TGC-1 Group Profit for 1Q 2019 Increased by 5.4%
TGC-1 releases audited consolidated Financial Statements for the 3 months period, ended 31 March, 2019 prepared in accordance with International Financial Reporting Standards (IFRS).
Consolidated Statement of Comprehensive Income Highlights (RUB mln) | 3M 2018* | 3M 2019 |
|---|---|---|
Revenue | 28,947 | 31,901 |
Operating Expenses | (22,859) | (23,775) |
Operating Profit | 6,317 | 7,909 |
EBITDA** | 8,241 | 10,313 |
Profit for the Year | 5,676 | 5,980 |
* 3M 2018 results were restated dew to “Government subsidies” and “Income from rent” items transfer from “Other operating income” to “Revenue”
** EBITDA is calculated as Operating profit + Depreciation and Amortization.
Consolidated TGC-1 Group revenue for 3M 2019 increased by 10.2% year-on-year, up to RUB 31,901 mln. The revenue dynamics were influenced by growing day-ahead market prices and revenue from capacity sales under CDA. Comparable operating expenses grew by 4%, up to RUB 23,775 mln, mainly, on the back of increased fuel expenses.
Hence, Group’s operating profit for 3M 2019 increased by 25.2% year-on-year totaling RUB 7,909 mln. EBITDA amounted to RUB 10,313 mln, up by 251% year-on-year.
Profit grew by 5.4% year-on-year, up to RUB 5,980 mln.
Full TGC-1 and subsidiaries 3M 2019 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 53 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 6.95 GW and heating capacity of 13.75 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.