TGC-1 published its 3 months 2020 financial statements under the Russian Accounting Standards (RAS).
|
Statement of financial performance (mln RUB) |
3M 2019 |
3M 2020 |
|
Revenue |
29,689.8 |
26,637.6 |
|
Costs |
(23,138.8) |
(21,721.1) |
|
Gross profit |
6,550.9 |
4,916.4 |
|
EBITDA* |
9,146.8 |
6,756.8 |
|
Net profit |
5,872.2** |
4,092.9 |
* 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 26 billion 637.6 million, which is 10.3% lower than for the same period of 2019. The main factor of revenue fall was increased ambient temperature in Q1 2020, which led to a decrease in electricity generation and heat output. Production costs decreased by 6.1% to RUB 21 billion 721.1 million due to CHPP cutbacks in production and implementation of the program for operating performance improvement.
TGC-1's gross profit amounted to RUB 4 billion 916.4 million (a decrease of 25.0%).
EBITDA reduced by 26.1% and reached RUB 6 billion 756.8 million.
Net profit amounted to RUB 4 billion 092.9 million, which is 30.3% lower than for the same period of last year.
To find out more about the financial performance of TGC-1 for the 3M 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 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%).
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