TGC-1 published January-June 2021 financial statements under the Russian Accounting Standards (RAS).
Statement of financial performance
* 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 6M 2020 was adjusted due to methodical changes since January 1 2021: exchange rate differences excluded
The Company’s revenue amounted to RUB 52 billion 461.9 million, which is 16.7% higher than for the same period of 2020. The revenue grew on the account of increased revenue from heat sales (+16.8%), on the back of lower air temperature in the heating period, as well as increased revenue from electricity and capacity sales (+17.0%) on the back of demand increase for the Company capacity and prices at the liberalized sectors of thrwholesale electricity and capacity market, as well as favorable price dynamics at Nord Pool, resulting in exports revenue growth.Production costs increased by 12.8% to RUB 43 billion 446.5 million on the account of growing production.
TGC-1's gross profit increased to RUB 9 billion 015.4 million. EBITDA amounted to RUB 13 billion 546.3 million. Net profit amounted to RUB 8 billion 053.7 million (+47.7%).
To find out more about the financial performance of TGC-1 for the 6M 2021, 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 heat capacity of 13.5 thous. Gcal/hr. Major shareholder is Gazprom Energoholding LLC (51.79%).