JSC TGC-1: 2011 IFRS Results

26.04.2012

JSC TGC-1 releases audited consolidated financial statements (prepared in accordance with IFRS) for the year ended 31 December 2011.

Consolidated Statement of Comprehensive Income figures
(mn RUR)

2010

2011

Revenue

50,487

60,252

Operating expenses

(42,102)

(53,235)

Operating profit

8,384

7,017

Profit before income tax

11,768

11,837

EBITDA*

6,517

3,902

* For business planning purposes EBITDA is calculated as “Operating profit + Depreciation of PP&E and intangible assets”.

FY 2011 revenue increased by 19% year-on-year totaling RUR 60,252 mn.

The increase is associated with the following factors:

  • Increase of electricity output by 4%;
  • Growth of regulated and non-regulated electricity prices and an increase in tariffs for heat;
  • Commissioning of new efficient combined cycle units at Pervomayskaya
    and Yuzhnaya CHP.

In 2011 operating expenses increased by 26% year-on-year to RUR 53,235 mn.
Major cost changes are reasoned by the following:

·         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 repairs and maintenance caused by higher new units maintenance expense;

·         Rental expense and heat transmission services reduction as far as JSC "Heating network of St. Petersburg" target structure developing was finished.

Operating profit for 2011 decreased by 16% year-on-year, up to RUR 7,017 mn, EBITDA increased by 1%, up to RUR 11,837 mn.

According to the financial statements under IFRS for 2011, profit decreased
by 40% and amounted to RUR 3,902 mn.

Excluding the “Impairment loss reversed during the year” and “Impairment loss recognized during the year” adjusted EBITDA and profit increased by 52% and by 17% accordingly.

Full JSC “TGC-1” 2011 results under IFRS can be found on the corporate website in the “Reports” section.