TGC-1 Income for the First Quarter 2015 Increased by 5.1%


OJSC TGC-1 releases its abbreviated interim unaudited consolidated Financial Statements for the 3 months period, ended March 31, 2015 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (mn RUR)

3М 2015

3М 2014




Operating Expenses



Operating Profit






Profit for the Period



* Includes state subsidies

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


Consolidated TGC-1 revenue for 3M 2015 increased by 0.3% year-on-year, up to 22,035 mn RUR due to the following factors:

-      balanced electricity capacity utilization in favour of new effective capacity (in the first quarter 2015 electricity production by new units increased by 13.5% year-on-year, up to 2,025.5 mn kWh);

-      prises increase at the “day-ahead” electricity market;

-      warmer average weather temperature in the first quarter 2015 was а negative factor for the revenue and caused to decrease in heat sales.

Operating expenses for the 3 months of 2015 decreased by 0.1% year-on-year, down to 17,458 mn RUR.

Variable costs decrease by 1.8%, down to 12,473 mn RUR was caused by the reduction of electricity generation by non-effective THP units and decrease in Other Materials Expenses statement item.

Fixed costs decreased by 7.3% down to 3,289 mn RUR mainly due decrease of Other Operating Expenses statement item.

Operating profit for 3M 2015 grew by 1.8% year-on-year totaling 4,577 mn RUR. EBITDA amounted to 6,364 mn RUR, which corresponds to 3.2% increase year-on-year.

According to the Financial Statements the Profit and Total comprehensive income for the period increased by 5.1%, up to 3,295 mn RUR.

Full OJSC TGC-1 3M 2015 results under IFRS can be found at the corporate website in the “Reports” section.