TGC-1's Net Profit under RAS Doubled in 2017 to RUB 7.3 billion

02.03.2018

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

Statement of financial performance (mln RUB)

2016

2017

Revenue

74,511.5

82,851.2

Costs

(65,058.0)

(72,092.6)

Gross profit

9,453.5

10,758.6

EBITDA*

14,015.4 

18,616.3

Net profit**

3,636.3

7,261.0

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

** including reassessment of the amount of financial investments in PJSC Murmanskaya CHPP (increased by RUB 2 bn 035.5 mln) which have market value.

Revenue amounted to RUB 82 bn 851.2 mln, which is 11.2% higher compared to 2016. The following factors influenced revenue growth:

  • priority loading of facilities commissioned as part of capacity delivery agreements, including loading of a new gas turbine power unit at the site of  Power Plant No.1 of the Centralnaya CHPP;
  • increased output by hydroelectric power plants due to a higher water content at the Nevsky and Karelsky branches;
  • increased volume of heat output due to a prolonged heating period.

The total revenue from electricity sales in 2017 increased by 8.4% and amounted to RUB 31 bn 199.6 mln. Revenue from capacity sales amounted to RUB 19 bn 494.2 mln, showing an increase of 28.4% year-on-year. Revenue from heat sales increased by 4.7% (RUB 31 bn 598 mln).

Production costs increased by 10.8% and comprised RUB 72 bn 092.6 mln. The main factor causing the increase in production costs is the growth of fuel expenses due to higher volumes of output.

TGC-1's gross profit amounted to RUB 10 bn 758.6 mln (an increase of 13.8%).

EBITDA grew by 32.8% and reached RUB 18 bn 616.3 mln.

Net profit in 2017 amounted to RUB 7 bn 261 mln, which is 99.7% higher compared with the previous year.

To find out more about the financial performance of TGC-1 in the 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.

TGC-1 installed electric capacity of the Company’s stations amounts to 6.95 GW and heating capacity of 13.65 thousand 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.