TGC-1 9M 2014 IFRS Revenue remained flat

27 November 2014

OJSC TGC-1 releases its abbreviated interim unaudited consolidated Financial Statements for the 9 months period, ended September 30, 2014 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (mn RUR)

9М 2013

9М 2014




Operating Expenses



Operating Profit






Profit for the Period



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

** Revised.

*** With account to Government grants and Other operating income.

Consolidated TGC-1 revenue for 9M 2014 decreased by 1.1% year-on-year, to 47,940 mn RUR remaining almost flat year-on-year on the back of decreased demand due to weaker electricity demand and warm weather in the reporting period.

Operating expenses for the 9 months of 2014 remained flat, growing by only 0.1% year-on-year, to 41,294 mn RUR. Variable costs were reduced by 1.8% to 26,212 mn RUR, fixed costs grew by 4.9% - to 10,847 mn RUR on the back of growing repairs and maintenance expenses and high basis effect of 1H 2013 on Provision/(Release) for Impairment of Accounts Receivable. Depreciation and amortization amounted to 5,049 mn RUR (+1.1%).

Because of the mentioned above factors, EBITDA amounted to 11,695 mn RUR (-4.5%), profit totaled mn RUR 3,913 (-7.2%).

Full OJSC TGC-1 9M 2014 results under IFRS can be found at the corporate website in the “Reports” section.