OREANDA-NEWS. July 06, 2012. TGC-2 has announced the International standards of financial accountability for 2011. 2011 results under IFRS consists the results of TGC-2 and its Subsidiaries and Associated Companies activity.

According to the results of 2011, the receipts has been 30,391 billion rubles, and it is for 4% less the same economic indexes of last year. It is the result of decrease of electric and heat energy supply as consequence of measures for production costs shortening, optimization of power-supply work and systems of centralized heat supply in the regions Company.

The total less has been decreased for 5% - to 2,680 billion rubles. TGC-2 has been relieved non-liquid objects of incomplete building, basic funds, equipment and material assets and also made reserves for account receivable, devaluation of financial placements and for valuation commitments last year.

The cost of TGC-3 fixed assets has been increased for 18% - to 33,296 billion rubles. The contribution margin has increased for 9% and is 8,141 billion rubles. One of the contribution margin increase is the decrease of fuel costs for 11% - to 17,843 billion rubles as the result of transfer on to burning gas of Arkhangelskaya and Severodviskaya TEC.

Company Profile

Public JSC Territorial Generating Company # 2 (TGC-2) was established by the RAO UES of Russia resolution on February 25, 2005. The Company passed the State registration procedures on April 19, 2005. The shaping principle of TGC-2 is merger with the Regional Generating Companies, which were established as a result of AO-energo reform.

TGC-2 is a leading heat and power company in the Northern and Northwest parts of Russia. The Company activities cover heat and power production as well as sale of heat (steam and hot water) to consumers. TGC-2 comprises generating capacities of 6 regions - Arkhangelsk, Vologda, Kostroma, Novgorod, Tver and Yaroslavl. TGC-2 operates 15 heat CHPPs, 11 boiler-houses, 5 enterprises of heat pipelines. The aggregate installed electric capacity of TGC-2 enterprises is 2532,5 MW, the aggregate installed thermal capacity constitutes 11658,833 Gcal/h.