TGC-1 releases unaudited interim consolidated Financial Statements for the 9 months period, ended September 30, 2016 prepared in accordance with International Financial Reporting Standards (IFRS).
|
Consolidated Statement of Comprehensive Income Highlights (RUB mln) |
9Ì 2015 |
9Ì 2016 |
|
Revenue |
48,049 |
54,416 |
|
Operating Expenses* |
(41,121) |
(44,999) |
|
Operating Profit |
6,924 |
9,417 |
|
EBITDA** |
12,303 |
14,754 |
|
Profit for the Period |
4,036 |
6,746 |
* With account to Other operating income and Government subsidy.
** EBITDA is calculated as Operating profit + Depreciation of PP&E + Amortization of intangible assets and investment property.
Consolidated TGC-1 Group revenue for 9M 2016 increased by 13.3% year-on-year, up to RUB 54,416 mln. Factors of the growth were the following:
- Growing capacity sales volume at competitive capacity outtake;
- Priority load for highly efficient combined-cycle units;
- Increased production at hydro power stations on the back of higher water factor at Kolsky and Karelsky branches in 9M 2016 year-on-year.
Operating expenses for 9M 2016 grew by 9.4% year-on-year, up to RUB 44,999 mln. Variable costs increased by 9.3%, up to RUB 27,917 mln mostly on the account of higher fuel costs, caused by growing heat output. Fixed costs increased by 14.6%, up to RUB 12,385 mln, mainly due to the provision for impairment of accounts receivable in the reporting period and growing property tax.
TGC-1 operating profit grew by 36% year-on-year totaling RUB 9,417 mln. EBITDA amounted to RUB 14,755 mln, growing by 19.9% year-on-year.
Profit for 9M 2016 increased by 67.1% year-on-year, up to RUB 6,746 mln.
Full TGC-1 9M 2016 results under IFRS are available at the corporate website in the “Reports” section.
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