TGC-1 IFRS Profit Grew by 21.8% in 1H 2016


TGC-1 releases unaudited interim consolidated Financial Statements for the 6 months period, ended June 30, 2016 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (mln RUB)

6М 2016

6М 2015




Operating Expenses*



Operating Profit






Profit for the Period



* Including Government subsidies and Other operating income.

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

Consolidated TGC-1 Group revenue for 6M 2016 increased by 11.8% year-on-year, up to RUB 41,284 mln. Factors of the growth were the following:

-     increased revenue from heat output;

-     growing power sales at competitive capacity outtake;

-     priority load for highly efficient combined-cycle units;

-     increased production at hydro power stations in 1H 2016 year-on-year.

Operating expenses for 6M 2016 grew by 11% year-on-year, up to RUB 33,184 mln. Variable costs increased by 8.7%, up to RUB 21,922 mln mostly on the account of higher fuel costs, caused by growing heat output. Fixed costs increased by 17.1%, up to RUB 8,114 mln, mainly due to receivables impairment provision and growing loss on PP&E disposal.

TGC-1 operating profit grew by 14.9% year-on-year totaling RUB 8,100 mln. EBITDA amounted to RUB 11,636 mln, growing by 9.5% year-on-year.

Profit for 6M 2016 increased by 21.8% year-on-year, up to RUB 5,852 mln.

Full TGC-1 6M 2016 results under IFRS are available at the corporate website in the “Reports” section.