TGC-1 published its 2016 audited financial statements under the Russian Accounting Standards (RAS).

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

In 2016, the company’s revenue made RUB 74,511.5 mln, growing by 14.3% YOY. The key factors of positive revenue dynamics are:

• growing volumes of electricity output by CHPPs with high-efficient power units being loaded in priority order, as well as increase of average annual selling price on the day ahead market by 7.5%;
• growing volumes of output by HPPs of the Nevsky Branch;
• significantly growing revenues from power sales at competitive capacity outtake and under capacity delivery agreements;
• growing volumes of heat output due to lower temperatures in the heating season.

Production cost increased by 8.4% to make RUB 65,058 mln mostly due to the increase in fuel costs and heat transmission expenses.

Gross profit of TGC-1 for the 12 months of 2016 reached RUB 9,453.5 mln, increasing by 82.4% YOY. EBITDA grew by 6.1% to make RUB 14,016.6 mln. Net profit in the reporting period increased by 35.9% YOY to make RUB 3,636.3 mln.

To find out more about the financial performance of TGC-1 under RAS for the 12M 2016, please visit the Reportssection at the corporate website.

About

TGC-1is the leading producer and supplier of electricity and heat in the North-West region of Russia. It operates 53 electric generating stations in four regions of Russia: St. Petersburg, Republic of Karelia, Leningrad Oblast, and Murmansk Oblast.

The installed electric capacity of the company’s stations amounts to 7 GW; the heating capacity is 14 532.4 Gcal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%), Fortum Power and Heat Oy (29.45%). The company, including subsidiaries, employs about 7 thousand people.