TGC-1 published its annual audited consolidated accounting (financial) statements for 2019 under the Russian Accounting Standards (RAS).

^{* EBITDA = profit before taxation – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization.}

The Company’s revenue amounted to RUB 90 billion 836.9 million, which is 4.3% higher than in 2018. The revenue growth was mainly due to the increase in heat sales (including compensation subsidies for shortfalls in income arising from reduced tariffs for heat), electricity sales on the day-ahead market and capacity under capacity delivery agreements.

Production costs increased by 3.5% to RUB 78 billion 988.3 million mostly due to the increase of fuel expenses.

TGC-1's gross profit amounted to RUB 11 billion 848.6 million (an increase of 9.9%).

EBITDA grew by 11.7 % and reached RUB 19 billion 475.6 million.

Net profit amounted to RUB 9 billion 494.6 million, which is 33.8% higher than for the same period of last year.

To find out more about the financial performance of TGC-1 for the 2019, 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 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 6.9 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%).