Today TGC-1 announced its 1Q 2015 financial statements under the Russian Accounting Standards (RAS).

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

Company’s 1Q 2015 revenue totaled RUB 20 billion 833.3 million, 1.0 per cent down from the same period last year. Among the reasons for the drop were an overall decline in electricity consumption, falling demand in electricity and capacity under regulated contracts and low water supply at the hydroelectric power plants of the Nevskiy and Karelskiy branches over the reporting period.

Electricity sales, which grew by 3.3 per cent in the 1st quarter 2015 to RUB 8 billion 80.3 million, accounted for the largest part of the revenue. The key factor behind the increase was a rise in sales in the day-ahead market by 12.0 per cent supported by a 109.8 per cent increase in exports.

Capacity sales brought a revenue of RUB 2 billion 937.0 million, a 22.4 per cent drop compared to the same period last year. The decline was due to a fall in capacity sales through competitive capacity outtake procedures and demand sluggishness under regulated contracts.

Affected by the drop in electricity generation and heat output, costs grew by 1.5 per cent to RUB 17 billion 684.5 million.

TGC-1’s 1Q 2015 gross profit totaled RUB 3 billion 148.7 million, 12.9 per cent down from the previous year because of declining electricity and capacity demand under regulated contracts and overall downturn in heat consumption. EBITDA dropped by 2.8 per cent to RUB 5 billion 421.7 million. 1Q 2015 net profit stood at RUB 2 billion 442.0 million, 9.6 per cent down from the same period last year.

To find out more about the financial performance of TGC-1 in the 1st quarter 2015, please visit the Reports section at the corporate website.