TGC-1 presents its financial statements under RAS for 9 month 2020
TGC-1 published its 9 months 2020 financial statements under the Russian Accounting Standards (RAS).
Statement of financial performance (mln RUB) | 9M 2019 | 9M 2020 |
|---|---|---|
Revenue* | 64,560.8 | 58,399.1 |
Costs | (56,074.0) | (52,845,3) |
Gross profit* | 8,486.8 | 5,553.9 |
EBITDA** | 14,961.9 | 10,987.4 |
Net profit*** | 7,283.2 | 4,496.4 |
* 9M 2019 results were restated dew to “Government subsidies for heat” transfer from “Other income” to “Revenue”
** EBITDA = profit before taxation – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization.
*** Due to the change of the Accounting Statute 18/02 “Accounting for corporate income tax calculations” from the 1st January 2020, results were indicated in comparable terms.
The Company’s revenue amounted to RUB 58 billion 399.1 million, which is 9.5% lower than for the same period of 2019. The main factor of revenue fall was increased ambient temperature in the reporting period which entailed a decrease in heat output, and lowering of day-ahead market index as well as decrease in BM price due to lower consumption in power supply systems of North-West.
Production costs decreased by 5.8% to RUB 52 billion 845.3 million.
TGC-1's gross profit decreased to RUB 5 billion 553.9 million. EBITDA amounted to RUB 10 billion 987.4 million, net profit amounted to RUB 4 billion 496.4 million.
To find out more about the financial performance of TGC-1 for the 9M 2020, please visit the Reports section at the corporate website.
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%).