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TGC-9  |
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| Compilation Date: | 28 Aug 08 |
Company Overview
 General Info | |
| Full Company Name | JSC "Territorial Generating Company No 9" |
| Industrial Group | Power Industry |
| Number of Employees | 10,698 |
| Registration Date | 09 Dec 04 |
| Registered Address | 48, Komsomolskiy Prosp., Perm, Perm Region, 614990 |
| Main Office | 48, Komsomolskiy Prosp., Perm, Perm Region, 614990 |
| Telephone / Fax | (342) 240-7359 / (342) 240-6084 |
| e-mail | mail@tgc-9.ru gudkova@tgc-9.ru |
| Internet Home Page | www.tgc-9.ru |
| Registrar | JSC "Central Moscow Depository" |
| Auditor | PricewaterhouseCoopers |
| Financial Adviser | Morgan Stanley & Co. International Limited, Troika Dialog |
| Legal Adviser | n. a. |
|
| Corporate Management |
| Chairman of the Board | Aleksey Gluschenko | | General Director | Andrey Makarov |
| Price Highlights | |
| Price per Common Share, USD | 0.000151 |
| YTD Price Change, % | -52.46 |
| P/E Ratio | 94.5871 |
| Market Capitalization, USD | 1,179,638,228 |
| Common Shares in Free Float, % | n.a. |
| Operations Summary | |
JSC "Territorial Generating Company ¹9" (TGC-9) was founded in the course of the power industry’s restructuring; now it is comprised of the generating capacities of the Sverdlovsk and Perm regions, as well as, the Republic of Komi. It was registered on December 9, 2004. TGC-9’s key activities are generation, transmission, and distribution of heat energy and electricity. The company began its activity on April 1, 2005. TGC-9 manages the following generating capacities on a lease basis: generating capacities formerly belonging to OJSC Sverdlovenergo and OJSC Permenergo; generating capacities of two federal hydropower plants, Kamskaya HPP and Votkinskaya HPP; and generating capacities of OJSC Komienergo. All in all, TGC-9 comprises 35 branches (including three managing branches: Perm Territorial Branch, Sverdlovsk Territorial Branch, and Komi Territorial Branch) located throughout the company’s business area. The installed electric capacity of the 26 plants (20 CPPs, 4 HPPs, 2 GRESs) leased by TGC-9 totals more than 4,700 MW. The installed heat capacity of the leased plants is more than 16,500 Gcal. In 2006, TGK-9 invested more than USD62 million; in 2007 investments amounted to USD134 million. The company’s investment program for 2006 through 2010, as approved by the Board of Directors, is for USD2.63 billion. In September 2006, shares of TGK-9 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 | 7,837,294,563,236 | 0.003 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| Closed JSC "Depository-Clearing Company" | 78.16 | 78.16 | | JSC "Unified Energy System of Russia" | 11.73 | 11.73 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| JSC "Beloyarskaya AEC" | 17.30 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 2005 / com | 0.000749 | 1,400,000,000 | 21 Apr 06 | 08 Aug 06 | 106.03157 | n. a. | | 9M06 / com | 0.000002 | 4,828,297,369,470 | 20 Nov 06 | 24 Feb 07 | 20.358102 | 0.011728 | | 2006 / com | n. p. | 5,697,897,869,214 | - | - | - | - | | 1H07 / com | 0.000001 | 5,697,897,869,214 | 17 Aug 07 | 25 Nov 07 | 23.622949 | 0.003895 | | 2007 / com | n. p. | 7,824,456,670,712 | - | - | - | - | | 1Q08 / com | 0.000004 | 7,824,456,670,712 | 21 May 08 | 25 Aug 08 | 79.176084 | 0.012562 |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| TGC-9 | TGKI | RU000A0JNAC4 | MICEX | | TGC-9 | TGKI | RU000A0JNAC4 | RTS Classic | | TGC-9 | TGKIG | RU000A0JNAC4 | 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 | 0.13 | 01 Apr 07 | | | RusIndex Fuel & Energy Complex | 0.22 | 01 Apr 07 | | | RusIndex Industrials | 0.17 | 01 Apr 07 | | | RusIndex Power Industry | 1.67 | 01 Apr 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 | 23,871.97 | 31,139.03 | 53,860.84 | 905.94 | 1,268.92 | 2,291.78 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 14,059.5 | 19,870.39 | 19,944.3 | 533.56 | 809.72 | 848.63 |
|---|
| | Fixed Assets | 11,222.71 | 14,836.3 | 14,534.82 | 425.9 | 604.58 | 618.46 |
| | Intangible Assets | 0.2 | 0.21 | 0.2 | 0.01 | 0.01 | 0.01 |
| | Other Assets | 2,836.59 | 5,033.88 | 5,409.28 | 107.65 | 205.13 | 230.16 |
| Current Assets, of which | 9,812.47 | 11,268.64 | 33,916.54 | 372.38 | 459.2 | 1,443.15 |
|---|
| | Inventories | 2,191.56 | 2,228.3 | 2,163.18 | 83.17 | 90.8 | 92.04 |
| | Accounts Receivable | 6,738.94 | 8,170.72 | 9,357.21 | 255.74 | 332.96 | 398.15 |
| | Cash | 260.65 | 251.31 | 1,215.19 | 9.89 | 10.24 | 51.71 |
| | Other Current Assets | 621.33 | 618.31 | 21,180.97 | 23.58 | 25.2 | 901.25 |
| OWNER'S EQUITY, of which | 16,717.38 | 18,555.21 | 36,479.12 | 634.42 | 756.12 | 1,552.19 |
|---|
| | Charter Capital | 14,484.89 | 17,093.69 | 23,473.37 | 549.7 | 696.57 | 998.79 |
| | Reserves | 965.45 | 1,397.85 | 11,668.32 | 36.64 | 56.96 | 496.49 |
| | Retained Earnings | 1,267.04 | 63.66 | 1,337.43 | 48.08 | 2.59 | 56.91 |
| LIABILITIES, of which | 7,154.59 | 12,583.83 | 17,381.73 | 271.52 | 512.79 | 739.59 |
|---|
| | Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| | Short-Term Debt | 4,503.92 | 8,945.03 | 13,293.83 | 170.92 | 364.51 | 565.65 |
| | Accounts Payable | 2,268.64 | 2,600.99 | 2,971.52 | 86.09 | 105.99 | 126.44 |
| | Other Liabilities | 267.58 | 260.4 | 276.12 | 10.15 | 10.61 | 11.75 |
| Financial data standard | RAS | RAS | RAS | RAS | RAS | RAS |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited |
| Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-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 | 29,427.36 | 33,231.7 | 12,137.16 | 1,083.28 | 1,299.1 | 500.48 |
| Production Costs | 26,801.97 | 30,733.95 | 9,999.18 | 986.64 | 1,201.46 | 412.32 |
| Operating Profit | 2,625.39 | 2,497.75 | 2,137.98 | 96.65 | 97.64 | 88.16 |
| Other Income | -697.96 | -1,359.51 | -742.18 | -25.69 | -53.15 | -30.6 |
| Income Before Taxes | 1,927.42 | 1,138.25 | 1,395.8 | 70.95 | 44.5 | 57.56 |
| Net Income | 1,517.04 | 729.96 | 947.29 | 55.85 | 28.54 | 39.06 |
| Financial data standard | RAS | RAS | RAS | RAS | RAS | RAS |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited |
| Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated |
| Key Ratios |
| | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 3.79 | 3.28 | 1.59 |
| P/S | 2.22 | 1.91 | 1.74 |
| P/E | 43.07 | 86.90 | 94.59 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 100.13 | 121.51 | 132.47 |
| Net Profit Margin, % | 5.16 | 2.20 | 1.84 |
| ROA, % | 9.72 | 2.63 | 1.50 |
| ROE, % | 17.58 | 4.11 | 2.31 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 5.43 | 4.42 | 4.00 |
| Assets Turnover | 1.89 | 1.20 | 0.82 |
| Inventory Turnover | 16.19 | 14.94 | 16.05 |
| Liabilities Turnover | 4.22 | 3.31 | 2.33 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.70 | 0.60 | 0.68 |
| Debt Ratio | 0.30 | 0.40 | 0.32 |
| Equity/Debt | 2.34 | 1.47 | 2.10 |
| Current Liquidity | 1.39 | 0.96 | 2.06 |
| Quick Liquidity | 1.08 | 0.77 | 1.93 |
Production Overview
| Production |
| Product | Measure | 2005 | 2006 | 2007 | Units |
|---|
| Electric power generation | 1,000,000,000 | 44.31 | 20.1 | 16.3 | kWh | | Heat generation | 1,000,000 | 45.19 | 43 | 41.5 | GCal | | Useful electricity output | 1,000,000,000 | 31.39 | 17.76 | 4.25 | kWh | | Useful heat output | 1,000,000 | 42.52 | 41 | 15.47 | GCal |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Installed electricity generating capacity | 1 | 3,280 | MW | | Installed heat generating capacity | 1 | 16,952 | GCal/h |
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