OREANDA-NEWS. April 28, 2012. JSC TGC-1 releases audited consolidated financial statements (prepared in accordance with IFRS) for the year ended 31 December 2011, reported the press-centre of TGC-1.     

FY 2011 revenue increased by 19% year-on-year totaling RUR 60,252 mn.

The increase is associated with the following factors:

Increase of electricity output by 4%;

Growth of regulated and non-regulated electricity prices and an increase in tariffs for heat;

Commissioning of new efficient combined cycle units at Pervomayskaya
and Yuzhnaya CHP.

In 2011 operating expenses increased by 26% year-on-year to RUR 53,235 mn.
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 higher new units maintenance expense;

Rental expense and heat transmission services reduction as far as JSC "Heating network of St. Petersburg" target structure developing was finished.

Operating profit for 2011 decreased by 16% year-on-year, up to RUR 7,017 mn, EBITDA increased by 1%, up to RUR 11,837 mn.

According to the financial statements under IFRS for 2011, profit decreased
by 40% and amounted to RUR 3,902 mn.

Excluding the “Impairment loss reversed during the year” and “Impairment loss recognized during the year” adjusted EBITDA and profit increased by 52% and by 17% accordingly.