TGC-1 published its 2020FY financial statements under the Russian Accounting Standards (RAS).
Statement of financial performance (mln RUB)
* EBITDA = profit before taxation – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization.
** Due to the change of the Accounting Statute 18/02 “Accounting for corporate income tax calculations” from the 1st January 2020, results were indicated in comparable terms.
The Company’s revenue amounted to RUB 84 billion 158.2 million, which is 7.4% lower than for the same period of 2019. The main factors of the revenue decrease were lower electricity and heat consumption, resulting from the following: unusually high temperature during heating period and restrictions for businesses and organizations.
Against the background of lower electricity price, negative revenue dynamics were limited by decrease of inefficient condensing production at CHPPs.
Production costs decreased by 6.1% to RUB 74 billion 190.2 million.
TGC-1's gross profit decreased to RUB 9 billion 968.0 million. EBITDA amounted to RUB 15 billion 677.7 million, net profit amounted to RUB 6 billion 763.3 million.
To find out more about the financial performance of TGC-1 for the 2020FY, please visit the Reports section at the corporate website.
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 shareholder is Gazprom Energoholding LLC (51.79%).