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November 27, 2013

TGC-1 IFRS 9M 2013 Profit Grew by 24.6%

TGC-1 IFRS 9M 2013 Profit Grew by 24.6%

OJSC TGC-1 releases its interim abbreviated unaudited consolidated Financial Statements for the 9 months period, ended September 30, 2013 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (mn RUR)

9Ě 2012

9Ě 2013




Operating expenses



Operating profit






Profit for the period



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

Consolidated TGC-1 revenue for the 9 months of 2013 totaled 48,928 mn RUR, growing thus by 15% year-on-year. Revenue structure reflects the following dynamics:

-      revenue from electricity sales grew by 16.2% and totaled up to 20,694 mn RUR mostly on the back of the growing prices at the “day-ahead” market by 16.7% and increase in sales in the balancing market;

-      commissioning of the CCGT-450 at Pravoberezhnaya CHP and its capacity sales at the wholesale market as well as CCO price growth contributed to the increase in revenue from the capacity sales by 26.9%, which totaled 9,882 mn RUR. Revenue from capacity sales under PSA demonstrated 47.1% growth year-on-year, revenue from capacity sales in the CCO increased by 12.3%;

-      revenue from heat sales totaled 17,220 mn RUR and increased by 9.2%, resulting from growing heat tariffs since July 1, 2013 and the subsidization of Murmanskaya CHP in the first half of 2013.

Operating expenses for the 9 months of 2013 grew by 14.6% year-on-year, up to 41,677 mn RUR. Expenses structure remained in the trends of the first half of 2013.

Variable costs grew by 11.0%, up to 20,696 mn RUR. That was reasoned by the following factors:

-      fuel expenses increasing by 11.3% due to fuel price growth and decreased share of hydrogeneration reasoned by lower water content in 3Q 2013;

-      a 11.4% growth of electricity and heat purchases expenses, resulted from growing prices at the “day-ahead”, as well as, from growing purchases for export.

Fixed costs grew by 10.9%, up to 10,581 mn RUR mainly due to: 

-      a growth of the article "taxes, excepting income tax" by 76.4% 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 189.7 mn RUR from the disposals of OJSC "St. Petersburg Heating Grid" in connection with reconstruction of heat supply networks.

Amortization & depreciation grew by 22.2%, up to 4,996 mn RUR, in connection with the commissioning of new equipment. Other operating income for the 9 months of 2013 decreased by 55.1%, down to 595 mn RUR due to high base effect year-on-year and because of large non-core asset sale in 3Q 2012.

Operating profit for the 9 months of 2013 increased by 17.1% year-on-year totaling 7,251 mn RUR. EBITDA is fixed at the level of 12,247 mn RUR, which corresponds to 19.1% growth year-on-year.

According to the Financial Statements for the 9 months period, ended September 30, 2013, the profit grew by 24.6%, amounting to 4,218 mn RUR.




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