TGC-1 Group Profit for 9M 2019 Increased by 27.6%

11.11.2019

TGC-1 releases unaudited interim consolidated Financial Statements for the 9 months period, ended 30 September 2019 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

9М 2018*

9М 2019

Revenue

63,707.9

69,824.8

Operating Expenses

(53,866.8)

(56,419.9)

Operating Profit

10,348.0

14,784.5

EBITDA**

16,201.6

22,146.0

Profit for the Period

8,548.4

10,903.6

* 9M 2018 results were restated dew to “Government subsidies” and “Income from rent” items transfer from “Other operating income” to “Revenue”

** EBITDA is calculated as Operating profit + Depreciation and Amortization.

Consolidated TGC-1 Group revenue for 9M 2019 increased by 9.6% year-on-year, up to RUB 69,824.8 mln. The revenue dynamics main drivers were increased revenue from electricity sales at the day-ahead market and from heat sales, as well as measures for operating performance improvement.

Group’s comparable operating expenses grew by 4.7%, up to RUB 56,419.9 mln, mainly, on the back of increased fuel expenses. 

Hence, Group’s operating profit increased by 42.9% year-on-year totaling RUB 14,784.5 mln. EBITDA amounted to RUB 22,146.0 mln, up by 36.7% year-on-year.

Profit grew by 27.6% year-on-year, up to RUB 10,903.6 mln.

Full TGC-1 9M 2019 results under IFRS are available at the corporate website in the “Reports” section.

 

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%).