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IDGC of the North-West

March 17, 2017

PJSC «IDGC of North-West» has published the consolidated IFRS financial statements for the year ended 31 December 2016

Consolidated financial statements as per IFRS include financial statements of IDGC of the North-West, PJSC and controlled organizations subsidiary companies) of the latter, such as: Pskovenergoreagent, JSC; Pskovenergosbyt, JSC; Lesnaya Skazka, JSC; Energoservice of the North-West, JSC.

Basic indicators of activities as per IFRS, mln RUB

 

Indicators

2016

2015

Revenues, including:

45,541

42,370

services of power transmission

37,327

33,685

sales of electric energy

6,353

6,917

services of technological connection

1,123

804

Operational expenses

(44,324)

(40,479)

Net profit for the year

585

815

Fixed assets

35,219

35,474

Receivables

14,172

15,500

Loans and credits

14,793

15,145

EBITDA

6,422

6,846

 

Proceeds over the period of 2016 amounted to 45,541 mln RUB, including services of power transmission (37,327 mln RUB), sales of electric energy (6,353 mln RUB), services of technological connection (1,123 mln RUB). 

General increase of proceeds as compared to 2015 has amounted to 3,171 mln RUB (7 %), including increase of proceeds from electric energy transmission by 33,642 mln RUB (11 %). This deviation has been caused by changes in boiler mutual settlements scheme in Murmansk region and increase in electric energy demand by industrial enterprises in regions of presence. Proceeds from technological connection services has grown by 319 mln RUB (40 %).

Compared to 2015 operation expenses have increased by 3,845 mln RUB, which resulted from growth of uncontrolled costs: payment for services provided by FGC UES PJSC, territorial grid companies, losses compensation, fixed assets impairment losses. 

As of 31.12.2016, 69 % within Group assets structure fall to non-current assets that by 96 % are represented by fixed assets (35,219 mln RUB). 

Having discovered the impairment indices related to certain assets that generate cash flow, the impairment testing has been carried out. As the result, assets impairment losses have been estimated at the level of 505 mln RUB as of 31.12.2016, these include 182 mln RUB with Arkhenergo branch and 323 mln RUB with Komienergo branch. 

Receivables (14,172 mln RUB) account for a predominant portion (88 %) of the current assets structure. The main debtors are the following retail companies: Arkhangelsk Retail Company, PJSC, Vologda Retail Company, JSC, Komi Energy Retail Company, OJSC. For the reporting period, accounts receivable have decreased by 1,328 mln RUB (9 %) as the result of cash inflow from the major debtors, Arkhangelsk Retail Company, PJSC, Vologda Retail Company, Kondopoga OJSC, based on court orders coming into force. 

In the liabilities structure, 46 % fall into credits and loans, amounting to 14,793 mln RUB as of the end of 2016, which is by 352 mln RUB less compared to the start of the year. Payables as of the end of 2016 have decreased by 1,740 mln RUB (14 %), mainly due to redemption of indebtedness to suppliers and contractors. 

Financial results for 2016 is the net profit of 585 mln RUB. 

EBITDA (income before tax, depreciation, settlements and interest receipts) amounted to 6,422 mln RUB. DEBT/EBITDA index as of the end of 2016 is 2.25.  

One may find further more detailed information on the financial results of IDGC of the North-West, PJSC activities in 2016 from the official report posted at http://www.mrsksevzap.ru/id_1yearfinreport#tab2

 

 

 

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