OJSC TGC-1 releases its abbreviated audited consolidated Financial Statements for the 12 months period, ended December 31, 2013 prepared in accordance with International Financial Reporting Standards (IFRS).
|
Consolidated Statement of Comprehensive Income Highlights (mn RUR) |
12Ě 2012 |
12Ě 2013 |
|
Revenue |
62 168 |
69 853 |
|
Operating expenses |
(52 286) |
(59 962) |
|
Operating profit |
9 882 |
9 891 |
|
EBITDA* |
15 468 |
16 298 |
|
Profit for the period |
6 255 |
6 768 |
* EBITDA is calculated as Operating profit + Depreciation of PP&E + Amortization of intangible assets and investment property
Consolidated TGC-1 revenue for FY 2013 totaled 69,853 mn RUR, growing thus by 12.4% year-on-year. Revenue structure reflects the following dynamics:
- Revenue from electricity sales grew by 9.5% and totaled up to 28,014 mn RUR mostly on the back of the growing prices at the “day-ahead” market by 13.8%;
- Revenue from capacity sales increased by 26.6%, which totaled 13,876 mn RUR on the back of capacity sales at the wholesale market by the CCGT-450 at Pravoberezhnaya CHP and CCO price growth. Revenue from capacity sales under CSA demonstrated 48.0% growth year-on-year, revenue from capacity sales under CCO increased by 9.5%;
- Revenue from exports grew by 16.6% to 930 mn RUR as a result of positive price dynamics at NordPool market;
- Revenue from heat sales totaled 25,952 mn RUR and increased by 9.5%, resulting from growing heat tariffs since July 1, 2013.
Operating expenses for the 12 months of 2013 grew by 14.7% year-on-year, up to 59,962 mn RUR.
Variable costs grew by 8.8%, up to 38,585 mn RUR. That was reasoned by the following factors:
- fuel expenses increasing by 8.5% due to fuel price growth and decreased share of hydrogeneration reasoned by lower water content in 2H 2013;
- Growth of electricity, capacity and heat purchases expenses by 9.0%, resulting from growing prices at the “day-ahead” and growing purchases for export.
Fixed costs were considerably affected by provision for impairment of accounts receivable of 1,137 mn RUR. Adjusted to this parameter fixed costs grew by 1.3% to 13,992 mn RUR mainly due to the following factors:
- Taxes increased by 26.3% due to downside correction of the property tax amount in 1Q 2012 for the previous periods and cancellation since the beginning of 2013 of the tax allowances for heating networks;
- Fees of electricity market operators increased by 14.5% due to the new capacities at market;
- Reduction of repairs and maintenance costs by 5.9% on the back of rescheduled works plan.
Amortization & depreciation grew by 14.7%, up to 6,407 mn RUR, in connection with the commissioning of new equipment. Other operating income for the 12 months of 2013 decreased by 69.6%, down to 462 mn RUR due to high base effect year-on-year and because of large non-core asset sale in 3Q 2012.
Operating profit for FY 2013 increased by 0.1% year-on-year totaling 9,891 mn RUR. EBITDA amounted to 16,298 mn RUR, which corresponds to 5.4% growth year-on-year.
According to the Financial Statements the profit grew by 8.2%, amounting to 6,768 mn RUR.
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