JSC “TGC-1” publishes RAS financial results for the year ended 31 December 2009

JSC “TGC-1” publishes financial results under Russian accounting standards for the year ended 31 December 2009.

The total revenue increased by 23% as compared to 2008 to 38,372 mn RUR. The growth is mainly explained by higher electricity and capacity sales to the unregulated sector of the market, rise in regulated and free electricity and capacity prices, increase of heat tariffs and higher heat output.

The major share of the revenue (58%) is represented by electricity and capacity sales, which accounted for 22,258 mn RUR against 17,692 mn RUR in 2008. Heat sales increased by 22,3% to 15,136 mn RUR.

The total costs rose by 17% to 34,524 mn RUR. The most significant factors affecting costs were increase of purchase of electricity and sales on the free market to cover sales on the unregulated market and export operations, rise of fuel prices as well as increase of maintenance.

Net profit for 2009 stands at 3,366 mn RUR.

The total assets as at 31 December 2009 were worth 93,281 mn RUR – an increase of 17% from the beginning of 2009. This was mainly due to increased construction volumes as a result of continued realization of large-scale investment program aimed at refurbishment of old and construction of new generating capacities. The total amount of work executed in 2009 was 23,978 mn RUR (excl. VAT).

RAS results are summarized in the table below (mn RUR):