TGC-1 Q1 2021 RAS Net Profit Increased by 20.2%

30.04.2021

TGC-1 published its 3M 2021 financial statements under the Russian Accounting Standards (RAS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

3M 2020

3M 2021

Revenue

26,637.5

31,492.1

Costs

(21,721.1)

(25,464.5)

Gross Profit

4,916.4

6,027.6

EBITDA*

6,756.5**

7,897.0

Net profit

4,092.9

4,921.2

* EBITDA = profit before taxation – interest receivable – exchange rate differences (positive) + interest payable + exchange rate differences (negative) – revenue from participation in other companies + depreciation & amortization.

** EBITDA for 3M 2020 was adjusted due to methodical changes: exchange rate differences influence excluded

The Company’s revenue amounted to RUB 31 billion 492.1 million, which is 18.2% higher than for the same period of 2020. The main factors of the revenue increase were growing electricity and heat demand in the North-West region, on the back of lower air temperature in Q1 2021; growing DAM prices and increased revenue from electricity exports, resulting from favorable market situation at Scandinavian Nord Pool.

Production costs increased by 17.2% to RUB 25 billion 464.5 million on the account of growing production.

TGC-1's gross profit increased to RUB 6 billion 027.6 million. EBITDA amounted to RUB 7 billion 897.0 million. Net profit amounted to RUB 4 billion 921.2 million (+20.2%).

To find out more about the financial performance of TGC-1 for the 3M 2021, please visit the Reports section at the corporate website.

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 52 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 6.9 GW and heating capacity of 13.5 thous. Gcal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).