TGC-1 Group IFRS Profit for 2020FY Increased by 3.3%

11.03.2021

TGC-1 releases audited consolidated Financial Statements for the 12 months period, ended 31 December 2020 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)

2019

2020

Revenue

97,256

88,889

Operating Expenses

(85,599)

(76,913)

Operating Profit

12,149

10,824

EBITDA*

22,500

21,935

Profit for the Period

7,990

8,253

* EBITDA is calculated as Operating profit + Depreciation and Amortization.

Consolidated TGC-1 Group revenue for 2020FY decreased by 8.6% year-on-year, down to RUB 88,889 mln. The revenue from electricity and heat sales decrease resulted from unusually warm weather during the heating season of 2020 and lower electricity consumption on the back of restrictions for businesses and organizations.

Group’s comparable operating expenses decreased by 10.1%, down to RUB 76,913 mln, on the account of lower fuel expenses and electricity and capacity purchases, on the back of lower production.

Group’s operating profit decreased to RUB 10,824 mln, EBITDA amounted to RUB 21,935 mln. Profit for the period amounted to RUB 8,253 mln, up by 3.3%. The profit dynamics was influenced, among other factors, by lower financial expenses.

Full TGC-1 2020FY results under IFRS are available at the corporate website in the “Reports” section.

 

About

TGC-1 is the leading producer of electricity and heat in the North-West region of Russia. It operates 52 electric generating stations in four regions of Russia: St. Petersburg, Republic of Karelia, Leningrad Oblast, and Murmansk Oblast.

Installed electric capacity of the Company’s stations amounts to 6.9 GW and heating capacity of 13,5 thous. GCal/hr. Major shareholder is Gazprom Energoholding LLC (51.79%).