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TGC-1

March 12, 2020

TGC-1 Group EBITDA for 2019FY Increased by 7.7%

TGC-1 releases audited consolidated Financial Statements for the 12 months period, ended 31 December 2019 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

2018*

2019

Revenue

92,455.2

97,255.6

Operating Expenses

(77,429.0)

(85,599.0)

Operating Profit

12,909.3

12,148.5

EBITDA**

20,886.9

22,499.7

Profit for the Period

10,421.4

7,990.2

* 2018FY results were restated dew to “Government subsidies” and “Income from rent” items transfer from “Other operating income” to “Revenue”

** EBITDA is calculated as Operating profit + Depreciation and Amortization.

Consolidated TGC-1 Group revenue for 2019FY increased by 5.2% year-on-year, up to RUB 97 billion 255.6 million. The revenue dynamics main drivers were increased revenue from electricity and capacity sales, as well as heat sales (accounting for reclassification of subsidies to compensate lost earnings from other income to revenue).

Group’s comparable operating expenses grew by 10.6%, up to RUB 85 billion 599.0 million, mainly, on the back of accrual on PP&E impairment (including right-of-use assets), depreciation and amortization and fuel expenses growth.

Hence, Group’s operating profit decreased by 5.9% year-on-year totaling RUB 12 billion 148.5 million. EBITDA amounted to RUB 22 billion 499.7 million, up by 7.7% year-on-year.

Profit decreased by 23.3% year-on-year, down to RUB 7 billion 990.2 million.

Full TGC-1 2019FY 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 6.9 GW and heating capacity of 13.5 thous. GCal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).

 

 

 

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