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IDGC of the North-West

August 17, 2015

PJSC «IDGC of North-West» profit for the six months ended 30 June 2015 amounted 528 million rubles

On 17 August  2015 PJSC «IDGC of North-West» has published the consolidated interim condensed IFRS Financial Statements for the six months ended 30 June 2015 (Unaudited). 

The consolidated interim condensed IFRS financial statements include PJSC «IDGC of North-West» and the following subsidiaries: OJSC «Pskovenergoagent», OJSC «Pskovenergosbyt», OJSC «Lesnaya skazka», OJSC «Energoservice North-West» 

 

The main measures for the six months ended 30 June 2015, million rubles

The measures

For the six months ended 30 June

Difference

2015

2014

Revenue, including

20,945

23,970

(3,025)

Power transmitting

16,552

14,432

2,120

Sale of electricity

3,836

9,081

(5,245)

Connection to power network

181

134

47

Operating expenses

19,976

22,968

(2,992)

Profit for the period

528

524

4

Non-current assets. Property, plant and equipment

34,728

35,638

(910)

Non-current liabilities. Long-term loans and borrowings

14,252

14,463

(211)

EBITDA

3,513

3,436

77

DEBT/EBITDA

4,92

4,98

(0,06)

 

The revenue for the six months ended 30 June 2015 amounted 20,945 million rubles, including 16,552 million rubles (79%) is revenue from power transmitting and 3,836 million rubles is revenue from sale of electricity what increased by 15% in comparison with the similar period of 2014 and amounted 2,120 million rubles. 

General reduction of  the revenue (by 3,025 million rubles) and in the operating expenses (by 2,992 million rubles) in comparison with the similar period of 2014,  this is because the cessation of business of  sale of electricity by the status of guaranteeing electric power supplier in Murmansk Region.

Non-current assets of Company’s asset profile is 67% (36,091 million rubles) and 96% from it is property, plant and equipment. 

Major relative share in the structure of current assets (85%) dominates accounts receivable (14,832 million rubles). The main debtors are energy retail companies (OJSC “Arkhangelsk energy retail Company”, OJSC “Vologda energy retail Company”). 

Major relative share of non-current liabilities dominates long-term loans and borrowings (77%) what amounted  14,252 million rubles to the end of the report period.

The structure of current liabilities allocates as follows: accounts payable and advances received – 62%, current loans and borrowings – 26%, current taxes payable – 6%.

 General reduction of accounts payable for the report period is 1,786 million rubles (16%) due to decrease of suppliers and contractors.

As a result the six months ended 30 June 2015 profit amounted to 528 million rubles (profit similar period of 2014 - 524 million rubles). 

EBITDA amounted to 3,513 million rubles that exceeds the level of the similar period of 2013 by 2%. 

For more details about financial results of PJSC «IDGC of North-West» you can find the official report, published at the address – http://www.mrsksevzap.ru/en/ifrsfinancialstatements 

PJSC «IDGC of North-West» - Interregional Distribution Grid Company of North-West is controlling interest in PJSC «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.

 

 

 

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