TGC-1 has released its financial results for the first 9 months of 2012 under Russian Accounting Standards.
|
Key Income Statement Figures
(RUR million) |
9 months of 2012 |
9 months of 2011
|
|
Revenue |
40 984 |
41 470 |
|
Cost of sales |
(38 515) |
(37 400) |
|
Gross profit |
2 469 |
4 070 |
|
Other income |
3 664 |
4 732 |
|
Other expense |
(2 549) |
(4 653) |
|
Net profit |
1 951 |
2 915 |
The Company’s revenue for the first 9 months of 2012 decreased by 1.2% year-on-year to RUR 40,984.1 million. The decrease in revenue was primarily due to the following:
— an 8.5% reduction in the average electricity sales tariff in the wholesale electricity and capacity market because of a fall in prices in the day-ahead market and the balancing market: RUR 763.4 per MWh for the first 9 months of 2012 against RUR 834.0 per MWh for the first 9 months of 2011;
— a decline in the amount of capacity provided in forced mode since the beginning of 2012: at the end of the first 9 months of 2011, forced-mode generation accounted for 14.7% of the average monthly capacity sales; the figure for the first 9 months of 2012 was 0.1%;
— a drop in electricity exports caused by a slump in prices in the NordPool market: 539.8 million kWh for the first 9 months of 2012 against 993.4 million kWh for the first 9 months of 2011.
Revenue from electricity sales amounted to RUR 19,409.9 million, down 7.1% year-on-year. Receipts from electricity sales decreased by 1.4% in the day-ahead market and by 57.8% in the balancing market. However, an increase in the amount of electricity committed under regulated contracts and a rise in tariffs helped receipts grow by 37.7%.
With new combined cycle power plants coming on-stream, the company increased its capacity sales revenue by 17.8% to RUR 7,790.2 million. Capacity sales under Capacity Delivery Agreements doubled year-on-year. A greater amount of capacity that passed through the Competitive Capacity Procedure (CCP) in 2012 and an adjustment of the price limit on July 1, 2012 lead to a 29.1% jump in CCP capacity sales revenue for the first 9 months of 2012.
Heat sales revenue fell by 1.5% to RUR 13,613.1 million. Other sales totaled RUR 170.9 million.
Cost of production rose by 3.0% to RUR 38,515.5 million. As had been expected, this change in cost of production in the first 9 months of 2012 was caused by an increase in fuel costs and the depreciation cost of new equipment.
The Company’s gross profit for the first 9 months of 2012 was RUR 2,468.6 million. Net profit for the reported period of this year dropped by 33.1% compared with the same period last year to RUR 1,951.4 million.
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