TGC-1's Net Profit under RAS Doubled in 2017 to RUB 7.3 billion
TGC-1 published its 2017 audited financial statements under the Russian Accounting Standards (RAS).
| Statement of financial performance (mln RUB) | 2016 | 2017 |
|---|---|---|
Revenue | 74,511.5 | 82,851.2 |
Costs | (65,058.0) | (72,092.6) |
Gross profit | 9,453.5 | 10,758.6 |
EBITDA* | 14,015.4 | 18,616.3 |
Net profit** | 3,636.3 | 7,261.0 |
* EBITDA = profit before tax – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization.
** including reassessment of the amount of financial investments in PJSC Murmanskaya CHPP (increased by RUB 2 bn 035.5 mln) which have market value.
Revenue amounted to RUB 82 bn 851.2 mln, which is 11.2% higher compared to 2016. The following factors influenced revenue growth:
- priority loading of facilities commissioned as part of capacity delivery agreements, including loading of a new gas turbine power unit at the site of Power Plant No.1 of the Centralnaya CHPP;
- increased output by hydroelectric power plants due to a higher water content at the Nevsky and Karelsky branches;
- increased volume of heat output due to a prolonged heating period.
The total revenue from electricity sales in 2017 increased by 8.4% and amounted to RUB 31 bn 199.6 mln. Revenue from capacity sales amounted to RUB 19 bn 494.2 mln, showing an increase of 28.4% year-on-year. Revenue from heat sales increased by 4.7% (RUB 31 bn 598 mln).
Production costs increased by 10.8% and comprised RUB 72 bn 092.6 mln. The main factor causing the increase in production costs is the growth of fuel expenses due to higher volumes of output.
TGC-1's gross profit amounted to RUB 10 bn 758.6 mln (an increase of 13.8%).
EBITDA grew by 32.8% and reached RUB 18 bn 616.3 mln.
Net profit in 2017 amounted to RUB 7 bn 261 mln, which is 99.7% higher compared with the previous year.
To find out more about the financial performance of TGC-1 in the 2017, please visit the Reports section at the corporate website.
About
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 13.65 thousand 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.