TGC-1 Q1 2021 RAS Net Profit Increased by 20.2%
TGC-1 published its 3M 2021 financial statements under the Russian Accounting Standards (RAS).
Statement of financial performance (mln RUB) | 3M 2020 | 3M 2021 |
|---|---|---|
Revenue | 26,637.5 | 31,492.1 |
Costs | (21,721.1) | (25,464.5) |
Gross Profit | 4,916.4 | 6,027.6 |
EBITDA* | 6,756.5** | 7,897.0 |
Net profit | 4,092.9 | 4,921.2 |
* EBITDA = profit before taxation – interest receivable – exchange rate differences (positive) + interest payable + exchange rate differences (negative) – revenue from participation in other companies + depreciation & amortization.
** EBITDA for 3M 2020 was adjusted due to methodical changes: exchange rate differences influence excluded
The Company’s revenue amounted to RUB 31 billion 492.1 million, which is 18.2% higher than for the same period of 2020. The main factors of the revenue increase were growing electricity and heat demand in the North-West region, on the back of lower air temperature in Q1 2021; growing DAM prices and increased revenue from electricity exports, resulting from favorable market situation at Scandinavian Nord Pool.
Production costs increased by 17.2% to RUB 25 billion 464.5 million on the account of growing production.
TGC-1's gross profit increased to RUB 6 billion 027.6 million. EBITDA amounted to RUB 7 billion 897.0 million. Net profit amounted to RUB 4 billion 921.2 million (+20.2%).
To find out more about the financial performance of TGC-1 for the 3M 2021, 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 heat capacity of 13.5 thous. Gcal/hr. Major shareholder is Gazprom Energoholding LLC (51.79%).