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Rosseti North-West

April 3, 2013

OJSC «IDGC of North-West» has published the consolidated IFRS financial statements for the year, ended 31 December 2012

Profit for the period amounted 362 million rubles.

On 03 April 2013 OJSC «IDGC of North-West» has published the consolidated IFRS financial statements for the year ended 31 December 2012.

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

The main items of activity for the year ended 31 December 2012, million rubles

The main items (mln.rub)

2012

2011

Difference

Revenue

33 419

33 288

131

including:

            - Power transmitting

 

26 565

 

26 769

 

(204)

            - Sale of electricity

4 994

5 190

(196)

            - Connection to power network

1 412

884

528

Operating expenses

(32 944)

(31 975)

969

Profit for the period

362

802

(440)

Property, plant and equipment

34 000

30 317

3 783

Long-term loans and borrowings

10 629

6 148

4 481

EBITDA

3 983

4 396

(413)

DEBT/EBITDA

2.49

1.07

1.42

The revenue for 2012 increased by 0,4 % in comparison with the similar period of 2011. Revenue from power transmitting decreased by 0,8% (to 26 565 million rubles), revenue from sale of electricity decreased by 3,8% (to 4 994 million rubles), revenue from connection of power network increased by 59,7% (to 1 412 million rubles).

Decline of revenue from power transmitting and revenue from sale of electricity in spite of increased useful electricity supply to customers is revised downward tariff decision according with Government Decree of 29.12.2011 ¹ 1178 from 04.05.2012 ¹ 442. Revenue from connection of power network increased due to the execution of contracts with consumers.

The operating expensesfor 2012 increased by 2,7% in comparison with the similar period of 2011 and amounted 32 944 million rubles. Operating expenses increased due to inflation and a rise of costs beyond the control of the Company, including an increase in fees for the power transmitting to OAO "UES FGC" and in depreciation due to increased volume of capital investments.

As a result profit for 2012 reduced of 2.2 times in comparison with the similar period of 2011 and amounted 362 million rubles.

The practice of tariff regulation according to the RAB method involves investments in assets by long-term external financing. This financial strategy reflected on the results of the company: increase in "Property, plant and equipment" (by 3 728 million rubles.) due to the volume of the investment program and in "Long-term loans and borrowings" (by 4 481 million rubles.).

EBITDA for 2012 amounted 3 983 million rubles (decreased by 9,4 %). Leverage (DEBT/EBITDA ) increased from 1.07 to 2.49 because of a rise of debt due to the restructuring of the loan portfolio and because of a decline of EBITDA.

Implementation of the project of parallel accounting of consolidated IFRS financial statements on the base KIS NBU Energo on 1C: Enterprise 8 allowed to prepare quarterly IFRS financial statements, to reduce the time for preparation of consolidated IFRS financial statements, to improve quality, to decrease the cost of training, control and audit.

IFRS Auditor is CJSC "KPMG". The Company has received an unqualified audit report on 31 March 2013.

 

 

 

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