya CHP.
In the 1H 2011 operating expenses increased by 19% year-on-year to RUR 27,563 mn. In particular, variable costs amounted to 72% of the total costs increase, growing by 22% year-on-year. Fixed costs increased by 9.5% year-on-year. Major changes occurred in the costs of the following items:
· Higher fuel expenses associated with a growth of electricity generation by the Company’s CHP, as well as increase in fuel prices;
· Increased costs of electricity purchase for auxiliaries, as a result of changes in regulations of electricity purchase and new capacity commissioning;
· Increased costs of repairs and maintenance due to addition of the city district networks of SUE "Energy of St. Petersburg", which were added to the structure of OJSC "Heating grid of St. Petersburg";
· Rental expense reduction due to the transfer of previously leased heating systems of SUE "Energy of St. Petersburg" in the ownership of OJSC "Heating grid of St. Petersburg".
Operating profit for 1H 2011 increased by 76%, up to RUR 6,971 mn, EBITDA - by 64%, up to RUR 9,134 mn.
According to the financial statements under IFRS for the six months ended June 30, 2011, profit increased by 51% and amounted to RUR 4,431 mn.
Full JSC TGC-1 1H 2011 results under IFRS can be found on the corporate website in the “Reports” section.
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