TGC-1 increased RAS net profit by 25.6% in Q1 2019

30.04.2019

TGC-1 published its 3 months 2019 financial statements under the Russian Accounting Standards (RAS).

Statement of financial performance (mln RUB)

3M 2018

3M 2019

Revenue

27,691.8

29,689.8

Costs

(22,285.3)

(23,138.8)

Gross profit

5,406.5

6,550.9

EBITDA*

7,692.8

9,146.8

Net profit

4,620.5

5,804.6

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

The Company's revenue totalled RUB 29 billion 689.8 million, which is 7.2% higher than for the same period in 2018. The revenue growth was influenced by factors such as growing electricity sales volume at the day-ahead market on the account of increasing electricity sales price, and CDA sales.

Production costs increased by 3.8% to RUB 23 billion 138.8 million. The main factor causing increase in production costs is growth of fuel expenses due to higher volumes of electricity output at CHPPs.

TGC-1's gross profit amounted to RUB 6 billion 550.9 million (an increase of 21.2%).

EBITDA grew by 18.9% and reached RUB 9 billion 146.8 million.

Net profit for the reporting period amounted to RUB 5 billion 804.6 million, which is 25.6% higher than for the first quarter of last year.

To find out more about the financial performance of TGC-1 for the 3M 2019, 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 13.75 thous. Gcal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).