TGC-1 increased RAS net profit by 17.6% for 9 months of 2018

26 October 2018

TGC-1 published its 9 months 2018 financial statements under the Russian Accounting Standards (RAS).

Statement of financial performance (mln RUB)

9M 2017

9M 2018







Gross profit






Net profit



* EBITDA = profit before tax – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization. 

The Company's revenue amounted to RUB 60 billion 171.1 million, which is 5.2% higher than for the same period in 2017. The revenue growth was influenced by factors such as increased revenue from electricity sales on the day-ahead market and capacity sales under CSA, as well as growth of heat supply.

Production costs increased by 6.0% to RUB 53 billion 875.0 million. The main factor causing increase in production costs is growth of fuel expenses due to higher volumes of electricity output.

TGC-1's gross profit amounted to RUB 6 billion 296.1 million decreasing by 1.8%.

EBITDA declined by 0.5% and reached RUB 12 billion 974.3 million.

Net profit for the reporting period amounted to RUB 5 billion 350.5 million, which is 17.6% higher than for the same period in 2017.

To find out more about the financial performance of TGC-1 in the 9M 2018, please visit the Reports section at the corporate website.



TGC-1 is the leading producer and supplier of electricity and heat in the North-West of Russia. TGC-1 comprises 53 electric power plants within four constituent entities of the Russian Federation: St. Petersburg, Republic of Karelia, the Leningrad and Murmansk Oblasts.

The installed electric power capacity of TGC-1 by the end of 9M 2018 is 6.95 GW, heat capacity — 13.63 thousand Gcal/h. Major Shareholders: Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%). The total headcount of the Company and its subsidiaries is about seven thousand employees.