TGC-1 increased RAS net profit by 36.7% for 9M 2019

28.10.2019

TGC-1 published its 9 months 2019 financial statements under the Russian Accounting Standards (RAS).

Statement of financial performance (mln RUB)

9M 2018

9M 2019

Revenue

60,171.1

62,916.8

Costs

(53,875.0)

(56,074.0)

Gross profit

6,296.1

6,842.8

EBITDA*

12,974.3

14,961.9

Net profit

5,350.5

7,313.4

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

The Company's revenue totalled RUB 62 billion 916.8 million, which is 4.6 % higher than for the same period in 2018 - due to the growth of electricity sales volume at the day-ahead market as well as CDA sales.

 Production costs increased by 4.1 % to RUB 56 billion 074.0 million mostly due to the increase of fuel expenses by 6.2 %.

TGC-1's gross profit amounted to RUB 6 billion 842.8 million (an increase of 8.7 %).

EBITDA grew by 15.3 % and reached RUB 14 billion 961.9 million.

Net profit amounted to RUB 7 billion 313.4 million, which is 36.7 % higher than for the same period of last year.

To find out more about the financial performance of TGC-1 for the 9 month of 2019, please visit the Reports section at the corporate website.

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 53 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 6.95 GW and heating capacity of 13.75 thous. Gcal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).