02.04.2014
On 02 April 2013 OJSC «IDGC of North-West» has published the consolidated IFRS financial statements for the year ended 31 December 2013.
The consolidated IFRS financial statements include OJSC «IDGC of North-West» and the following subsidiaries: OJSC «Pskovenergoagent», OJSC «Pskovenergosbyt», OJSC «Lesnaya skazka», OJSC «Energoservice North-West».
The main items for the year ended 31 December 2013, million rubles
| The items |
2013 |
2012 |
Difference |
| Revenue |
44,615 |
33,419 |
11,196 |
| Including: |
|
|
|
| - Power transmitting |
26,911 |
26,565 |
346 |
| - Sale of electricity |
16,139 |
4,994 |
11,145 |
| - Connection to power network |
955 |
1,412 |
(457) |
| Expenses |
(43,337) |
(32,705) |
(10,632) |
| Profit for the period |
387 |
396 |
(9) |
| Accounts receivable and prepayments |
12,339 |
5,755 |
6,584 |
| Long-term loans |
13,953 |
10,629 |
3,324 |
| EBITDA |
5,252 |
4,020 |
1,232 |
The revenue for 2013 increased by 33.5% in comparison with the similar period of 2012 and amounted to 44,615 million rubles. Revenue from power transmitting increased by 1,3% (to 26,911 million rubles), revenue from sale of electricity increased by 3.23 times (to 16, 139 million rubles) because of assumption the status of guaranteeing electric power supplier in Murmansk Region and Novgorod Region, revenue from connection of power network decreased by 32,4% (to 955 million rubles) due to the reduction of contracts with consumers.
The operating expenses for 2012 increased by 32.5% in comparison with the similar period of 2012 and amounted 43,337 million rubles. Operating expenses increased due to assumption the status of guaranteeing electric power supplier, including the electric purchases for resale.
As a result for 2013 profit amounted to 387 mln.rub (profit similar period of 2012 - 396 mln.rub).
EBITDA amounted to 5,252 million rubles that exceeds the level of the similar period of 2012 by 30.6%.
Accounts receivable increased by 2.14 times and amounted to 12,339 million rubles. The growth of accounts receivable is a result of the assumption the status of guaranteeing electric power supplier, as well as systematic non-payment of energy sales companies in Arkhangelsk Region, Vologda Region, and the Karelian Republic.
The growth of accounts receivable caused the increase of the loan portfolio (long-term loans for 2013 increased by 3,324 million rubles, short-term loans increased by 2,758 million rubles) as well as the increase of the financial costs for loan service (from 518 million rubles in 2012 to 1,090 million rubles in 2013).
Current accounts payable increased by 1,764 million rubles due to the increased debt to suppliers and contractors.
IFRS Auditor is CJSC "KPMG". The Company received an unqualified audit opinion on 31 March 2014.
Implementation of the project of parallel accounting of consolidated IFRS financial statements on the base KIS NBU Energo on 1C: Enterprise 8 allowed to prepare quarterly IFRS financial statements, to reduce the time for preparation of consolidated IFRS financial statements, to improve quality, to decrease the cost of training, control and audit.
OJSC «IDGC of North-West» - Interregional Distribution Grid Company of North-West is controlling interest in JSC «Russian Grids» (previous to JSC «IDGC Holding»). It is provides for power transmitting for voltage networks from 110 to 0.4 kilovolt. Company performs connection to power network activity customers to networked infrastructure onsite Northwestern Federal District under seven branches and to carries out functions of the status of guaranteeing electric power supplier in Murmansk Region and Novgorod Region.
