TGK-2 IFRS net loss widens to 3.24 bln rubles in 2015
MOSCOW. April 29 (Interfax) - Territorial generating company TGK-2 saw its net loss widen to 3.24 billion rubles in 2015 from 2.7 billion rubles in 2014, the company said in IFRS financials.
Revenue for the period rose 3.2% to 31.23 billion rubles. Operating expenditures rose 1.9% to 29.9 billion rubles.
The losses in the current period were the result of high interest payments on loans, the company said in a press release.
In addition, TGK-2 noted the growth of accounts receivable of buyers and clients: they rose by 41% since the end of 2014 and as at the end of 2015, they amounted to 5.26 billion rubles. One of the debtors was OJSC Arkhangelsk Power Supply Company, its debt was about 1.1 billion rubles.
"The company's management is analyzing and monitoring overdue debt obligations of buyers and clients, due to which it became necessary to make additional allocations towards provisions on debt, which rose by 18% to 2.194 billion rubles," the statement said.
The company is expecting to receive a positive effect on its 2016 financial results from joint projects with China's Huadian. So, the commissioning of the Huadian-Teninskaya combined cycle heat and power plant in Yaroslavl is planned at the end of 2016.
"TGK-2's management is expecting an improvement in the company's financials in the short term thanks to the management of risks, cost control and the implementation of agreements on reducing the deficit of working capital," the statement said.
TGK-2 includes power plants in six Russian regions - Arkhangelsk, Vologda, Kostroma, Novgorod, Tver and Yaroslavl - with capacity to generate 2,530 megawatts of electricity and 12,286 Gcal/hr of heat. Leonid Lebedev's Sintez Group represents the interests of the majority shareholders in TGK-2. Fund manager Prosperity Capital Management -minority shareholders.