TGC-1 1Q 2017 IFRS Revenue Grew by 2.1%


TGC-1 releases unaudited interim consolidated Financial Statements for the 3 months period, ended March 31, 2017 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

3М 2016

3М 2017


25 238

25 776

Operating Expenses*

(19 310)

(19 830)

Operating Profit

5 929

5 946


7 683

7 974

Profit for the Period

4 386

3 966

* 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 3M 2017 increased by 2.1% year-on-year, up to RUB 25,776 mln.

Operating expenses for 1Q 2017 grew by 2.7% year-on-year, up to RUB 19,830 mln. Variable costs remained flat at RUB 13,932 mln. Fixed costs increased by 2.2%, up to RUB 4,049 mln.

TGC-1 operating profit increased by 0.3% year-on-year totaling RUB 5,946 mln. EBITDA amounted to RUB 7,974 mln, up by 3.8% year-on-year.

Profit for 1Q 2017 declined by 9.6% year-on-year, down to RUB 3,966 mln, mostly on the account of growing income tax.

Full TGC-1 3M 2017 results under IFRS are available at the corporate website in the “Reports” section.


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.

TGC-1 installed electric capacity of the Company’s stations amounts to 6.95 GW and heating capacity of 14,53 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.