TGC-1 1H 2017 IFRS EBITDA Grew by 6.2%

04.08.2017

TGC-1 releases unaudited interim consolidated Financial Statements for the 6 months period, ended June 30, 2017 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

6М 2016

6М 2017

Revenue

41,284

44,691

Operating Expenses*

(33,184)

(36,402)

Operating Profit

8,100

8,289

EBITDA**

11,636

12,356

Profit for the Period

5,852

5,820

* With account to Other operating income and Government subsidy.

** EBITDA is calculated as Operating profit + Depreciation of PP&E + Amortization of intangible assets and investment property.

Consolidated TGC-1 Group revenue for 6M 2017 increased by 8.3% year-on-year, up to RUB 44,691 mln, on the account of factors, including increased capacity volume sold at capacity auction, growing revenue from capacity supply under CDA and exports from the Vuoksa HPPs Cascade.

Operating expenses for 1H 2017 grew by 9.7% year-on-year, up to RUB 36,402 mln, among other things, on the account of increased fuel expenses.

TGC-1 operating profit for 1H 2017 increased by 2.3% year-on-year totaling RUB 8,289 mln. EBITDA amounted to RUB 12,356 mln, up by 6.2% year-on-year.

Profit for 1H 2017 remained flat year-on-year, at RUB 5,820 mln.

Full TGC-1 6M 2017 results under IFRS are available at the corporate website in the “Reports” section.

 

About

TGC-1 is the leading producer of electricity and heat in the North-West region of Russia. It operates 53 electric generating stations in four regions of Russia: St. Petersburg, Republic of Karelia, Leningrad Oblast, and Murmansk Oblast.

TGC-1 installed electric capacity of the Company’s stations amounts to 6.95 GW and heating capacity of 14,53 thous. GCal/hr. Major shareholders are Gazprom Energoholding LLC (51.79 %) and Fortum Power and Heat Oy (29.45 %). Total headcount of the Company, including subsidiaries, totals circa 7 thousand.