TGC-1 presents its financial statements under IFRS for H1 2020

05.08.2020

TGC-1 releases interim abbreviated unaudited consolidated Financial Statements for the 6 months period, ended 30 June 2020 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

6М 2019

6М 2020

Revenue

52,712

47,280

Operating Expenses

(41,404)

(38,550)

Operating Profit

12,079

8,483

EBITDA*

16,941

13,727

Profit for the Period

9,302

6,750

* EBITDA is calculated as Operating profit + Depreciation and Amortization.

Consolidated TGC-1 Group revenue for 6M 2020 decreased by 10.3% year-on-year, down to RUB 47,280 mln, resulting from changes in prices and volumes of electricity, sold at free wholesale markets and lower useful heat output volume, on the account of higher air temperature during the heating season of 2020.

Group’s comparable operating expenses decreased by 6.9%, down to RUB 38,550 mln.

Group’s operating profit decreased by 29.8% year-on-year totaling RUB 8,483 mln. EBITDA amounted to RUB 13,727 mln, down by 19.0% year-on-year.

Profit decreased by 27.4% year-on-year, down to RUB 6,750 mln.

Full TGC-1 6M 2020 results under IFRS are available at the corporate website in the Reports section.

About

TGC-1 (part of the Gazprom Energoholding Group) is a leading producer and supplier of electricity and heat in the North-West of Russia. TGC-1 comprises 52 power plants within four constituent entities of the Russian Federation: St. Petersburg, the Republic of Karelia, and Leningrad and Murmansk Oblasts.

TGC-1 installed electric capacity of the Company’s stations amounts to 6.9 GW and heating capacity of 13.5 thous. Gcal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).