OREANDA-NEWS. March 24, 2011. TGC-1 releases its financial statement for 2010 according to Russian accounting standards.

Company’s revenue increased by 32% year-on-year and totalled 50,612.5 mn RUR. Increase of total revenue is explained by increase of net generation by power stations; increase of electricity and capacity sales due to market deregulation; increase of regulated and free prices for electricity and capacity; increase of heat output (+7,1%); Company’s effective work on the market, in particular, conclusion of unregulated electricity+capacity contracts.

Major part of revenue (61,3%) accounts for revenue from sales of electricity and capacity that totalled 31,039.7 mn RUR against 22,258 mn RUR in 2009 (+39,5%). Revenue from heat sales increased by 25.3% up to 18,968.3 mn RUR, it is associated with lower average temperatures during heating seasons 2009/2010, 2010/2011 and tariffs increase.

Costs of production increased by 29.5% - from 34,524.4 mn RUR in 2009 up to 44,715.1 mn RUR in 2010. Increase of fuel costs due to the increase of net generation of CHPP and fuel prices increase influenced significantly the revenue. So, in 2010 thermal generation increased by 11.2% as compared to 2009, hydropower generation decreased by 7.4%. Cost increase is also connected with increase of expenses for purchase of capacity and power for provision of non-regulated contracts and export deliveries, and increase of expenses for services with respect to transfer of heating energy and due to change of sales scheme and resulted change of structure of expenses.

Thus operating revenue in 2010 totalled 5,897.4 mn RUR (+53.3%). Net revenue for 2010 increased by 7,1% to 3,606.9 mn RUR.

Company’s assets as of 31 December 2010 totalled 102,901.9 mn RUR, an increase 10,3% (as of 31.12.09 - 93 281,3 mn RUR). Increase of this figure is mainly connected with capital construction volume increase due to implementation of investment program.