ОАО «ТГК-1» представляет отчетность по МСФО за 3 месяца 2013 года

JSC TGC-1 releases its interim abbreviated unaudited consolidated Financial Statements for the 3 months period, ended March 31, 2013 prepared in accordance with International Financial Reporting Standards (IFRS).

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

Consolidated TGC-1 revenue for the three months of 2013 totaled 22,577 mn RUR, growing thus by 13.5% year-on-year.

The revenue structure is characterized by the following:

-      revenue from electricity sales grew by 17.7% to 8,336 mn RUR, mostly on the back of the growing prices at the “day-ahead” market;

-      CCGT-450 at Pravoberezhnaya CHP joined the wholesale market, increasing thus the capacity supply agreements’ share in the revenue structure. Selling price at competitive power outtake grew. These factors resulted in a 31.6% increase of revenue from capacity sales, up to 3,921 mn RUR;

-      revenue from heat sales amounted to 10,075 mn RUR, up by 4.3%, resulting from growing heat tariffs in 2H 2012;

-      connection of new heat consumers resulted in other revenue growth by 48.5% to 245 mn RUR.

Operating expenses for the three months of 2013 grew by 9.0% year-on-year, up to 17,540 mn RUR. Variable costs grew by 9.6%, fixed costs – by 2.8%.

Main factors of the operating expenses change were the following:

-      fuel expenses growth by 9.9% due to gas price indexation;

-      amortization & depreciation growth by 22.1% and fees of electricity market operators growth by 15.7%, on the back of the new capacity commissioning;

-      a 10.0% growth of electricity, capacity and heat purchases expenses, resulting from growing prices at the “day-ahead” and balancing market, as well as, from growing purchases for export;

-      a 10.3% decline in repairs and maintenance costs and 11.4% growth of other material expenses on the account of the increased in-house repairs portion;

-      a 3.0% decrease in expenses for heat transmission, on the account of decrease in the volume of useful heat output.

Operating profit for the three months of 2013 increased by 32.8% year-on-year totaling 5,037 mn RUR. EBITDA grew by 30.6% to 6,733 mn RUR.

According to the Financial Statements for the 3 months period, ended March 31, 2013, the profit grew by 24.7%, amounting to 3,425 mn RUR.

Full JSC TGC-1 1Q 2013 results under IFRS can be found on the corporate website in the “Reports” section.