TGC-1 presents its financial statements under RAS for H1 2020

27.07.2020

TGC-1 published its 6 months 2020 financial statements under the Russian Accounting Standards (RAS).

Statement of financial performance (mln RUB)

6M 2019*

6M 2020

Revenue

49,846.1

44,966.5

Costs

(40,572.1)

(38,517.7)

Gross profit

9,274.0

6,448.8

EBITDA*

13,773.3

10,243.1

Net profit

7,969.0

5,454.0

* 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.

** EBITDA = profit before taxation – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization.

The Company’s revenue amounted to RUB 44 billion 966.5 million, which is 9.8% lower than for the same period of 2019. The main factor of revenue fall was increased ambient temperature in the reporting period which entailed a decrease in heat output, and lowering of consumption in power supply systems of Saint Petersburg and Leningrad Oblast.

Production costs decreased by 5.1% to RUB 38 billion 517.7 million.

Another negative factor for TGC-1 was the deterioration of payment discipline among some of the customers

TGC-1's gross profit amounted to RUB 6 billion 448.8 million (a decrease of 30.5%).

EBITDA reduced by 25.6% and reached RUB 10 billion 243.1 million.

Net profit amounted to RUB 5 billion 454.0 million, which is 31.6% lower than for the same period of last year.

To find out more about the financial performance of TGC-1 for the 6M 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 52 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%).