OREANDA-NEWS. TGC-1 releases its financial statements under Russian Accounting Standards (RAS) for the 2013.

Main indicators for Profit and loss account (RUR mln)

2013

2012

Revenue

67 472

60 145

Operating expenses

61 057

(55 243)

Gross proceeds

6 415

4 902

Other revenue

3 674

4 452

Other expenses

(4 124)

(3 571)

Net income

3 218

3 353

Company's revenue for 2013 amounts to RUR 67,472 mln, which is a 12.2% increase as compared to the 2012 level.

Revenue from power sales in 2013 increased by 26.6%, up to RUR 13,876 mln due to usage of effective combined-cycle power generation units implemented under the investment programme. Revenue from power sales under Capacity Delivery Agreements grew by 48.02% as compared to the 2012 level. Besides, receipts from electricity sales on the day-ahead market grew by 8.8%. Higher electricity prices on the NordPool market led to greater revenues from export operations, with company's receipts increasing by 16.7% year-on-year.

Annual revenue rate was particularly restrained by decrease of hydrogeneration due to low water content in the second half of 2013, as well as decrease in heat output due to mild weather in 2rd and 3rd quarters of 2013.

Operating expenses in 2013 grew by 10.5% (RUR 61,057 mln compared to RUR 55,243 mln). This growth was largely due to higher fuel prices and increased depreciation from new assets.

JSC TGC-1 gross profit in 2013 amounted to RUR 6,415 mln, a 30.1% increase as compared to the previous year index. Net profit of the reporting period decreased by 4.03% as compared to 2012 and amounted to RUR 3,218 mln. The difference in the figures is attributable to the sale of a non-core asset at a price of RUR 587 mln, which led to a surge in other revenue in 2012.

Due to increased efficiency of operating activities, profit and depreciation increase, the EBITDA indicator for 2013 totaled RUR 13,484 mln, a 16.3% increase as compared to the previous year results.