TGC-1 increased RAS net profit by 17.6% for 9 months of 2018

26.10.2018

TGC-1 published its 9 months 2018 financial statements under the Russian Accounting Standards (RAS).

Statement of financial performance (mln RUB)

9M 2017

9M 2018

Revenue

57,218.8

60,171.1

Costs

(50,804.3)

(53,875.0)

Gross profit

6,414.5

6,296.1

EBITDA*

13,039.9

12,974.3

Net profit

4,548.6

5,350.5

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

The Company's revenue amounted to RUB 60 billion 171.1 million, which is 5.2% higher than for the same period in 2017. The revenue growth was influenced by factors such as increased revenue from electricity sales on the day-ahead market and capacity sales under CSA, as well as growth of heat supply.

Production costs increased by 6.0% to RUB 53 billion 875.0 million. The main factor causing increase in production costs is growth of fuel expenses due to higher volumes of electricity output.

TGC-1's gross profit amounted to RUB 6 billion 296.1 million decreasing by 1.8%.

EBITDA declined by 0.5% and reached RUB 12 billion 974.3 million.

Net profit for the reporting period amounted to RUB 5 billion 350.5 million, which is 17.6% higher than for the same period in 2017.

To find out more about the financial performance of TGC-1 in the 9M 2018, please visit the Reports section at the corporate website.

Reference

TGC-1 is the leading producer and supplier of electricity and heat in the North-West of Russia. TGC-1 comprises 53 electric power plants within four constituent entities of the Russian Federation: St. Petersburg, Republic of Karelia, the Leningrad and Murmansk Oblasts.

The installed electric power capacity of TGC-1 by the end of 9M 2018 is 6.95 GW, heat capacity — 13.63 thousand Gcal/h. Major Shareholders: Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%). The total headcount of the Company and its subsidiaries is about seven thousand employees.