OJSC «IDGC of North-West» has published the consolidated interim condensed IFRS Financial Statements for the nine months ended 30 September 2014

On 25 November  2014 OJSC «IDGC of North-West» has published the consolidated interim condensed IFRS Financial Statements for the nine months ended 30 September 2014 (Unaudited).

The consolidated interim condensed IFRS financial statements include OJSC «IDGC of North-West» and the following subsidiaries: OJSC «Pskovenergoagent», OJSC «Pskovenergosbyt», OJSC «Lesnaya skazka», OJSC «Energoservice North-West».

The main measures for the nine months ended 30 September 2014, million rubles

 

The revenue for the nine months ended 30 September 2014 amounted 33,893 million rubles, including 20,765 million rubles is revenue from power transmitting and 12,551 million rubles is revenue from sale of electricity. The revenue has increased in comparison with the similar period of 2013 by 7%, this is because the revenue from sale of electricity increased in relation assumption the status of guaranteeing electric power supplier in Murmansk Region and Novgorod Region (on the ground orders of the Ministry of Energy of the Russian Federation from 22 February 2013 №68, from 22 March 2013 №150)

 

The operating expenses increased by 10% in comparison with the similar period of 2013 and amounted 33,512 million rubles. Operating expenses increased due to growth of the electric purchases to cover losses, and growth of depreciation and amortization in relation active investment performance at previous years.

 

As a result the nine months ended 30 September 2014 profit amounted to 94 million rubles (similar period of 2013 - 56 million rubles).

 

EBITDA amounted to 4,232 million rubles that exceeds the level of the similar period of 2013 by 93%.

 

Accounts receivable increased by 4,398 million rubles (86% total assets growth) and amounted 16,737 million rubles. The growth of accounts receivable is a result of the assumption the status of guaranteeing electric power supplier, as well as systematic non-payment of energy sales companies, and due to increase floating debt of power transmitting.

 

Long-term loan portfolio for the nine months ended 30 September 2014 increased by 1,870 million rubles, short-term loan portfolio decreased by 954 million rubles.

 

Current accounts payable increased by 4,076 million rubles (80% of balance sheet total growth) due to the increased debt to suppliers and contractors.

 

OJSC «IDGC of North-West» - Interregional Distribution Grid Company of North-West is controlling interest in JSC «Russian Grids» (previous to JSC «IDGC Holding»). It is provides for power transmitting for voltage networks from 110 to 0.4 kilovolt. Company performs connection to power network activity customers to networked infrastructure onsite Northwestern Federal District under seven branches and to carries out functions of the status of guaranteeing electric power supplier in Murmansk Region and Novgorod Region.

For more details about financial results of OJSC «IDGC of North-West» you can find the official report, published at the address – http://www.mrsksevzap.ru/en/ifrsfinancialstatements