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Rosseti North-West

May 13, 2011

Deputy Director General “IDGC North-West” Olga Makarova held a conference- call with analysts

The investment community interested in the company's plans for 2011and future prospects.
JSC "IDGC North-West” held a conference- call dedicated to results according  the International Financial Reporting Standards (IFRS) for the year 2010. Deputy Director General for Economy and Finance Olga Makarova and chief accountant Tatyana Maximova answered the questions of analysts.

In accordance with IFRS, revenue of “IDGC North-West” for 2010 increased by 8% and amounted to 28 900 million rubles. Losses (313 million rubles) formed due to cost growth, which was not covered by revenue growth because of the incorrect tariff decisions on the territory of the Murmansk region. More details and comments - in a brief review (attached file-presentation).
The following consolidated financial statements of “IDGCNorth-West” according to IFRS will be prepared completely independently, said Tatyana Maximova. In order to improve efficiency of preparation of financial statements in the company was introduced an automated system of parallel accounting and reporting under IFRS on the base of 1C: Enterprise.

The investment community interested in the company's plans for 2011and future prospects.

Credit portfolio of “IDGC North-West” to the end of 2011 will amount to 6 billion rubles. This is mainly due to the costs of investment projects, explained Olga Makarova. She drew attention to increasing of the share of long-term loans in the structure of loan funds.

As a result of 2011 is expected the net income in the amount of 1, 2 billion rubles, the investment program was formed in the sum of 5, 3 billion rubles. Olga Makarova confirmed that the company is waiting for solutions of regional regulatory authorities on the results of the tariff revision. She does not exclude the possibility of adjusting the business plan and investment program as a result of tariff decisions, but hopes for a slight change in tariffs for “IDGC North-West”. According to her, in two regions of the “IDGC North-West” zone of responsibility - the Komi Republic and Vologda region - the revision of electricity tariffs is not planned.

 

 

 

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