TGC-1 presents its financial statements under RAS for Q1 2020

06.05.2020

TGC-1 published its 3 months 2020 financial statements under the Russian Accounting Standards (RAS).

Statement of financial performance (mln RUB)

3M 2019

3M 2020

Revenue

29,689.8

26,637.6

Costs

(23,138.8)

(21,721.1)

Gross profit

6,550.9

4,916.4

EBITDA*

9,146.8

6,756.8

Net profit

5,872.2**

4,092.9

* EBITDA = profit before taxation – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization.
** Due to the change of the Accounting Statute 18/02 “Accounting for corporate income tax calculations” from the 1st January 2020 results were indicated in comparable terms. 

The Company’s revenue amounted to RUB 26 billion 637.6 million, which is 10.3% lower than for the same period of 2019. The main factor of revenue fall was increased ambient temperature in Q1 2020, which led to a decrease in electricity generation and heat output. Production costs decreased by 6.1% to RUB 21 billion 721.1 million due to CHPP cutbacks in production and implementation of the program for operating performance improvement.

TGC-1's gross profit amounted to RUB 4 billion 916.4 million (a decrease of 25.0%).

EBITDA reduced by 26.1% and reached RUB 6 billion 756.8 million.

Net profit amounted to RUB 4 billion 092.9 million, which is 30.3% lower than for the same period of last year.

To find out more about the financial performance of TGC-1 for the 3M 2020, please visit the Reports section at the corporate website.

About

TGC-1 (part of the Gazprom Energoholding Group) is a leading producer and supplier of electricity and heat in the North-West of Russia. TGC-1 comprises 53 power plants within four constituent entities of the Russian Federation: St. Petersburg, the Republic of Karelia, and Leningrad and Murmansk Oblasts.

TGC-1 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%).