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TGC-2  |
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| Compilation Date: | 16 May 08 |
Company Overview
 General Info | |
| Full Company Name | JSC "Territorial Generating Company ¹2" |
| Industrial Group | Power Industry |
| Number of Employees | 6,923 |
| Registration Date | 19 Apr 05 |
| Registered Address | 42, Prosp.Oktyabrya, Yaroslavl, 150040 |
| Main Office | 42, Prosp. Oktyabrya, Yaroslavl, 150040 |
| Telephone / Fax | (4852) 79-7182, 79-7094, 72-1260 / (4852) 32-0005, 79-7983 |
| e-mail | energy@tgc-2.ru shishakov_as@x.tgc-2.ru |
| Internet Home Page | www.tgc-2.ru |
| Registrar | JSC "Central Moscow Depository" |
| Auditor | PricewaterhouseCoopers |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
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| Corporate Management |
| Chairman of the Board | Dmitriy Melnikov | | General Director | Andrey Vagner |
| Price Highlights | |
| Price per Common Share, USD | 0.00094 |
| YTD Price Change, % | -3.89 |
| P/E Ratio | 441.3690 |
| Market Capitalization, USD | 1,343,098,401 |
| Common Shares in Free Float, % | 26.30 |
| Operations Summary | |
JSC "Territorial Generating Company ¹2" (TGC-2) was founded in the course of the power industry’s restructuring; now it is comprised of the generating capacities of Vologda, Kostroma, Novgorod, Tver, and Yaroslavl regions, as well as, in the Arkhangelsk region. The resolution to establish TGC-2 as a wholly-owned subsidiary of RAO UES was approved by the Board of Directors of RAO UES on February 25, 2005. TGC-2 was registered on April 19, 2005, in Yaroslavl. Key activities of TGC-2 are generation, transmission, and distribution of heat energy and electricity. There are 16 heat power stations, eight boiler houses, and four enterprises of thermal networks operating under TGC-2. The general electric capacity of enterprises of TGC-2 is 2,423.5 ÌW, and the established thermal capacity is 12,156 Gkal/hour. TGC-2 comprises 28 branches, including six managing branches: Arkhangelsk Central Administrative Board, Vologda Central Administrative Board, Kostroma Central Administrative Board, Novgorod Central Administrative Board, Tver Central Administrative Board, and Yaroslavl Central Administrative Board, located throughout the company's business area. The company’s investment program for 2007 through 2011, as approved by the Board of Directors, is for RUR38.8 billion. TGC-2 plans to double its capitalization to RUR71 billion by 2011. In October 2006, shares of TGC-2 were offered for trading on the key Russian exchanges: RTS and MICEX. |
Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 1,455,996,358,137 | 0.01 RUR | | Preferred Share | 16,500,533,681 | 0.01 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| JSC "Unified Energy System of Russia" | 49.54 | 49.36 | | Closed JSC "Depository-Clearing Company" | 30.51 | 31.23 | | Closed JSC "Citibank" | 4.74 | 4.85 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| JSC "Industrial mini-TEC "White groove" | 87.13 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 2006 / com | 0.00 | 700,328,533,458 | 05 Apr 07 | 10 Jul 07 | 41.52919 | 0.000024 | | 2006 / pref | 0.00 | 11,384,171,043 | 05 Apr 07 | 10 Jul 07 | 0.675077 | 0.000044 |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| TGC-2 | TGKB | RU000A0JNGS7 | MICEX | | TGC-2 | TGKB | RU000A0JNGS7 | RTS Classic | | TGC-2 | TGKBG | RU000A0JNGS7 | RTS T+0 | | TGC-2 pref | TGKBP | RU000A0JNGT5 | MICEX | | TGC-2 pref | TGKBP | RU000A0JNGT5 | RTS Classic | | TGC-2 pref | TGKBPG | RU000A0JNGT5 | RTS T+0 |
| Price Chart |
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| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| No DRs issued. |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| RusIndex 100 | 0.10 | 01 Jul 07 | | | RusIndex Fuel & Energy Complex | 0.16 | 01 Jul 07 | | | RusIndex Industrials | 0.12 | 01 Jul 07 | | | RusIndex Power Industry | 1.01 | 01 Jul 07 | |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| No bonds issued. |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| No bonds issued. |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| No bonds issued. |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 26.35 | 24.54 | 23.50 |
| ASSETS, of which | 12,939.47 | 23,128.28 | 26,445.1 | 491.05 | 942.48 | 1,125.24 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 7,805.88 | 14,916.58 | 14,693.28 | 296.23 | 607.85 | 625.2 |
|---|
| | Fixed Assets | 6,212.2 | 12,715.47 | 12,779.47 | 235.75 | 518.16 | 543.77 |
| | Intangible Assets | 0 | 0.04 | 0.04 | 0 | 0.00 | 0.00 |
| | Other Assets | 1,593.68 | 2,201.07 | 1,913.78 | 60.48 | 89.69 | 81.43 |
| Current Assets, of which | 5,133.59 | 8,211.7 | 11,751.81 | 194.82 | 334.63 | 500.04 |
|---|
| | Inventories | 1,139.44 | 2,186.57 | 1,439.67 | 43.24 | 89.1 | 61.26 |
| | Accounts Receivable | 3,575.52 | 5,361.29 | 9,997.88 | 135.69 | 218.47 | 425.41 |
| | Cash | 68.24 | 230.56 | 129.05 | 2.59 | 9.4 | 5.49 |
| | Other Current Assets | 350.39 | 433.28 | 185.22 | 13.3 | 17.66 | 7.88 |
| OWNER'S EQUITY, of which | 8,090.78 | 13,261.52 | 13,600.51 | 307.05 | 540.41 | 578.7 |
|---|
| | Charter Capital | 7,117.13 | 11,124.97 | 11,124.97 | 270.09 | 453.34 | 473.37 |
| | Reserves | 973.65 | 2,136.55 | 2,475.54 | 36.95 | 87.06 | 105.33 |
| | Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 |
| LIABILITIES, of which | 4,848.69 | 9,866.76 | 12,844.59 | 184.01 | 402.07 | 546.54 |
|---|
| | Long-Term Debt | 0 | 670 | 775.41 | 0 | 27.3 | 32.99 |
| | Short-Term Debt | 3,351.66 | 6,006.39 | 8,914.97 | 127.2 | 244.76 | 379.33 |
| | Accounts Payable | 915.96 | 2,314.61 | 2,269.96 | 34.76 | 94.32 | 96.59 |
| | Other Liabilities | 181.8 | 158.99 | 153.41 | 6.9 | 6.48 | 6.53 |
| Financial data standard | RAS | RAS | RAS | RAS | RAS | RAS |
| Audited | Unaudited | Unaudited | Audited | Unaudited | Unaudited |
| Non-consolidated | Consolidated | Consolidated | Non-consolidated | Consolidated | Consolidated |
| P&L Account |
| | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 27.16 | 25.58 | 24.25 |
| Sales | 4,465.57 | 16,580.4 | 8,313.82 | 164.39 | 648.17 | 342.83 |
| Production Costs | 4,344.65 | 16,275.52 | 7,543.08 | 159.94 | 636.25 | 311.04 |
| Operating Profit | 120.92 | 304.88 | 770.74 | 4.45 | 11.92 | 31.78 |
| Other Income | -44.81 | -194.01 | -168.2 | -1.65 | -7.58 | -6.94 |
| Income Before Taxes | 76.11 | 110.87 | 602.55 | 2.8 | 4.33 | 24.85 |
| Net Income | 1.02 | 20.43 | 394.17 | 0.04 | 0.8 | 16.25 |
| Financial data standard | RAS | RAS | RAS | RAS | RAS | RAS |
| Audited | Unaudited | Unaudited | Audited | Unaudited | Unaudited |
| Non-consolidated | Consolidated | Consolidated | Non-consolidated | Consolidated | Consolidated |
| Key Ratios |
| | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 4.39 | 2.64 | 2.52 |
| P/S | 8.19 | 2.20 | 1.74 |
| P/E | 35,990.74 | 1,781.97 | 441.37 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 31.83 | 93.68 | 121.03 |
| Net Profit Margin, % | 0.02 | 0.12 | 0.39 |
| ROA, % | 0.02 | 0.11 | 0.33 |
| ROE, % | 0.02 | 0.17 | 0.61 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 2.42 | 3.66 | 2.66 |
| Assets Turnover | 0.67 | 0.86 | 0.84 |
| Inventory Turnover | 7.59 | 9.88 | 11.62 |
| Liabilities Turnover | 1.79 | 2.21 | 1.82 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.63 | 0.57 | 0.51 |
| Debt Ratio | 0.37 | 0.43 | 0.49 |
| Equity/Debt | 1.67 | 1.34 | 1.06 |
| Current Liquidity | 1.18 | 0.98 | 1.04 |
| Quick Liquidity | 0.92 | 0.72 | 0.92 |
Production Overview
| Production |
| Product | Measure | 2006 | 2007 | 1Q08 | Units |
|---|
| Electric power generation | 1,000,000,000 | 9.84 | 10.17 | 3.54 | kWh | | Heat generation | 1,000,000 | 21.13 | 20.37 | 7.99 | GCal | | Useful electricity output | 1,000,000,000 | 8.36 | 8.71 | 3.04 | kWh | | Useful heat output | 1,000,000 | 19.83 | 19.39 | 7.48 | GCal |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Installed electricity generating capacity | 1 | 2,582.5 | MW | | Installed heat generating capacity | 1 | 12,471 | GCal/h |
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