OREANDA-NEWS. TGC-1 releases unaudited interim consolidated Financial Statements for the 6 months period, ended June 30, 2016 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (mln RUB)

6М 2016

6М 2015

Revenue

41,284

36,936

Operating Expenses*

(33,184)

(29,887)

Operating Profit

8,100

7,049

EBITDA**

11,636

10,631

Profit for the Period

5,852

4,806

 

Consolidated TGC-1 Group revenue for 6M 2016 increased by 11.8% year-on-year, up to RUB 41,284 mln. Factors of the growth were the following:

-     increased revenue from heat output;

-     growing power sales at competitive capacity outtake;

-     priority load for highly efficient combined-cycle units;

-     increased production at hydro power stations in 1H 2016 year-on-year.

Operating expenses for 6M 2016 grew by 11% year-on-year, up to RUB 33,184 mln. Variable costs increased by 8.7%, up to RUB 21,922 mln mostly on the account of higher fuel costs, caused by growing heat output. Fixed costs increased by 17.1%, up to RUB 8,114 mln, mainly due to receivables impairment provision and growing loss on PP&E disposal.