Net profit of JSC TGC-1 for 2014 is up 8% (based on RAS)

04.03.2015

JSC TGC-1 is publishing Annual Audited Accounting (Financial) Statements 2014 prepared in accordance with RAS (Russian Accounting Standards).

KPI of Profit and Loss Statement  (RUB mln)

2014

2013

Revenue

65,172.9

67,472.0

Cost of sales

(59,445.1)

(61,056.9)

Gross profit

5,727.9

6,415.1

EBITDA*

12,870.6

13,483.7

Net profit

3,475.1

3,218.1

* EBITDA = earnings before taxes - interest receivable + interest payable – earnings due to equity participation in other companies) + amortisation

In 2014, total company revenue was RUB 65,172.9 mln, a decrease of 3.4 % against the same figure in 2013, which was caused by general decline in electricity consumption and low water levels during 1th-3rd Quarters 2014.

The cost of sales dropped 2.6% to RUB 59,445.1 mln, which resulted from reduction of electricity and heat output, and enhancement of production capacities in favour of new and more efficient ones. Full-Year 2014 output of the new power-generating units increased 6.2 % to 6,684 mln kWh.

The TGC-1 gross profit fell 10.7 % to RUB 5,727.9 mln in 2014 as a result of a decreasing demand for electricity in the day-ahead market and reduced heat consumption in 1st Quarter 2014. EBITDA was down 4.5 %.

Full-Year 2014 net profit grew 8 % against last year’s figure and totalled RUB 3,475.1 mln due to reduction of inefficient power generation, sale of non-core assets and a decrease of income tax rate to 17.2 %.