TGC-1 3M 2018 IFRS Profit Grew by 43.1%


TGC-1 releases interim unaudited consolidated Financial Statements for the 3 months period, ended 31 March 2018 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

3М 2017

3М 2018




Operating Expenses*



Operating Profit






Profit for the Period



* With account to Other operating income, Provision for PP&E impairment 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 3M 2018 increased by 12% year-on-year, up to RUB 28,862 mln. The revenue growth accounts for increased electricity and heat output resulting from the following:

  • growing electricity demand in the North-West region;
  • high performance of CCGT-units, including new GTU-CHPP at Power Plant No. 1 at the Centralnaya CHPP;
  • high content at all branches;
  • weather factors.

Group’s operating expenses for 3M 2018 grew by 13.5% year-on-year, up to RUB 22,514 mln. Variable costs grew by 15.9% amounting to RUB 16,145 mln, mainly, on the account of increased fuel expenses resulting from output growth.

Group’s operating profit for 3M 2018 increased by 6.7% year-on-year totaling RUB 6,347 mln. EBITDA amounted to RUB 8,271 mln, up by 3.7% year-on-year.

Profit for the period grew by almost 43.1% year-on-year, up to RUB 5,676 mln, mainly on the account of lower finance expense for debt servicing and decrease of income tax.

Full TGC-1 and subsidiaries 3M 2018 results under IFRS are available at the corporate website in the “Reports” section.



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.

Installed electric capacity of the Company’s stations amounts to 6.95 GW and heating capacity of 13,65 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.