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Rosseti North-West

October 5, 2016

Capitalization of IDGC of the North-West from the beginning of the year increased more than by 90%

From the beginning of 2016 capitalization of IDGC of the North-West (subsidiary company of Rosseti, PJSC) increased almost twice, the first time for the latest 3 years exceeded 5 billion rubles (cost of share as of 04.10.2016 amounted to 0.0526 rub., that is 90% higher than the same indicator as of the beginning of the year). 

Speaking of the reasons of such growth, market participants note profound underestimation of the company in previous periods and growth of efficiency. In particular, according to the head of analytical studies directorate of MC “Uralsib” Alexander Golovtsov, jump of company cost is caused by both profound underestimation of shares after four years of decrease, unfreezing of tariffs and absence of new negative changes in industry regulation, and increase of work efficiency of management and employees executing control over costs and capital expenses, as well as reduction of accounts receivable.

In its turn, head of analytical department of MC “BC-Sberesheniya” Sergey Suverov as reasons for growth of company cost note improved control over costs, dividend expectations, as well as the improvement of a number of performance indicators in the current year. 

It should be noted that by results of 8 months of 2016 IDGC of the North-West fixed increase in productive supply of electricity by 180 million kWh compared to the same period of the last year. The main reason is growth of energy consumption by large enterprises located in the area of responsibility of the Electric Grid company: Akron OJSC, Apatit OJSC, Kondopoga OJSC. 

Also from the beginning of the year IDGC of the North-West provided reduction of the level of accounts receivable for electric energy transmission services. As of the beginning of September 2016 reduction amounted to 1 320 mln. rubles (more than 10% compared to the beginning of the year). Besides that, the company expects by the end of the year reduction of operational costs by 3%, that in money equivalent is equal to about 387 mln. rubles.

It should be recalled that by results of 2015 the company sent the largest sum in its history for payment of dividends – 407,5 mln. rubles or 0.004254 rubles per one ordinary share. One year earlier negative financial result didn’t allow considering issue of payment of dividends and for 2012 and 2013 total payment of dividends amounted to 92 mln. rubles.




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