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TGC-1

November 9, 2018

TGC-1 Group Profit for 9M 2018 increased by 26.3%

TGC-1 releases interim unaudited consolidated Financial Statements for the 9 months period, ended 30 September 2018 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)*

9Ě 2017

9Ě 2018

Revenue

60,176

63,494

Operating Expenses**

(50,293)

(53,146)

Operating Profit

9,884

10,348

EBITDA***

16,040

16,202

Profit for the Period

6,766

8,548

* With no account to TGC-1 share of profit of associates

** With account to Other operating income, Reversal of impairment loss for financial assets 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 9M 2018 increased by 5.5% year-on-year, up to RUB 63,494 mln, mainly on the account of growing electricity sales volume at the day-ahead market, increased revenue from capacity sales under CSA, growing revenue from heat sales on the back of cold weather in 1Q 2018, as well as growing electricity exports on the back of favorable market situation at Nord Pool.

Group’s operating expenses grew by 5.7% year-on-year, up to RUB 53,146 mln. The main factor for expenses growth was increased fuel costs on the back of growing electricity output at CHPPs in 1Q 2018.

Hence, Group’s operating profit for 9M 2018 increased by 4.7% year-on-year totaling RUB 10,348 mln. EBITDA amounted to RUB 16,202 mln, up by 1.0% year-on-year.

Profit grew by 26.3% year-on-year, up to RUB 8,548 mln, among other, on the account of lower tax liabilities for income tax and decreased loan service cost.

Full TGC-1 and subsidiaries 9M 2018 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 13,63 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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