TGK-13's IFRS net losses down 1% in 2011, sales revenue up 8%
KRASNOYARSK. April 17 (Interfax) - Generating company OJSC Yenisei TGK (TGK-13) posted 1.765 billion rubles in net losses according to international financial reporting standards (IFRS) for 2011, the company said in a statement.
The genco's losses for 2010 came to 1.782 billion rubles. Therefore, this figure decreased 0.95% in 2011.
TGK-13's sales revenue increased by 8.4% to 21.064 billion rubles.
OJSC TGK-13's financial results for 2011 (in mlns of rubles):
| Result | 2011 | 2010 |
| Sales revenue | 21 064 | 19 436 |
| Production costs | 22 329 | 21 547 |
| Gross profit (losses) | (1 265) | (2 111) |
| Profit (losses) from operations | (1 855) | (2 736) |
| Pretax profit (losses) | (2 152) | (3 077) |
| Net profit (losses) | (1 765) | (1 782) |
According to the genco's IFRS report, TGK-13 increased its assets 17.3% to 45.034 billion rubles in 2011. Long-term obligations went up by 163% to 14.297 billion rubles. Short-term obligations went down by 20.5% to 3.181 billion rubles.
In addition to the parent company, TGK-13 Group includes its 100%-controlled subsidiaries OJSC Kyzyl CHP (Tuva), LLC Nazarovskoye Rybnoye Khozyaistvo (Krasnoyarsk Territory) and Cyprus-based Power Assets Investments Ltd.
The report said that the main beneficiary in the genco was Andrei Melnichenko at the end of 2011. He then owned 58.73% through various companies.
TGK-13 includes six combined heat and power plants (CHPs) and one State District Power Plant (GRES) in the Krasnoyarsk territory, one CHP in Khakasia, as well as its affiliate Krasnoyarsk Heating System. TGK-13's installed power capacity is 2,535 MW, and its installed heat capacity is 7,192.9 Gcal/h.