OREANDA-NEWS. At a regular meeting, the JSC TGC-1 Board of Directors reviewed the report on the activities of JSC TGC-1 in 2012 and recommended that the Annual General Meeting of shareholders approve the financial reports of the Company for 2012.

Revenue amounted to 60,145 million roubles (increase of 4.3%*) and the cost of main production was 55,243 million roubles (increase of 6.0%). The operating profit of JSC TGC-1 was 4,902 million roubles (decrease of 11.8%) and net profit was set at a level of 3,353 million roubles (decrease of 10.8%). The value of the company’s assets as of 31 December 2012 was 121,673 million roubles (increase of 5.0%).

The Board of Directors took the decision to recommend to shareholders that 2,716.2 million roubles of net profit achieved in 2012 be directed to the accumulation fund and 167.7 million roubles to the reserve fund to guarantee operating financial and economic activities. It suggests to direct 14% of the net profit, which amounts to 469.5 million roubles, towards paying dividends on ordinary shares of JSC TGC-1 based on the results of 2012 (0.000121805 roubles per ordinary share).

In 2012, the Company initiated implementation of a programme to increase shareholder value, within which measures were taken to increase the efficiency of JSC TGC-1’s operating activities. As a result of implementing the programme, it was possible to generate additional resources for paying dividends and increase the business-plan’s planned 5% net profits to 14%.

During the meeting, reports were given on the activities of JSC TGC-1’s subsidiary companies and the reports on implementation of the business plan of JSC Saint Petersburg Heating Grid and JSC Murmansk CHPP for 2012 were approved.

Furthermore, a decision was taken to elect Sergey Kruglyakov to the Management Board, appointing him Director of Marketing and Sales of JSC TGC-1 due to the move of Sergey Redkin to a new job.