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Annual Report
2015Energy in Motion

Company
Overview

LETTER
TO SHAREHOLDERS
  • Kirill Seleznev
    Member of the Management Board, PJSC “Gazprom”,
    Chairman of the Board of Directors, JSC “TGC-1”
  • Alexey Barvinok
    General Director, JSC “TGC-1”

Dear Shareholders,

Gazprom in a difficult 2015 year continued an active development of power generation business. Thanks to many years of systematic work aimed at improving the efficiency and optimization of production processes, and the consistent improvement of the corporate governance system, by simultaneously maintaining the total revenues of the main companies in the sector (JSC “TGC-1”, MOSENERGO, PJSC “MIPS” and JSC “OGK-2”) at the level of the previous period the growth of their net profit was ensured and tripled reaching RUB 11.7 bn....

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The year 2015 was a special one for the Company, as we marked our first significant milestone — 10 years of operations. We have been supported by our shareholders during this period, and have indeed managed to make many accomplishments...

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Overview

Joint Stock Company “Territorial Generating Company No. 1” (hereinafter referred to as JSC “TGC-1” or the Company) is the leading producer of electricity and heat in the North-West region of Russia. JSC “TGC-1” was founded on March 25, 2005 in the course of reforming the electric energy industry of Russia. Today the Company incorporates generating enterprises from the Baltic Sea to the Barents Sea. Company's generating assets comprise 54 electric power plants of various types in four subjects of the Russian Federation such as St. Petersburg, the Republic of Karelia, Leningrad Oblast and Murmansk Oblast.

Geography of activity

Generated electricity is delivered to the domestic wholesale electricity and capacity market and is also exported to Finland and Norway. JSC “TGC-1” is a strategic supplier of heat in St. Petersburg, Petrozavodsk, Murmansk, Kirovsk in Leningrad Oblast, and cities Apatity and Kirovsk of Murmansk Oblast.

JSC “TGC-1” includes the following subsidiaries: PJSC “Murmanskaya CHPP” (energy supply to Murmansk and the surrounding areas; a 90.34 % stake in the authorised capital), JSC “St. Petersburg Heating Grid” (an association of the heating grids within the area of the Company’s CHPP operations; a 74.99 % stake in the authorised capital), Dubrovskaya CHPP LTD (energy supply to Kirovsk; a 100 % stake in the authorised capital), and affiliates: JSC “HHC” (reformation of heat supply in the Apatity-and-Kirovsk region; a 50 % stake in the authorised capital) and “TGC-Service” LLC (specialised repair and maintenance enterprise; a 26 % stake in the authorised capital).

JSC “TGC-1” is a part of the Gazprom Group. The controlling stakes of generating companies in Gazprom Group are consolidated in the balance sheet of the special-purpose affiliate “Gazprom Energoholding” LLC, established during the implementation of the Gazprom's Power Generation Strategy. This allows an effective management system to be created based on unified corporate standards. The Group consolidates the controlling stakes of MOSENERGO, JSC ”OGK-2”, JSC “TGC-1” and JSC “MIPC”. PJSC “Gazprom” is the largest owner of generating assets in Russia and is one of Europe's ten major electricity producers.

The principal shareholders of JSC “TGC-1”

as of December 31, 2015
29.45 %
51.79 %
18.76 %
FORTUM POWER AND HEAT OY
Gazprom Energoholding LLC
Other shareholders

The second largest shareholder, Fortum Power and Heat Oy, is Scandinavia’s leading energy concern, with the highest standards of business conduct. Fortum Power and Heat Oy makes a valuable contribution to the enhancement of the Company’s management efficiency.

Thus, operating environmentally responsible production and implementing an innovative social policy based upon international standards of business conduct, JSC “TGC-1” is striving to take the leading position on the energy market, to be a reliable partner for investors, to take care of shareholders’ interests, and satisfy customers’ highest requirements.

Key indicators
Key operating indicators of JSC “TGC-1”
20152014∆ (%)
Installed electric capacity, MW7,0577,164–1.5
Installed heat capacity, Gcal/hr14,14214,152–0.1
Electricity generation, kWh mln25,81126,426–2.3
Electricity useful output, kWh mln28,96929,509–1.8
Heat output, thousand Gcal23,02024,339–5.4
Heat useful output, thousand Gcal23,50724,467–3.9

 

Key financial indicators of JSC “TGC-1”, RAS (RUB mln)
20152014∆ (%)
Revenue65,18465,1730.02
Production cost(60,001)(59,445)0.9
Gross profit5,1835,728–9.5
Profit before taxation3,4073,613–5.7
EBITDA13,21412,8712.7
Net profit2,6763,475–23.0
Total assets119,766119,865–0.1
Earnings per share, RUB0.000690.00090–23.3

 

Key financial indicators of JSC “TGC-1”, IFRS (RUB mln)
20152014∆ (%)
Revenue69,42468,9960.6
Operating costs (59,407)(62,500)–4.9
Operating profit10,0176,49654.2
EBITDA 17,22213,20930.4
Profit before taxation7,4633,87192.8
Profit5,8264,14940.4
Total assets154,895150,3303.0
Company’s Organisational
Structure
Company events
in 2015
January
February
March
April
May
June
July
August
September
October
November
December
Contacts

JSC “TGC-1”

Antonina
Maksimova
Svetlana
Vaschenko
Nikolai
Isaev
Viktor
Nesterov

Head of Corporate Management Department

Head of Equity and Investor Relations Division

Head of Investor Relations

Corporate Secretary, Head of the Shareholder Relations Division

Tel. +7 (812) 901-31-31

Tel. + 7 (812) 901-35-04

Tel. + 7 (812) 901-32-97

Tel. +7 (812) 901-35-91

Maksimova.AN@tgc1.ru

Vaschenko.SA@tgc1.ru

Isaev.NV@tgc1.ru

Nesterov.VV@tgc1.ru

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