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26 October 2009
JSC «TGC-1» announces its unaudited consolidated financial results according to IAS for the 6 months ended June 30, 2009
TGC-1 announces the publication of unaudited condensed consolidated financial report for the 6 months ended 30 June 2009 prepared in accordance with International financial reporting standards.
Revenue increased by RUR 3,672 m (+20%) to RUR 21,246 m. The increase is due to the growth of volumes of heat and electricity sales, as well as the rise of tariffs and expansion of the unregulated sector of the electricity market in Russia.
Sales of electricity are up by RUR 1,357 m (+15.5%), which is explained by the increase of volumes of sales, higher tariffs in the regulated market, and expansion of sales at unregulated prices due to further liberalization.
Sales of heat in January-June 2009 were up RUR 2,218 m (+26.4%) on the back of higher volumes of sales and highes sale price to tariff increase.
Other sales increased by RUR 97m (+22.9%) due to more connection fees.
Operating expenses decreased by RUR 129m (-0.7%) to RUR 18,006m. The decrease was mainly due to changes in the fuel mix (substitution of expensive production at Company’s CHPPs by production on HPPs which led to considerable fuel savings).
The revenue growth coupled with decrease in costs – RUR 3,672m and RUR 129m respectively – led to the positive cash flow from operating activities in the amount of RUR 3,240m (1H 2008 – RUR 561m) and a net profit in the amount of RUR 2,401m vs. RUR 407m in 1H 2008.
Table 1. Key financial highlights of TGC-1 in the 6 months of 2008-2009
|
|
|
|
|
Million RUR |
1H2009 |
1H2008 |
|
Revenue |
21,246 |
17,574 |
|
Operating expenses |
18,006 |
18,135 |
|
EBITDA |
4,748 |
878 |
|
EBITDA margin, % |
22,35% |
5,00% |
|
Net profit |
2,401 |
(407) |
|
Net margin, % |
11,30% |
-2,32% |
Latest articles:
1 September 2010
TGC-1 announces its 1H 2010 unaudited IFRS results
TGC-1 releases its unaudited half yearly consolidated report under IFRS for the period ended June 30, 2010.
31 August 2010
TGC-1 to announce its 1H2010 IFRS results on September 1, 2010
TGC-1 will publish its unaudited financial report under International Financial Reporting Standards (IFRS) for the six months ended June 30, 2010 on Wednseday, September 1, 2010 and hold a conference-call for investors and analysts on the same day.
16 August 2010
TGC-1 releases 2Q RAS financial results
JSC TGC-1 releases 2Q financial results according to Russian accounting standards. The revenue in January-June increases 29% as compared to the same period of 2009 and totaled RUR 25,068 mn.
22 July 2010
TGC-1 releases 2Q operational results
TGC-1 announces the operational results for 1 half of 2010.
Electricity generation by Company’s power plants (including Murmanskaya CHPP) for the 6 months of 2010 was 14,435 mn kWh (thermal generation – 7,686 mn kWh, hydro generation – 6,749 mn kWh). The same figures for 2009 were 14,187 mn Kwh (thermal generation – 7,186 mn kWh, hydro generation). Thus, the total increase of production for two quarters of 2010 was 1.7%.12 July 2010
Board of Directors Chairman Election
A meeting of the newly elected Board of Directors (BoD) of TGC-1 took place. The BoD decided to elect Kirill Seleznev, Management Board member, Head of Marketing, Gas and Liquid Hydrocarbons Processing of JSC Gazprom, as its Chairman.
5 July 2010
TGC-1 releases 1Q 2010 IFRS results
TGC-1 presents unaudited IFRS consolidated financial report for the 1st Quarter 2010 of the Company and its subsidiary – Murmanskaya CHPP.
30 June 2010
TGC-1 holds its Annual General Meeting of Shareholders
The Annual General Meeting of Shareholders (AGM) of TGC-1 took place in St. Petersburg on Monday, June 28th 2010. The shareholders approved of the Company’s annual report, annual financial statements and the distribution of the Company’s net profit.
11 June 2010
TGC-1 releases 2009 IFRS results
TGC-1 presents audited IFRS consolidated financial report for the year ended December 31, 2009 of the Company and its subsidiary – Murmanskaya CHPP.
17 May 2010
TGC-1 releases 1Q RAS results
6 May 2010
TGC-1 Annual General Meeting of shareholders will take place June 28th 2010
Board of Directors of TGC-1 has set the date of the Annual General Meeting (AGM) of shareholders. It will take place June 28th 2010 in St. Petersburg. To be eligible to exercise voting rights at the AGM shareholders must be included in Register of shareholders as at the end of Thursday, May 12th 2010.
30 April 2010
TGC-1 increased electricity output by 4.8% to 8.18 bn kWh in 1Q 2010
The total electricity output of TGC-1 (including its subsidiary JSC “Murmanskaya CHPP”) in 1Q 2010 was 8,180.5 mn kWh. The output for the 1Q 2009 was 7,804.3 mn kWh. The general increase in output is explained by lower temperatures in regions of operation, as well as rebound in electricity consumption.
9 April 2010
JSC “TGC-1” publishes RAS financial results for the year ended 31 December 2009
JSC “TGC-1” publishes financial results under Russian accounting standards for the year ended 31 December 2009.
The total revenue increased by 23% as compared to 2008 to 38,372 mn RUR. The growth is mainly explained by higher electricity and capacity sales to the unregulated sector of the market, rise in regulated and free electricity and capacity prices, increase of heat tariffs and higher heat output.24 August 2009
Results of the Anniversary International Trilateral Meeting on the Protection and Management of the Lake Inari Ecosystem Announced
A trilateral working meeting on the management of the Lake Inari water regime between TGC-1’s managers, and engineers, and representatives of the Finland and Norway’s energy systems has been held in Inari village, Finland.
19 August 2009
TGC-1 Tightens Control over the Operation and Condition of its Hydroelectric Generation Facilities
Employees of TGC-1 have tightened control over the operation of the Company’s hydroelectric power plants. In addition, a previously planned comprehensive technical audit, which is conducted annually as part of the measures to prepare hydroelectric facilities to the autumn flood and to make power plants’ equipment ready to autumn-winter peak loads, will be made soon.
18 August 2009
Boris Vainzikher Had a Meeting with Mikhail Stalnukhin, Head of Narva’s City Council
On 17 August 2009, a meeting between Boris Vainzikher, General Director of TGC-1, and Mikhail Stalnukhin, Head of Narva’s City Council, was arranged. During the meeting, Boris Vainzikher and Mikhail Stalnukhin discussed the current state of the energy systems of Russia and Estonia and plans for their future development. The head of TGC-1 also told about the Company’s investment plans and the tasks facing the power sector in the North-West Region. A considerable portion of the meeting was focused on Narvskaya HEPP’s operation and development issues.