The Company's earnings for 6 month 2011 grew by 18% in comparison with the same period 2010
On September 29, 2011 ãîäà JSC “IDGC North-West” has published consolidated interim condensed financial statements for 6 month ended 30 June 2011 (unaudited) under International Financial Reporting Standards (IFRS)
Consolidated financial statements under IFRS for 2010 include the financial statements of JSC North-West IDC "and its controlled organizations (subsidiaries): JSC” Pskovenergoagent”, JSC “Pskovenergosbyt”, JSC ” Pskovenergoavto", JSC "Lesnaya skazka”, LLC PSE "Energy", OJSC “Energoservice North-West.
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Key indicators of Statement of comprehensive income (mln. Rub) |
6 month ended 30 June 2011 |
6 month ended 30 June 2010 |
|
Earnings |
17 206 |
14 523 |
|
Earnings related with electric power transmission services |
13 998 |
11 658 |
|
Expenses |
(16 062) |
(13 873) |
|
Revenue |
833 |
266 |
The Company's earnings for 6 month 2011 grew by 18% in comparison with the same period 2010 with the increase in costs by 16%.
These circumstances have affected the increasing of EBITDA by 746 million rubles. During the reporting period, EBITDA amounted to 2 606 million rubles. Indicator Debt / EBITDA is 5, 1.
Factors that influenced the significant changes in the assets, liabilities, revenues and expenditures for the six months of 2011 with respect to the data for the same period in 2010, were:
Growth of tariffs for electricity transmission services;
Reducing the volume of technological connection;
Decrease in volume of electricity production by the sale of diesel power station ("Komienergo") ;
Increase expenses on ordinary activities due to inflation, growth rates for the compensation of losses, rising costs of mandatory health and pension insurance for employees;
Reduce the loan portfolio and the cost of its maintenance;
Commitments to the payment of income tax due to increasing the profitability of operations.
Accounts receivable increased by 4% and amounted to 4331.4 million rubles due to growth in advances received on contracts for technological connection of consumers.
Credit commitments decreased by 25%, and amounted to 3224.5 million rubles.
After restructuring of credit portfolio and borrowing under substantial reduction of the interest rate, financial expenses were decreased by 2 times in comparison with the same period 2010 and amounted to 115, 6 million rubles.
For more details about financial performance of JSC “IDGC North-West” https://eng.mrsksevzap.ru/act/financereport/
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