TGC-1 Releases IFRS Financial Statements for Q1 2020
TGC-1 releases unaudited interim abbreviated consolidated Financial Statements for the 3 months period, ended 31 March 2020 prepared in accordance with International Financial Reporting Standards (IFRS).
Consolidated Statement of Comprehensive Income Highlights (RUB mln) | 3M 2019 | 3M 2020 |
|---|---|---|
Revenue | 31,901 | 27,722 |
Operating Expenses | (23,775) | (22,041) |
Operating Profit | 7,909 | 5,388 |
EBITDA* | 10,313 | 8,030 |
Profit for the Period | 5,980 | 4,374 |
* EBITDA is calculated as Operating profit + Depreciation and Amortization.
Consolidated TGC-1 Group revenue for 3M 2020 decreased by 13.1% year-on-year, down to RUB 27,722 mln. The revenue dynamics was determined by decreased revenue from electricity sales and decreased heat output, on the back of weaker operating results due to higher temperature during the 2020 heating season.
Group’s comparable operating expenses decreased by 7.3%, down to RUB 22,041 mln.
Group’s operating profit decreased by 31.9% year-on-year totaling RUB 5,388 mln. EBITDA amounted to RUB 8,030 mln, down by 22.1% year-on-year.
Profit decreased by 26.9% year-on-year, down to RUB 4,374 mln.
Full TGC-1 3M 2020 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 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%).