OREANDA-NEWS. JSC TGC-1 published its 1Q 2016 financial statements under the Russian Accounting Standards (RAS).

Statement of financial performance (mln RUB)

3M 2016

3M 2015

Revenue

23,833.1

20,833.3

Costs

(18,955.7)

(17,684.5)

Gross profit

4,877.4

3,148.7

EBITDA*

6,330.5

5,421.7

Net profit

3,253.4

2,442.0

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

In 1Q 2016, the Company revenue increased by 14.4% YOY and amounted to RUB 23,833.1 mln. Revenue growth was largely driven by the increase in heat sales by 18.4% that reached to RUB 11,500 mln as the result of lower outside temperatures in the beginning of 2016 comparing to the same period last year.

Revenue from electricity sales remained flat vs 2015 and amounted to RUB 8,094.4 mln. Revenue from power sales grew by 42.1% and amounted to RUB 4,173.7 mln owing to the boost in competitive capacity outtake (CCO) power sales and increased demand for power under regulated contracts.

Production cost grew by 7.2% and reached RUB 18,955.7 mln. The change in production cost was mainly driven by the increase in heat output.

In 1Q 2016, JSC TGC-1 gross profit grew by 54.9% and amounted to RUB 4,877.4 mln. EBITDA increased by 16.8% and amounted to RUB 6,330.5 mln. Based on the results of three months of 2016, net profit grew by 33.2% YOY and amounted to RUB 3,253.4 mln.

To find out more about the financial performance of JSC TGC-1 in the 3M 2015, please visit the Reports section at the corporate website.