ОАО «ТГК-1»: отчетность по МСФО за 9 месяцев 2010 года
TGC-1 releases its unaudited consolidated report under IFRS for the period ended September 30, 2010.
In Jan-Sep 2010, consolidated revenue increased by 35% - to RUR 36,849 mn. The increase is associated with a number of factors:
- increase of electricity sales (+62%) as a result of expansion of the unregulated market as of January 1, 2010 (from 50% to 60%) and as of July 1, 2010 (from 60% to 80%) and higher spot prices;
- increase of heat generation and, consequently, revenue from heat sales (+25%)
- effective operations on the market, namely, the conclusion of unregulated electricity+capacity contracts. For example, revenue from electricity+capacity contracts shot up more than two-fold to almost RUR 3,130 mn.
Operating expenses were up 45% - to RUR 33,675 mn, in particular, as a result of:
- higher fuel expenses associated with the increase of electricity and heat generation and one-off (and not quarterly like in 2009) gas price hike, as well as due to more expensive fuel oil prices which is the main fuel of Murmanskaya CHPP (+75%);
- growth of electricity generation by Company’s CHPP in condensing mode in 3Q due to higher demand, which resulted in lower fuel efficiency;
- increase of electricity and capacity purchases on the wholesale market in order to fulfill the obligations of unregulated electricity+capacity contracts and export sales and higher purchasing market prices;
- decrease of one-off gains.
Operating profit was down 23% to RUR 3,170 mn. Profit for the period was RUR 2,392 mn, which is 14% less than last year.
The table below summarizes the key financials of TGC-1 for 9M 2010:
mn RUR | 9M 2010 | 9M 2009 |
|---|---|---|
Revenue | 36 849,3 | 27 260,3 |
electricity sales | 16 005,2 | 9 873,7 |
capacity sales | 5 665,5 | 4 820,7 |
heat sales | 14 737,9 | 11 804,9 |
other sales | 440,7 | 761,0 |
OPEX | (33 678,8) | (23 210,7) |
Operating profit | 3 170,5 | 4 049,6 |
Pre-tax profit | 2 930,0 | 3 806,2 |
EBITDA | 5 619,0 | 6 105,6 |
Profit | 2 391,9 | 2 784,8 |
EBITDA margin, % | 15,3% | 22,8% |
Net margin, % | 6,5% | 10,2% |
Full operational results can be found on corporate website in Reports section.