OREANDA-NEWS.  OJSC TGC-1 releases its abbreviated audited consolidated Financial Statements for the 12 months period, ended December 31, 2014 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (mn RUR)

2014

2013

Revenue

68 996

69 853

Operating Expenses*

(62 500)

(59 962)

Operating Profit

6 496

9 891

EBITDA**

13 209

16 298

EBITDA, adj.***

16 162

17 038

Profit for the Year

4 149

6 768

Profit for the Year, adj.***

7 102

7 508

* With account to Government grants, Impairment of PP&E and Other operating income.

** EBITDA is calculated as Operating profit + Depreciation of PP&E + Amortization of intangible assets and investment property

*** Figures adjusted to the amount of the provision for impairment of PP&E.

Consolidated TGC-1 revenue for 2014FY decreased by 1.2% year-on-year, to 68,966 mn RUR year-on-year due to weaker electricity demand and low water factor in 1-3 quarters of 2014.

Operating expenses for the 12 months of 2014 grew by 4.2% year-on-year, to 62,500 mn RUR.

Variable costs were reduced by 0.8% to 38,284 mn RUR, due to decreased fuel costs on the back of lower electricity production at CHP.

Fixed costs grew by 3.5% - to 15,664 mn RUR on the back of growing repairs and maintenance expenses related to the implementation of scheduled repairs of property, plant and equipment. Also fixed costs growth was due to increased provision for impairment of accounts receivable in 2014. EBITDA amounted to 13,209 mn RUR (-19.0%), profit totaled mn RUR 4,149 (-38.7%) resulting from increased provision for impairment of accounts receivable and provision for impairment of property, plant and equipment are the main causes. EBITDA and profit adjusted to the amount of provision for impairment of property, plant and equipment, amounted to 16,162 mn RUR (-5%), and 7,102 mn RUR (-5%), correspondingly.