JSC TGC-1: 2012 IFRS Results

18.03.2013

JSC TGC-1 releases its audited consolidated Financial Statements for the 12 months period, ended December 31, 2012 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (mn RUR)

2011

2012

Revenue

60,252

62,484

Operating expenses

53,777

54,691

Operating profit

7,017

9,859

EBITDA*

11,83715,445

Profit

3,902

6,242

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

In the 2012 the consolidated revenue of OJSC TGC-1 grew by 3.7% year-on-year and amounted to RUR 62,484 mn. Factors of the revenue growth are the following:

·        start of capacity supply to the wholesale market from the 2-nd CCGT-180 unit of Pervomayskaya CHP;

·       increase of HPPs production due to high water content in 2H 2012;

·       new heat consumers and increase of heat tariff.

Operating expenses grew by 1.7% up to RUR 54,691 mn. Factors of this parameter change are the following:

· fuel expenses growth to RUR 27,214 mn (+9.3%);

· amortization growth to RUR 5,587 mn (+15.9%);

· reduction of electricity, capacity and heat purchases to RUR 4,901 mn (‑17.5%);

 · income from non-core assets sale of RUR 561 mn.

Operating profit for 2012 grew by 40.5% to RUR 9,859 mn. EBITDA for 2012 increased by 30.5% to RUR 15,445 mn, including RUR 1,358 mn resulted from successful realization of the Program for the shareholder value increase (the effect is calculated based upon management report data).

According to the financial statements under IFRS for the 12 months, ended December 31, 2012, Profit increased by 60.0% totaling RUR 6,242 mn.

Full JSC “TGC-1” 12M 2012 results under IFRS can be found on the corporate website in theReports” section.