TGC-1 Group IFRS Profit for 6M 2015 Increased by 28%

05.08.2015

OJSC TGC-1 releases its abbreviated interim unaudited consolidated Financial Statements for the 6 months period, ended June 30, 2015 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (mln RUB)

6М 2015

6М 2014

Profit for the Period

36,936

36,637

Operating Expenses*

(29,887)

(30,716)

Operating Profit

7,049

5,921

EBITDA**

10,630

9,262

Profit for the Period

4,806

3,756

* Includes state subsidies and other operating income.

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

Consolidated TGC-1 Group revenue for 6M 2015 increased by 0.8% year-on-year, up to 36,936 mln RUB. The revenue dynamics were determined by the following factors: higher revenue from heat sales on the back of growing tariff; increased exports; lower capacity volume sold at Competitive Capacity Outtake (CCO) on the back of less capacity taken at CCO-2015; optimization of capacity load.

Operating expenses for the 6 months of 2015 decreased by 2.7% year-on-year, down to 29,887 mln RUB. Variable costs decreased by 2.3%, down to 20,175 mln RUB mostly on the account of lower fuel costs. Fixed costs decreased by 5% down to 6,928 mln RUB mainly due to recovery of provision for receivables impairment.

TGC-1 operating profit grew by 19% year-on-year totaling 7,049 mln RUB. EBITDA amounted to 10,630 mln RUB, up to 14.8% year-on-year.

Profit for 6M 2015 increased by 28%, up to 4,806 mln RUB.

Full OJSC TGC-1 6M 2015 results under IFRS can be found at the corporate website in the “Reports” section.