JSC TGC-1 releases its interim abbreviated consolidated Financial Statements for the 9 months period ended September 30, 2011 prepared in accordance with International Financial Reporting Standards (IFRS).
|
Consolidated Statement of Comprehensive Income figures (mn RUR) |
9M 2010 |
9M 2011 |
Change,% |
|
Revenue, including |
36,849 |
43,708 |
19 |
|
electricity sales |
21,671 |
27,541 |
27 |
|
heat sales |
14,738 |
15,789 |
7 |
|
Operating expenses |
(33,679) |
(37,915) |
13 |
|
Operating profit |
3,171 |
5,793 |
83 |
|
Profit before income tax |
2,999 |
5,311 |
77 |
|
EBITDA* |
5,619 |
9,216 |
64 |
|
Profit |
2,461 |
2,996 |
22 |
* For business planning purposes EBITDA is calculated as “Operating profit + Depreciation of PP&E and intangible assets”.
In 9 months 2011 the consolidated revenue of JSC TGC-1 increased by 19% year-on-year and amounted to RUR 43,708 mn. The increase is associated with the following factors:
- Increase of electricity output by 5%;
- Growth of regulated and non-regulated electricity prices and an increase in tariffs for heat;
- Commissioning of new efficient combined cycle units at Pervomayskaya CHP and Yuzhnaya CHP.
In 9 months 2011 operating expenses increased by 13% year-on-year to RUR 37,915 mn. In particular, variable costs amounted to 63% of the total costs increase, growing by 13% year-on-year. Fixed costs increased by 13% year-on-year.
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 the following:
— Periodic service in the 3d quarter,
— Consolidation of the city district networks of SUE TEK, which were incorporated to the structure of OJSC "Heating network of St. Petersburg",
· Rental expense reduction and increased employee benefits expenses after consolidation of the St. Petersburg city district networks by JSC "Heating network of St. Petersburg";
· Other operating expenses decrease in 9 months 2011 by the subvention sum (RUR 328 mn), received by JSC “Murmanskaya CHP” in 2nd quarter of 2011.
Operating profit for 9 months 2011 increased by 83% year-on-year, up to RUR 5,793 mn, EBITDA by 64%, up to RUR 9,215 mn.
According to the financial statements under IFRS for the 9 months ended September 30, 2011, profit increased by 22% and amounted to RUR 2,996 mn.
Full JSC “TGC-1” 9 months 2011 results under IFRS can be found on the corporate website in the “Reports” section.
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