TGC-1 releases interim unaudited consolidated Financial Statements for the 6 months period, ended 30 June 2018 prepared in accordance with International Financial Reporting Standards (IFRS).

Consolidated Statement of Comprehensive Income Highlights (RUB mln)
6М 2017
6М 2018
Revenue
44,691
47,913
Operating Expenses*
(36,428)
(38,575)
Operating Profit
8,263
9,339
EBITDA**
12,330
13,209
Profit for the Period
5,820
7,958

* With account to Other operating income, Reversal of impairment loss for financial assets and Government subsidy.

** EBITDA is calculated as Operating profit + Depreciation of PP&E + Amortization of intangible assets and investment property.

Consolidated TGC-1 Group revenue for 6M 2018 increased by 7.2% year-on-year, up to RUB 47,913 mln, mainly on the account of growing electricity sales volume at the spot market, increased revenue from capacity sales under CSA and growing revenue from heat sales on the back of cold weather in 1Q 2018.

Group's operating expenses grew by 5.9% year-on-year, up to RUB 38,575 mln. The main factor for expenses growth was increased fuel costs on the back of growing electricity output at CHPPs in 1Q 2018.

Hence, Group's operating profit for 1H 2018 increased by 13.0% year-on-year totaling RUB 9,339 mln. EBITDA amounted to RUB 13,209 mln, up by 7.1% year-on-year.

Comparable profit grew by 36.7% year-on-year, up to RUB 7,958 mln.

Full TGC-1 and subsidiaries 6M 2018 results under IFRS are available at the corporate website in the "Reports" section.

About

TGC-1 is the leading producer of electricity and heat in the North-West region of Russia. It operates 53 electric generating stations in four regions of Russia: St. Petersburg, Republic of Karelia, Leningrad Oblast, and Murmansk Oblast.

Installed electric capacity of the Company's stations amounts to 6.95 GW and heating capacity of 13,65 thous. GCal/hr. Major shareholders are Gazprom Energoholding LLC (51.79 %) and Fortum Power and Heat Oy (29.45 %). Total headcount of the Company, including subsidiaries, totals circa 7 thousand.

Attachments

  • Original document
  • Permalink

Disclaimer

OAO TGK-1 published this content on 06 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 August 2018 08:25:03 UTC