TGC-1 Releases 2012 RAS Results

OREANDA-NEWS. OJSC TGC-1 releases its Accounting Statements for the year 2012, prepared in accordance with Russian Accounting Standards (RAS).

Company revenue for 2012 reached RUR 60,145 million, which is 4.3% more than in 2011. Capacity sales in 2012 grew by 17.4% up to RUR 10,964 million on the back of efficient combined-cycle units, commissioned under the investment program. CSA capacity sales outpaced the level of 2011 by 80.3%. High water content in 2H 2012 also attributed to the revenue for the year. Heat sales grew by 5.4% and totaled RUR 21,074 million.

The revenue for the year was curbed by the following factors:

- reduction of the year’s average price of the electricity at the day-ahead market to RUR 860.8 per MW h (by 3.8%),

- launch of the efficient combined-cycle units at the wholesale market, resulting in considerable growth of the cheap supply in the market,

- reduction of the capacity volume supplied by the forced generation objects to 0.3% in 2012 (from 14.9% in 2011),

- reduction of the exports due to considerable reduction of prices at Nordpool market, on the back of economic decline in Europe.

Cost of sales in 2012 grew by 6% (to RUR 55,243 million vs RUR 52,134 million). The cost of sales was affected by the growth of fuel costs and depreciation of the new equipment.

Gross profit of TGC-1 for 2012 totaled RUR 4,902 million. Net profit for the period decreased by 10.8% year-on-year and totaled RUR 3,353 million.

On the account of the operational effectiveness growth, increase of revenue and depreciation, EBITDA for 2012 reached RUR 11,595 million, exceeding the previous year’s level by 27%.