The Audit Committee under the Board of Directors of IDGC of the North-West, JSC has considered the Company’s 2011 financial statements prepared in accordance with the International Financial Reporting Standards (IFRS).

The Audit Committee under the Board of Directors of IDGC of the North-West, JSC has considered the Company’s 2011 financial statements prepared in accordance with the International Financial Reporting Standards (IFRS). The company recorded profit in an amount of 802 mln RUR (vs. 313 mln loss the year before). The company’s EBITDA increased by a factor of 1.6 to be 4,396 mln RUR.
As compared to 2010, the proceeds increased by 15.2% up to 33,288 mln RUR, the operational expenses having grown by 9.8% up to 31,975 mln RUR. Among the factors having enabled minimization of the expenditures growth is systemic work on optimization of the company’s credit portfolio.

In 2011 IDGC of the North-West raised funds at a lower rate (7.27% annual) as compared to the previous year (7.81%) The data were presented at the in presentia session of the Audit Committee under the Board of Directors by Deputy General Director for Economy and Finance of IDGC of the North-West Olga Makarova who also gave a detailed characterization.
In particular, in 2011 interest rates on long-term and short-term credits varied from 7.01% to 8.9% and from 4.5% to 10.1% accordingly. In 2010 they varied within the range of 7.31–12.58% (long-term credits) and 4.5–12.36% (short-term credits). IDGC of the North-West duly complies with conditions of credit contracts, having no overdue credits. As of December 31, 2011 the portion of short-term credits in the company’s portfolio made 1.3% (vs. 6% the year before). As of December 31, 2011 the amount of IDGC of the North-West credit portfolio made 6,228.5 mln RUR (as of December 31, 2010 it was 4,680.6 mln RUR). Credits are raised for investment programs funding and current assets replenishment.
“Beginning with the current year we plan to generate and disclose to users as may be concerned unaudited consolidated intermediate condensed financial statements per year half and 9 months. Intermediate statements as per IFRS will be published within 60 days upon the reporting period expiry (since next year – within 45 days)," said Tatyana Maximova. According to the Audit Committee under the Board of Directors, the company ranks among the leaders. High appreciation of the work results was duly reflected in draft decision of the committee.