IDGC of the North-West, JSC has published 2014 consolidated financial statements as per IFRS

The consolidated financial statements as per IFRS include financial statements of IDGC of the North-West, JSC and controlled organizations (subsidiary enterprises) of the latter, such as: OJSC "Energoservice North-West”, JSC “Pskovenergosbyt”, JSC “Pskovenergoagent”, JSC “Lesnaya Skazka”

 

Group’s core indicators as per IFRS in 2014, mln RUB

 

The Group's financial result in 2014 is loss amounting to 2,217 mln RUB. The financial result was most significantly affected by fixed assets depreciation amounting to 1,912 mln RUB (1,317 mln RUB with Vologdaenergo branch and 595 mln RUB with Novgorodenergo branch.

 

Measures for testing the Company’s assets for depreciation were conducted in accordance with IFRS requirements in connection with depreciation signs in place related to unfavorable financial and economic forecasts and decisions taken by bodies of state power to settle the situation including those on limitation of tariffs for electric power industry actors.

 

Most of the Group’s fixed assets are specialized assets that seldom become objects of sale and purchase in the open market except for cases when they are sold as part of operating enterprises. That is why the value of fixed assets use was determined by the forecast cash flow method. As a result of assets testing, a deficit as part of the Group's operational expenses was recognized.

 

One may find further more detailed information on the financial results of IDGC of the North-West, JSC activities at  http://www.mrsksevzap.ru/en/ifrsfinancialstatements