TGC-1 Group Profit for 9M 2019 Increased by 27.6%
TGC-1 releases unaudited interim consolidated Financial Statements for the 9 months period, ended 30 September 2019 prepared in accordance with International Financial Reporting Standards (IFRS).
Consolidated Statement of Comprehensive Income Highlights (RUB mln) | 9М 2018* | 9М 2019 |
|---|---|---|
Revenue | 63,707.9 | 69,824.8 |
Operating Expenses | (53,866.8) | (56,419.9) |
Operating Profit | 10,348.0 | 14,784.5 |
EBITDA** | 16,201.6 | 22,146.0 |
Profit for the Period | 8,548.4 | 10,903.6 |
* 9M 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 9M 2019 increased by 9.6% year-on-year, up to RUB 69,824.8 mln. The revenue dynamics main drivers were increased revenue from electricity sales at the day-ahead market and from heat sales, as well as measures for operating performance improvement.
Group’s comparable operating expenses grew by 4.7%, up to RUB 56,419.9 mln, mainly, on the back of increased fuel expenses.
Hence, Group’s operating profit increased by 42.9% year-on-year totaling RUB 14,784.5 mln. EBITDA amounted to RUB 22,146.0 mln, up by 36.7% year-on-year.
Profit grew by 27.6% year-on-year, up to RUB 10,903.6 mln.
Full TGC-1 9M 2019 results under IFRS are available at the corporate website in the “Reports” section.
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 6.95 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%).