JSC TGC-1 announced its 9M 2015 financial statements under the Russian Accounting Standards (RAS).

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

Company’s 9M 2015 revenue totaled RUB 45,525 mln, increasing 0.2% against the same period last year.

Electricity sales, which grew by 1% up to RUB 19,943 mln, accounted to the main share of the revenue. The key factor behind the increase was a growth in electricity export in 2.3 times.

Capacity sales amounted to the revenue of RUB 8,071 mln, a 15.6% drop compared to the same period last year. The decline was due to a fall in capacity sales through competitive capacity auction and demand sluggishness under regulated contracts in the North-West region.

The cost of production increased by 1.3% up to RUB 42,749 mln due to increase of depreciation costs.

The gross profit of JSC TGC-1 for 9M 2015 was RUB 2,776 mln, decreasing by 14.9%. The net profit for 9M 2015 amounted to RUB 1,431 mln that was 12.4% year-on-year. The EBITDA indicator increased by 1.8% to RUB 9,207 mln.

The significant events after the reporting date include the Decree of the Russian Government on listing TGC-1 power plants among the generating facilities operated in the forced power output mode to ensure reliable heat and electricity supply to consumers. From 2016 to 2019, Avtovskaya CHPP (157 MW), Vasileostrovskaya CHPP (85 MW), Vyborgskaya CHPP (123 MW), Petrozavodskaya CHPP (280 MW), Pravoberezhnaya CHPP (180 MW) and Severnaya CHPP (200 MW) were assigned to forced electric generators, while Apatitskaya CHPP (174 MW), Avtovskaya CHPP (100 MW) and Severnaya CHPP (300 MW) will have to satisfy the regulatory demand for heat. Moreover, JSC TGC-1 main shareholders were discussing the reorganisation of the Company by spinning off its hydroelectric generating units in 3Q.

To find out more about the financial performance of TGC-1 in the 9M 2015, please visit the Reportssection at the corporate website.