ОАО «ТГК-1»: отчетность по МСФО за 2011 год
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 | 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.