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TGC-1

March 12, 2018

TGC-1 2017FY IFRS profit grew by 49%

TGC-1 releases audited consolidated Financial Statements for the 12 months period, ended December 31, 2017 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

2016

2017

Revenue

78,891

87,395

Operating Expenses*

(70,290)

(75,409)

Operating Profit

8,601

11,986

EBITDA**

16,285

20,440

Profit for the Period

5,324

7,927

* With account to Other operating income, Provision for PP&E impairment and Government subsidy.

** EBITDA is calculated as Operating profit + Depreciation of PP&E + Amortization of intangible assets and investment property.

Consolidated TGC-1 Group revenue for 12M 2017 increased by 10.8% year-on-year, up to RUB 87,395 mln. The revenue growth accounts for increased electricity and heat output resulting from the following:

  • high performance of CCGT-units, including new gas turbine - CHP at station #1 at Centralnaya CHPP;
  • high water factor at Nevsky and Karelsky branches;
  • longer heating period.

Operating expenses for 2017FY grew by 7.3% year-on-year, up to RUB 75,409 mln. Variable costs grew by 9.8% amounting to RUB 45,238 mln, mainly, on the account of increased fuel expenses, resulting from output. Fixed costs grew by 6.7%, up to RUB 22,315 mln, influenced by higher rent expenses.

TGC-1 Group operating profit increased by 39.4% year-on-year totaling RUB 11,986 mln. EBITDA amounted to RUB 20,440 mln, up by 25.5% year-on-year.

TGC-1 Group profit for 2017FY grew by almost x1.5 year-on-year, up to RUB 7,927 mln.

Full TGC-1 Group 2017FY results under IFRS are available at the corporate website in the “Reports” section.

About

TGC-1 is the leading producer 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.

Installed electric capacity of the Company’s stations amounts to 6.95 GW and heating capacity of 13,65 thous. GCal/hr. Major shareholders are Gazprom Energoholding LLC (51.79 %) and Fortum Power and Heat Oy (29.45 %). Total headcount of the Company, including subsidiaries, totals circa 7 thousand.

 

 

 

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