TGC-1 published its annual audited consolidated accounting (financial) statements for 2018 prepared in compliance with the Russian Accounting Standards.

^{* EBITDA = profit before taxation - interest receivable + interest payable - income earned from equity participation in other companies + depreciation.}

The company's revenue amounted to RUB 87 billion 079.9 million, which is 5.1% higher than for the same period in 2018. The revenue growth was mainly due to the increase in power and capacity market proceeds.

Production cost increased by 5.8% to RUB 76 billion 300.4 million. The main factor causing increase in the production cost is the growth of fuel consumption due to higher volumes of the CHPPs' generation.

Gross profit remained at the 2017 level and amounted to RUB 10 billion 779.5 million. EBITDA decreased by 6.3% to RUB 17 billion 442.5 million. Net profit amounted to RUB 7 billion 098.7 million.

The details of TGC-1's 2018 financial statements under RAS are available on our corporate website in the Reportssection.

Reference

TGC-1 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. As of the end of 2018, TGC-1’s installed electric capacity is 6.95 GW, and heat capacity is 13.75 thousand Gcal/h. Major shareholders: Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).