TGC-1 releases interim abbreviated unaudited consolidated Financial Statements for the 3 months period, ended 31 March 2021 prepared in accordance with International Financial Reporting Standards (IFRS).
Consolidated Statement of Comprehensive Income Highlights (RUB mln)
Profit for the Period
* EBITDA is calculated as Operating profit + Depreciation and Amortization.
Consolidated TGC-1 Group revenue for 3M 2021 increased by 17.2% year-on-year, up to RUB 32,503 mln. This resulted from growing demand for electricity and heat in the North-West, on the back of lower temperature during Q1 2021 year-on-year, as well as growing revenue from exports, resulting from favorable situation at Nord Pool market and growing DAM prices.
Group’s comparable operating expenses increased by 21.7%, up to RUB 26,815 mln, mainly, on the account of growing fuel expenses, on the back of growing production, as well as growing electricity and capacity purchases.
Group’s comparable operating profit increased marginally to RUB 5,429 mln, EBITDA amounted to RUB 8,308 mln (+3.5%). Profit for the period amounted to RUB 4,396 mln, up by 0.5%.
Full TGC-1 3M 2021 results under IFRS are available at the corporate website in the “Reports” section.
TGC-1 is the leading producer of electricity and heat in the North-West region of Russia. It operates 52 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 6.9 GW and heating capacity of 13,5 thous. GCal/hr. Major shareholder is Gazprom Energoholding LLC (51.79%).