IDGC of the North-West  |
|
| Compilation Date: | 19 Jan 21 |
Company Overview
 General Info | |
| Full Company Name | PJSC "Interregional Distribution Grid Company of the North-West" |
| Industrial Group | Power Industry |
| Number of Employees | 14,246 |
| Registration Date | 23 Dec 04 |
| Registered Address | Constitution Square, 3"À", office 16N, St. Petersburg, 196247 |
| Main Office | Constitution Square, 3"À", office 16N, St. Petersburg, 196247 |
| Telephone / Fax | (812) 305-1010; 305-1034 / (812) 320-6170 |
| e-mail | post@mrsksevzap.ru |
| Internet Home Page | www.mrsksevzap.ru |
| Registrar | JSC "R.O.S.T. Registrar" |
| Auditor | Ernst & Young |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
|
| Corporate Management |
| Chairman of the Board | Mikhailik Konstantin | | General Director | Artyom Pidnik |
| Price Highlights | |
| Price per Common Share, USD | 0,000811 |
| YTD Price Change, % | 10,22 |
| P/E Ratio | 6,2042 |
| Market Capitalization, USD | 77,109,653 |
| Common Shares in Free Float, % | 25,00 |
| Operations Summary | |
JSC “Interregional Distribution Grid Company of the North-West” (JSC “IDGC of the North-West”) was created during the reformation of the Russian public company “Unified Energy System of Russia” and registered in December 2004. The structure of JSC “IDGC of the North-West” was approved by RAO UES of Russia on April 27, 2007. According to RAO UES, the zone of responsibility of IDGC of the North-West includes JSC Arkhenergo, JSC Karelenergo, JSC Kolenergo, JSPC Komienergo, JSC Vologdaenergo, JSC Novgorodenergo and JSC Pskovenergo. The company has been functioning as the main service provider on the power transmission and process connection to power networks in these regions. Total length of electricity transmission lines is 175,372 km. Service territory of the company is 1.4 million sq. km with the population of nearby 5.8 million people. Amount of 35 kV substations and those of higher voltage held in the company inventory equals 1,172 pieces; the installed capacity of power transformers of substations is 19.249 thousand MVA. The authorized capital is RUB 9.5786 billion. The State owns 55.4 % of IDGC of North-West’s share capital. In May 2008, shares of JSC “IDGC of the North-West” were offered for trading on the key Russian exchanges: RTS and MICEX. |
Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 95,785,923,138 | 0,10 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| PJSC "ROSSETI" | 55,38 | 55,38 | | ENERGYO SOLUTIONS RUSSIA (CUPRUS) LIMITED | 14,41 | 14,41 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| JSC "North-West Energoservice" | 100,00 | | JSC "Pskovenergoagent" | 100,00 | | JSC "Pskovenergosbyt" | 100,00 | | JSC "Lesnaya Skazka" | 97,96 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 2007 / com | n. p. | 95,785,923,138 | - | - | - | - | | 2008 / com | n. p. | 95,785,923,138 | - | - | - | - | | 2009 / com | n. p. | 95,785,923,138 | - | - | - | - | | 2010 / com | n. p. | 95,785,923,138 | - | - | - | - | | 2011 / com | n. p. | 95,785,923,138 | - | - | - | - | | 2012 / com | 0,000005 | 95,785,923,138 | 13 May 13 | 20 Aug 13 | 23,60846 | 0,232394 | | 2013 / com | 0,000022 | 95,785,923,138 | 08 Jul 14 | 13 Aug 14 | 22,515886 | 2,563929 | | 2014 / com | n. p. | 95,785,923,138 | - | - | - | - | | 2015 / com | 0,000063 | 95,785,923,138 | 24 Jun 16 | 01 Aug 16 | 57,662137 | 17,037541 | | 2016 / com | 0,000019 | 95,785,923,138 | 23 Jun 17 | 31 Jul 17 | 27,377952 | 2,140286 | | 2017 / com | n. p. | 95,785,923,138 | - | - | - | - | | 2018 / com | 0,000063 | 95,785,923,138 | 24 Jun 19 | 30 Jul 19 | 62,843878 | 7,929904 | | 9M19 / com | 0,000032 | 95,785,923,138 | 13 Jan 20 | 18 Feb 20 | 100,638852 | 3,316964 | | 2019 / com | 0,000018 | 95,785,923,138 | 08 Jun 20 | 17 Jul 20 | 19,99837 | 2,073145 |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| IDGC of the North-West | MRKZ | RU000A0JPPB9 | MOEX |
| Price Chart |
|
|
| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| No DRs issued. |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| Does not constitute to any indices. |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| BO-01 | 4B02-01-03347-D | 12 Mar 14 | 3,640 | 1,000 | 5,000,000 | 20 | 182 | |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| BO-01 | 1 | 05 Jun 15 | 04 Dec 15 | 12,42 | | BO-01 | 2 | 04 Dec 15 | 03 Jun 16 | 12,42 | | BO-01 | 3 | 03 Jun 16 | 02 Dec 16 | 12,42 | | BO-01 | 4 | 02 Dec 16 | 02 Jun 17 | 12,42 | | BO-01 | 5 | 02 Jun 17 | 01 Dec 17 | 12,42 | | BO-01 | 6 | 01 Dec 17 | 01 Jun 18 | 12,42 | | BO-01 | 7 | 01 Jun 18 | 30 Nov 18 | n. a. | | BO-01 | 8 | 30 Nov 18 | 31 May 19 | n. a. | | BO-01 | 9 | 31 May 19 | 29 Nov 19 | n. a. | | BO-01 | 10 | 29 Nov 19 | 29 May 20 | n. a. | | BO-01 | 11 | 29 May 20 | 27 Nov 20 | n. a. | | BO-01 | 12 | 27 Nov 20 | 28 May 21 | n. a. | | BO-01 | 13 | 28 May 21 | 26 Nov 21 | n. a. | | BO-01 | 14 | 26 Nov 21 | 27 May 22 | n. a. | | BO-01 | 15 | 27 May 22 | 25 Nov 22 | n. a. | | BO-01 | 16 | 25 Nov 22 | 26 May 23 | n. a. | | BO-01 | 17 | 26 May 23 | 24 Nov 23 | n. a. | | BO-01 | 18 | 24 Nov 23 | 24 May 24 | n. a. | | BO-01 | 19 | 24 May 24 | 22 Nov 24 | n. a. | | BO-01 | 20 | 22 Nov 24 | 23 May 25 | n. a. |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| BO-01 | 05 Jun 15 | 05 Jun 15 | 100,00 | 5,000,000 | 23 May 25 | 06 Jun 18 | 100,00 | outstanding | |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 18 | 31 Dec 19 | 30 Sep 20 | 31 Dec 18 | 31 Dec 19 | 30 Sep 20 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 69,52 | 61,91 | 78,78 |
| ASSETS, of which | 56,417,5 | 54,460,92 | 54,871,48 | 811,51 | 879,74 | 696,47 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 47,561,03 | 47,515,67 | 46,646,05 | 684,12 | 767,55 | 592,07 |
|---|
| | Fixed Assets | 45,020,05 | 44,687,15 | 43,681,36 | 647,57 | 721,86 | 554,44 |
| | Intangible Assets | 0,21 | 0,14 | 0,09 | 0,00 | 0,00 | 0,00 |
| | Other Assets | 2,540,77 | 2,828,38 | 2,964,6 | 36,55 | 45,69 | 37,63 |
| Current Assets, of which | 8,856,47 | 6,945,25 | 8,225,43 | 127,39 | 112,19 | 104,4 |
|---|
| | Inventories | 860,15 | 954,56 | 1,219,44 | 12,37 | 15,42 | 15,48 |
| | Accounts Receivable | 6,895,32 | 5,092,31 | 5,498,9 | 99,18 | 82,26 | 69,8 |
| | Cash | 128,84 | 191,08 | 700,42 | 1,85 | 3,09 | 8,89 |
| | Other Current Assets | 972,16 | 707,3 | 806,66 | 13,98 | 11,43 | 10,24 |
| OWNER'S EQUITY, of which | 25,703,95 | 25,689,61 | 24,906,58 | 369,73 | 414,98 | 316,13 |
|---|
| | Charter Capital | 9,578,59 | 9,578,59 | 9,578,59 | 137,78 | 154,73 | 121,58 |
| | Reserves | 17,562,28 | 17,569,14 | 17,560,26 | 252,62 | 283,8 | 222,89 |
| | Retained Earnings | -1,436,92 | -1,458,12 | -2,232,27 | -20,67 | -23,55 | -28,33 |
| LIABILITIES, of which | 30,713,55 | 28,771,31 | 29,964,9 | 441,78 | 464,76 | 380,34 |
|---|
| | Long-Term Debt | 8,500 | 12,360 | 12,900 | 122,26 | 199,66 | 163,74 |
| | Short-Term Debt | 7,021,93 | 2,277,92 | 3,212,46 | 101 | 36,8 | 40,78 |
| | Accounts Payable | 10,204,37 | 9,073,12 | 8,200,86 | 146,78 | 146,56 | 104,09 |
| | Other Liabilities | 4,987,25 | 5,060,27 | 5,651,58 | 71,74 | 81,74 | 71,73 |
| Financial data standard | RAS | RAS | RAS | RAS | RAS | RAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated |
| P&L Account |
| | 31 Dec 18 | 31 Dec 19 | 30 Sep 20 | 31 Dec 18 | 31 Dec 19 | 30 Sep 20 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 62,68 | 64,74 | 70,84 |
| Sales | 61,123,12 | 45,130,99 | 31,587,56 | 975,15 | 697,16 | 445,88 |
| Production Costs | 54,358,24 | 41,927,57 | 30,297,99 | 867,22 | 647,68 | 427,68 |
| Operating Profit | 4,427,2 | 3,203,41 | 1,289,57 | 70,63 | 49,48 | 18,2 |
| Other Income | -3,360,56 | -2,399,81 | -928,87 | -53,61 | -37,07 | -13,11 |
| Income Before Taxes | 1,066,65 | 803,6 | 360,7 | 17,02 | 12,41 | 5,09 |
| Net Income | 599,36 | 553,88 | 221,97 | 9,56 | 8,56 | 3,13 |
| Financial data standard | RAS | RAS | RAS | RAS | RAS | RAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated |
| Key Ratios |
| | 31 Dec 18 | 31 Dec 19 | 30 Sep 20 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 0,20 | 0,20 | 0,19 |
| P/S | 0,08 | 0,12 | 0,09 |
| P/E | 7,89 | 9,64 | 6,20 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 59,55 | 42,41 | 45,43 |
| Net Profit Margin, % | 0,98 | 1,23 | 1,50 |
| ROA, % | 1,10 | 1,01 | 1,31 |
| ROE, % | 2,38 | 2,18 | 2,88 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 8,75 | 7,69 | 9,05 |
| Assets Turnover | 1,12 | 0,82 | 0,87 |
| Inventory Turnover | 75,19 | 50,19 | 44,32 |
| Liabilities Turnover | 2,08 | 1,54 | 1,60 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0,46 | 0,47 | 0,45 |
| Debt Ratio | 0,54 | 0,53 | 0,55 |
| Equity/Debt | 0,84 | 0,89 | 0,83 |
| Current Liquidity | 0,48 | 0,53 | 0,65 |
| Quick Liquidity | 0,43 | 0,46 | 0,55 |
Production Overview
| Production |
| Product | Measure | 2018 | 2019 | 1H20 | Units |
|---|
| Volume of electric power transferred | 1,000,000 | 32,039 | 32,437 | 16,156 | kWh |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Installed capacity of transformer substations PS 35kV and more. | 1 | 19,537 | MW | | Installed capacity of transformer substations TP 6-35/0,4kV | 1 | 7,204 | MW |
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