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Press Releases > IDGC of the North-West  all about the company

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IDGC of the North-West

July 29, 2015

Net profit of IDGC of the North-West in H1 2015 amounted to 320 M RUB

Revenues of the PJSC IDGC of the North-West (subsidiary of PJSC Rosseti) for H1 2015 amounted to 19,596 M RUB, where 18,077 M RUB (92%) revenues from power transmission, which exceeded the value of the same period in the previous year by 2,214 M RUB (14%). 

Growth of profit from utility connection vs H1 2014 amounted to 35% (47 M RUB), with prime cost increase by 1%. Revenues from sale of other products, goods, works, services of industrial nature increased by 86% (81 M RUB) due to performance of works on removal (relocation) of power facilities. 

Total reduction of revenues by 2,963 M RUB (13%) vs the same period of the last year was the result of power sales business suspension in Murmansk region within the borders of the business area of Kolenergosbyt JSC. On the basis of the Order of the Ministry of Energy dated January 23, 2015 No.14, since February 01, 2015 the function of the guaranteeing supplier in Murmansk region in respect to the business area of Kolenergosbyt JSC were transferred to AtomEnergoSbyt JSC. 

As of June 30, 2015 non-current assets, which consist of fixed assets in amount of 96%, take 71% (41,841 M RUB) within the structure of the Company assets.     

In the structure of current assets the largest part (85%) is represented by receivables (14,877 M RUB). The main debtors are retail companies, such as Arkhangelsk Retail Company JSC, Vologda Retail Company JSC. 

Long-term liabilities mainly consist of loans and credits (81%), which as of the end of the reporting period amounted to 14,252 M RUB, including a placed bond loan for the amount of 5,000 M RUB. 

The structure of short-term liabilities is distributed as follows: payables 69%, loans and credits 26%, provisions 5%. 

Total reduction of payables for the reporting period amounts to 1,784 M RUB (15%) mainly due to reduction of debts to suppliers and contractors. 

The financial result of the Company at half-year end of 2015 profit in amount of 320 M RUB. EBITDA (earnings before interest, taxes, depreciation and amortization) amounted to 3,330 M RUB, which is higher than the value of Q1 2015 by 1,287 M RUB.




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