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IDGC of the North-West

August 29, 2013

OJSC «IDGC of North-West» has published the consolidated interim condensed IFRS Financial Statements for the six months ended 30 June 2013

Financial result for reporting period is loss 247 mln.rub
On 29 August  2013 OJSC «IDGC of North-West» has published the consolidated interim condensed IFRS Financial Statements for the six months ended 30 June 2013 (Unaudited).
The consolidated 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 items of the Statement of Profit or Loss

and other Comprehensive Income(mln.rub)

For the six months ended 30 June

2013

2012

Revenue, including

20 358

16 430

Power transmitting

13 381

13 158

Sale of electricity

6 784

2 577

Expenses

(20 258)

(15 636)

Profit for the period

(247)

473

The revenue for the six months ended 30 June 2013 has increased in comparison with the similar period of 2012 by 24%, 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 ¹68, from 22 March 2013 ¹150) and growth of revenue from power transmitting due to growth of average tariff.

Whereas the cost-of-sales is in advance rate of increase of revenue by 6%, it connected to independent expenses growth (in particular, expenses growth of electric power to cover losses), and growth of depreciation and amortization in relation active investment performance at previous years.

Financial result for reporting period is loss 247 mln.rub (against profit similar period last year - 473 mln.rub).

EBITDA for the six months ended 30 June 2013 amounted 2 033 mln.rub, it is lower level similar period last year by 15% and mainly is stipulated increase expenses for allowance for doubtful accounts and increase of financial costs (interests loans) in relation increase of credit portfolio. 

Accounts receivable has increased by 3 760 mln.rub. and amounted  by 9 515 mln.rub. at 30 June 2013. Growth of accounts receivable is due to increase floating debt of sale electricity. 

For six months 2013 long-term credit portfolio has increased by 300 mln.rub., short-term – by 1 771 mln.rub. Short-term accounts payable and advances received increased by 1 927 mln.rub., due to trade liabilities growth and VAT liabilities growth from sales, including VAT from sale of electricity activity (by 454 mln.rub.)

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.

 

 

 

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