TGC-1 increased RAS net profit by 35.9% in 2016

02.03.2017

TGC-1 published its 2016 audited financial statements under the Russian Accounting Standards (RAS).

Statement of financial performance (mln RUB)

2015

2016

Revenue

65,183.6

74,511.5

Costs

(60,000.9)

(65,058.0)

Gross profit

5,182.7

9,453.5

EBITDA*

13,213.9

14,015.4

Net profit

2,676.1

3,636.3

* EBITDA = profit before tax – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization.

In 2016, the company’s revenue made RUB 74,511.5 mln, growing by 14.3% YOY. The key factors of positive revenue dynamics are:

  • growing volumes of electricity output by CHPPs with high-efficient power units being loaded in priority order, as well as increase of average annual selling price on the day ahead market by 7.5%;
  • growing volumes of output by HPPs of the Nevsky Branch;
  • significantly growing revenues from power sales at competitive capacity outtake and under capacity delivery agreements;
  • growing volumes of heat output due to lower temperatures in the heating season.

Production cost increased by 8.4% to make RUB 65,058 mln mostly due to the increase in fuel costs and heat transmission expenses.

Gross profit of TGC-1 for the 12 months of 2016 reached RUB 9,453.5 mln, increasing by 82.4% YOY. EBITDA grew by 6.1% to make RUB 14,015.4 mln. Net profit in the reporting period increased by 35.9% YOY to make RUB 3,636.3 mln.

To find out more about the financial performance of TGC-1 under RAS for the 12M 2016, please visit the Reports section at the corporate website.


About

TGC-1 is the leading producer and supplier 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.

The installed electric capacity of the company’s stations amounts to 7 GW; the heating capacity is 14 532.4 Gcal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%), Fortum Power and Heat Oy (29.45%). The company, including subsidiaries, employs about 7 thousand people.