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Rosseti North-West

September 23, 2008

IDGC of North-West expects growth of profit, dividends, and investments

According to Olga Makarova, the Deputy General Director of “Interregional Distribution Grid Company of North-West”, JSC (IDGC of North-West) <MRKZ.RTS> in her interview to Reuters, in 2008 the Company plans to receive net profit of RUR 743 million under the Russian standards and expects growth of this indicator to RUR 1.0 billion in 2009. 

Merger of the distribution companies of the region on the basis of IDGC came to an end on 1 April 2008; earlier IDGC was their managing company. Therefore, consolidated reporting of IDGC for the first time will be prepared for the period from the second to the fourth quarters of the year 2008.

IDGC's forecast: EBITDA this year is expected to be on the level of RUR 1.9 billion; return on EBITDA of 11.8 percent. The proceeds are expected to equal RUR 16 billion in 2008, including RUR 14.7 billion from rendering services on the electric power transmission.
"Activity of the company on technological connection will bring RUR 0.5 billion. Other proceeds are received from sale of the electric power generated by diesel power stations of Arkhenergo and Komienergo branches, maintenance and repairs of grid facilities of other proprietors, and other works and services of primary activity," Makarova said.

The net profit of the company in 2009 will be at least RUR 1 billion at proceeds of at least RUR 26 billion. "This means that the tariff for transmission of the electric power for 2009 should grow on the average in our branches by 21 percent in relation to the present level," the Deputy Director said.

She added that due to peculiar features of the company, the tariffs of which are regulated by the state", any forecasts for the future should be treated as conditional".

Makarova said that the company controllable by the state will increase dividends under condition of growth of tariffs. "In the field of the dividend policy, we shall aim to maintain the annual growth of dividend payments to be not below rates of inflation; however, execution of this task in many respects depends on tariff decisions of regulatory bodies."


The Company reported Monday that the volume of the investment program in 2008-2012 will equal RUR 22.8 billion.

In 2008, the volume of investments will be RUR 3.5 billion; in 2009: RUR 4.7 billion, in 2010: RUR 4.6 billion, in 2011: RUR 5.5 billion, in 2012: RUR 4.5 billion.

The company is going to take on bank credit minimally for financing the investment programs: in 2008 their volume will be RUR 513 million, in 2009: RUR 1.3 billion, in 2010: RUR 649 million, in 2011: RUR 387 million, in 2012: RUR 86 million.

The company will spend 82% of the investment program for construction of grid facilities.

IDGC of North-West unites distribution grids of Arkhenergo, Karelenergo, Kolenergo, Komienergo, Novgorodenergo, Pskovenergo, and Vologdaenergo. Length of power lines is 163,310 kilometers.




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