Net losses of TGK-2 to RAS in 2015 amount to 1.43 bln rubles against 1.87 bln rubles year earlier
MOSCOW. April 1 (Interfax) - PJSC TGK-2 posted net losses to Russian Accounting Standards (RAS) in the amount of 1.43 billion rubles in 2015 after losses of 1.87 rubles in 2014, the company said in a report.
Revenue rose 3% to 31 billion rubles. Cost of sales rose from 27.8 billion rubles to 28.12 billion rubles. Interest on payment rose by 50% to 2.47 billion rubles.
The company's other income fell from 4.14 billion rubles to 1.44 billion rubles. Other spending fell from 6.6 billion rubles to 3.5 billion rubles.
Accounts receivable as at the end of the year amounted to 8.59 billion rubles. Payables were 14.24 billion rubles.
On Wednesday the genco's acting head Pyotr Zarubin told journalists that the company is not planning to pay dividends for 2015 in light of the net loss last year. He said that this is connected with the fact that the company has accumulated debts from previous years. "We are obliged to create provisions for doubtful debts," the executive said. He said: "In the situation we are in, and with the history of the accumulated results of previous years, we think that for 2015 TGK-2 will not pay dividends."
The company expects to post profit in 2016, according to the business plan that was confirmed in December, Zarubin said. "We think that the anti-crisis measures, which the TGK-2 managers carried out in previous years have been fulfilled. In 2016 we are expecting to post profit," he said, noting that the final result will be affected by the macroeconomic situation and the behavior of consumers from the point of view of payments for resources. "For 2016, with the achievement of the tasks that the business plan set for us, we are expecting both to post profit and to pay relevant dividends in accordance with the policy at the company," Zarubin said.
TGK-2 includes power plants in five Russian regions - Arkhangelsk, Vologda, Kostroma, Novgorod and Yaroslavl.
Leonid Lebedev's Sintez Group represents the interests of the majority shareholders in TGK-2. Fund manager Prosperity Capital Management has a minority stake.