TGC-1 IFRS Profit Grew by 67.1% in 9M 2016


TGC-1 releases unaudited interim consolidated Financial Statements for the 9 months period, ended September 30, 2016 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

9М 2015

9М 2016




Operating Expenses*



Operating Profit






Profit for the Period



* With account to Other operating income 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 2016 increased by 13.3% year-on-year, up to RUB 54,416 mln. Factors of the growth were the following:

  • Growing capacity sales volume at competitive capacity outtake;
  • Priority load for highly efficient combined-cycle units;
  • Increased production at hydro power stations on the back of higher water factor at Kolsky and Karelsky branches in 9M 2016 year-on-year.

Operating expenses for 9M 2016 grew by 9.4% year-on-year, up to RUB 44,999 mln. Variable costs increased by 9.3%, up to RUB 27,917 mln mostly on the account of higher fuel costs, caused by growing heat output. Fixed costs increased by 14.6%, up to RUB 12,385 mln, mainly due to the provision for impairment of accounts receivable in the reporting period and growing property tax.

TGC-1 operating profit grew by 36% year-on-year totaling RUB 9,417 mln. EBITDA amounted to RUB 14,755 mln, growing by 19.9% year-on-year.

Profit for 9M 2016 increased by 67.1% year-on-year, up to RUB 6,746 mln.

Full TGC-1 9M 2016 results under IFRS are available at the corporate website in the “Reports” section.