TGC-1 releases unaudited interim consolidated Financial Statements for the 6 months period, ended June 30, 2016 prepared in accordance with International Financial Reporting Standards (IFRS).
|
Consolidated Statement of Comprehensive Income Highlights (mln RUB) |
6Ì 2016 |
6Ì 2015 |
|
Revenue |
41,284 |
36,936 |
|
Operating Expenses* |
(33,184) |
(29,887) |
|
Operating Profit |
8,100 |
7,049 |
|
EBITDA** |
11,636 |
10,631 |
|
Profit for the Period |
5,852 |
4,806 |
* Including Government 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 2016 increased by 11.8% year-on-year, up to RUB 41,284 mln. Factors of the growth were the following:
- increased revenue from heat output;
- growing power sales at competitive capacity outtake;
- priority load for highly efficient combined-cycle units;
- increased production at hydro power stations in 1H 2016 year-on-year.
Operating expenses for 6M 2016 grew by 11% year-on-year, up to RUB 33,184 mln. Variable costs increased by 8.7%, up to RUB 21,922 mln mostly on the account of higher fuel costs, caused by growing heat output. Fixed costs increased by 17.1%, up to RUB 8,114 mln, mainly due to receivables impairment provision and growing loss on PP&E disposal.
TGC-1 operating profit grew by 14.9% year-on-year totaling RUB 8,100 mln. EBITDA amounted to RUB 11,636 mln, growing by 9.5% year-on-year.
Profit for 6M 2016 increased by 21.8% year-on-year, up to RUB 5,852 mln.
Full TGC-1 6M 2016 results under IFRS are available at the corporate website in the “Reports” section.
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