TGC-1 increased RAS net profit by 21.5% in H1 2017

26.07.2017

TGC-1 published its 6 months 2017 financial statements under the Russian Accounting Standards (RAS).  

Statement of financial performance (mln RUB)

6M 2016

6M 2017

Revenue

39,036.9

42,454.0

Costs

(33,219.1)

(36,276.9)

Gross profit

5,817.8

6,177.1

EBITDA*

9,282.3

10,601.7

Net profit 

3,722.1

4,582.7

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

The revenue amounted to RUB 42 billion and 454 million, which is 8.8% higher than in 2016, in particular due to commissioning under capacity delivery agreements (CDA) of high-performance power units of the gas turbine plant at Power Plant No. 1 of the Centralnaya CHPP in St. Petersburg.

Production costs increased by 9.2% to RUB 36 billion and 276.9 million, in particular due to heat transfer and fuel costs, which was caused by the growth of heat generation.

Gross profit of TGC-1 amounted to RUB 6 billion and 177.1 million, having increased by 6.2%.

EBITDA grew by 14.2% to make RUB 10 billion and 601.7 million.

Net profit increased by 21.5% and reached RUB 4 billion and 582.7 million.

To find out more about the financial performance of TGC-1 in the 6M 2017, please visit the Reports section at the corporate website.

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.

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.