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

14.05.2018

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

Revenue

25,776

28,862

Operating Expenses*

(19,830)

(22,514)

Operating Profit

5,946

6,347

EBITDA**

7,974

8,271

Profit for the Period

3,966

5,676

* 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.

 

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.

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.