JSC TGC-1 publishes its financial statements for 9 months of 2011 under Russian Accounting Standards (RAS)

03.11.2011

JSC TGC-1 published its accounting reports for nine months of 2011 prepared under Russian Accounting Standards (RAS).

The Company’s revenue for the period from January till September of 2011 equaled 41.5 billion rubles which exceeded the identical result of the last year by 20%. Out of them TGC-1 received 26 billion rubles from electricity sales at the domestic market which was 28% more than the same income of the previous year. The increase of revenue was caused by start of operation of new power units at Yuzhnaya CHPP and Pervomayskaya CHPP.

Production cost increased in proportion to the revenue by 20% and equaled 37 billion rubles. The cost increased due to increase of generation and related additional fuel consumption firstly by new capacities of CHPPs belonging to TGC-1 and increase in purchase of electricity for execution of free-trade two-party treaties.

Net profit of TGC-1 according to the results of nine months equaled 2.9 billion rubles which exceeded the identical index of the last year by 44%. Substantial positive deviation was caused by the Company’s high performance in the first half of the current year.

Financial total of the third year is traditionally negative for TGC-1. The volume of heat output by plants of TGC-1 decreases in the period from July till September. Planned repairs of equipment are normally performed during this period. Besides that, the output of hydro electric power plants in the third quarter of the current year decreased due to decrease of water content if compared to the values of the year 2011.

Consolidated data on the results of 9 months of the year 2011 are given in the table below:

 

9 months of 2010 

(million rubles)

9 months of 2011

(million rubles)

Change (%)
 Revenue 34 464.241469.620
Production cost 31 125.837399.920
 Operating profit  3 338.0 4069.722
Net profit  2 022.5 2 914.844

More detailed results of operations of JSC TGC-1 under RAS for 9 months of 2011 can be found at: www.tgc1.ru/ir/reports/