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IDGC Holding  |
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| Compilation Date: | 07 Feb 12 |
Company Overview
General Info | |
| Full Company Name | JSC "Interregional Distribution Grid Companies Holding" |
| Industrial Group | Power Industry |
| Number of Employees | 169,700 |
| Registration Date | 01 Jul 08 |
| Registered Address | 5A, Akademika Chelomeya St., Moscow, 117630 |
| Main Office | Bld.1, 26, Ulanskiy St., Moscow, 107996 |
| Telephone / Fax | (495) 710-5080; 710-4556; 223-4608 / (495) 710-4626 |
| e-mail | ir@holding-mrsk.ru info@holding-mrsk.ru |
| Internet Home Page | www.holding-mrsk.ru |
| Registrar | Closed JSC "STATUS Registrar Society" |
| Auditor | Closed JSC "NP Consult", Closed JSC "KPMG" |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
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Corporate Management |
| Chairman of the Board | Sergey Shmatko | | General Director | Nikolay Shvets |
Price Highlights | |
| Price per Common Share, USD | 0.100303 |
| YTD Price Change, % | 39.27 |
| P/E Ratio | 2.5712 |
| Market Capitalization, USD | 4,309,404,335 |
| Common Shares in Free Float, % | 36.00 |
Operations Summary | |
JSC “IDGC Holding” was created during the reformation of JSC “Unified Energy System of Russia” and registered in July 2008. Charter capital of IDGC Holding is made of UES additional capital and retained earnings from previous period. The Company controls IDGC of Centre, IDGC of Centre and Volga Region, IDGC of Northern Caucasus, IDGC of Siberia, IDGC of South, IDGC of the North-West, IDGC of Urals, IDGC of Volga. IDGC Holding entities transmitted more than 596 billion kWh in 2009. The length of transmission lines operated by IDGC Holding’s distribution grid companies reached 2,102 thousand kilometers by the end of 2009, and the total capacity of its substations was 388,192 MVA. The investment program of the company for 2010 includes the construction of 12,196 kilometers of distribution lines and the commissioning of transformer capacity of 7,512 MVA, totaling 89,270 million rubles. The investment program of IDGC Holding for the period 2011-2015 includes the construction of 113,332 kilometers of distribution lines and the commissioning of transformer capacity of 69,253 MVA, totaling 921,107 million rubles. The programs take account of the power supply facilities necessary to prepare and hold the 2014 Winter Olympics in Sochi. In December 2008, shares of JSC “IDGC Holding” were offered for trading on RTS and MICEX Stock Exchanges. The company has rating by Moody’s Investors Service (Ba1). |
Shares Information
Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
| Common Share | 42,964,067,081 | 1.00 RUR | | Preferred Share | 2,075,149,384 | 1.00 RUR |
Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
| Federal Agency for State Property Management | 54.99 | 52.68 | | Closed JSC "Depository Clearing Company" | 17.05 | 17.98 | | Depository & Corporate Technology Ltd. | 14.54 | 14.78 | | Closed JSC "The National Depository Center" | 5.47 | 6.30 |
Equity Positions in Other Companies |
| Name | % of Charter Capital |
| JSC "Karachaevo-Cherkesskenergo" | 100.00 | | JSC "Kalmenergosbyt" | 100.00 | | JSC "Tyvaenergosbyt" | 100.00 | | JSC "Yantarenergo" | 100.00 | | JSC "Tyumenenergo" | 100.00 | | JSC "Interregional Distribution Grid Company of Volga" | 67.63 | | JSC "Interregional Distribution Grid Company of Northern Caucasus" | 58.25 | | JSC "Interregional Distribution Grid Company of the North-West" | 55.38 | | JSC "Interregional Distribution Grid Company of Siberia" | 52.88 | | JSC "Tomsk Distribution Company" | 52.03 | | JSC "Interregional Distribution Grid Company of South" | 51.66 | | JSC "Interregional Distribution Grid Company Of Urals" | 51.52 | | JSC "Dagestan Energy Retail Company " | 51.00 | | JSC "Chechenenergo" | 51.00 | | JSC "Moscow United Electric Grid Company" | 50.91 | | JSC "Interregional Distribution Grid Company of Centre and Volga Region" | 50.40 | | JSC "Interregional Distribution Grid Company of Centre" | 50.23 | | JSC "Sevkavkazenergo" | 49.00 | | JSC "Lenenergo" | 45.71 |
Dividends History |
| Period | Payment per Share, USD | Number of Shares | Ex-Date | Payment Date | Payout Ratio, % | Dividend Yield, % |
| 2008 / com | n. p. | 41,041,753,984 | - | - | - | - | | 2008 / pref | n. p. | 2,075,149,384 | - | - | - | - | | 2009 / com | n. p. | 41,041,753,984 | - | - | - | - | | 2009 / pref | n. p. | 2,075,149,384 | - | - | - | - | | 2010 / com | n. p. | 42,964,067,081 | - | - | - | - | | 2010 / pref | 0.001708 | 2,075,149,384 | 16 May 11 | 22 Aug 11 | 0.315417 | 1.620089 |
Stock Market
Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
| IDGC Holding | MRKH | RU000A0JPVJ0 | MICEX-RTS Class | | IDGC Holding | MRKH | RU000A0JPVJ0 | MICEX-RTS Main | | IDGC Holding GDR | 2M1G | US46071X2036 | Berlin Stock Ex | | IDGC Holding GDR | 2M1G | US46071X2036 | Frankfurt SE | | IDGC Holding GDR | MRSK | US46071X2036 | London SE | | IDGC Holding GDR | | US46071X1046 | PORTAL | | IDGC Holding GDR | | US46071X3026 | PORTAL | | IDGC Holding GDR | 2M1G | US46071X2036 | XETRA | | IDGC Holding pref | MRKHP | RU000A0JPVK8 | MICEX-RTS Class | | IDGC Holding pref | MRKHP | RU000A0JPVK8 | MICEX-RTS Main |
Price Chart |
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Participation in DR Programs |
| Level | Effective Date | Underlying Share Ratio | CUSIP | Depositary Bank |
| GDR Reg S | 29 Mar 09 | 1: 200 | 46071X203 | Bank of New York Mellon | | GDR 144 A | 29 Mar 09 | 1: 200 | 46071X104 | Bank of New York Mellon | | GDR Reg S, pref | 29 Mar 09 | 1: 200 | 46071X401 | Bank of New York Mellon | | GDR 144 A, pref | 29 Mar 09 | 1: 200 | 46071X302 | Bank of New York Mellon |
Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
| MT-RusIndex | 0.53 | 01 Apr 09 | | | RusIndex 100 | 0.49 | 01 Apr 09 | | | RusIndex Fuel & Energy Complex | 0.79 | 01 Apr 09 | | | RusIndex Industrials | 0.62 | 01 Apr 09 | | | RusIndex Power Industry | 5.64 | 01 Apr 09 | |
Fixed Income Instruments
Issue Parameters |
Issue #/ Tranche # | Registration Number | Registration Date | Period | Par Value, RUR | Issue Volume, RUR thnd | Number of Coupons | Coupon Period | Guarantee |
| No bonds issued. |
Coupons |
Issue #/ Tranche # | Coupon # | Start Coupon Period | End Coupon Period | Coupon, % |
| No bonds issued. |
Primary Market |
Issue #/ Tranche # | Start Placement Date | End Placement Date | Placement Price, % | Volume Placed, RUR thnd | Maturity date | Offer Date | Offer price, % | Status | Issue Placement Registration Date |
| No bonds issued. |
Key Financial Characteristics
Balance Sheet |
| | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 |
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 30.25 | 30.48 | 31.88 |
| ASSETS, of which | 720,134.18 | 767,806.42 | 201,840.56 | 23,807.64 | 25,193.03 | 6,332.24 |
| Fixed Assets and Other Non-current Assets, of which | 600,567.07 | 635,951.31 | 187,880.37 | 19,854.75 | 20,866.64 | 5,894.28 |
| | Fixed Assets | 561,945.34 | 603,240.99 | 1,727.9 | 18,577.91 | 19,793.36 | 54.21 |
| | Intangible Assets | 4,184.82 | 3,635.34 | 0.92 | 138.35 | 119.28 | 0.03 |
| | Other Assets | 34,436.92 | 29,074.98 | 186,151.55 | 1,138.48 | 954 | 5,840.04 |
| Current Assets, of which | 119,567.1 | 131,855.1 | 13,960.19 | 3,952.89 | 4,326.39 | 437.97 |
| | Inventories | 11,314.99 | 11,219.43 | 11.94 | 374.07 | 368.13 | 0.37 |
| | Accounts Receivable | 73,033.83 | 86,096.59 | 4,820.93 | 2,414.5 | 2,824.98 | 151.24 |
| | Cash | 29,217.25 | 24,890.45 | 860.61 | 965.92 | 816.7 | 27 |
| | Other Current Assets | 6,001.03 | 9,648.63 | 8,266.7 | 198.39 | 316.59 | 259.35 |
| OWNER'S EQUITY, of which | 356,226.32 | 395,841.35 | 201,527.81 | 11,776.84 | 12,988.23 | 6,322.43 |
| | Charter Capital | 43,109.89 | 51,075.28 | 45,039.22 | 1,425.21 | 1,675.87 | 1,412.99 |
| | Reserves | 150,611.64 | 160,130.63 | 8,194.48 | 4,979.22 | 5,254.16 | 257.08 |
| | Retained Earnings | 162,504.79 | 184,635.44 | 148,294.12 | 5,372.41 | 6,058.2 | 4,652.36 |
| LIABILITIES, of which | 363,907.86 | 371,965.06 | 312.75 | 12,030.79 | 12,204.81 | 9.81 |
| | Long-Term Debt | 83,823.13 | 120,648.55 | 1.96 | 2,771.19 | 3,958.68 | 0.06 |
| | Short-Term Debt | 67,242.22 | 27,138.75 | 0 | 2,223.03 | 890.47 | 0 |
| | Accounts Payable | 133,920.48 | 167,145.12 | 216.83 | 4,427.41 | 5,484.32 | 6.8 |
| | Other Liabilities | 78,922.02 | 57,032.65 | 93.96 | 2,609.16 | 1,871.34 | 2.95 |
| Financial data standard | IAS | IAS | RAS | IAS | IAS | RAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Consolidated | Consolidated | Non-consolidated | Consolidated | Consolidated | Non-consolidated |
P&L Account |
| | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 |
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 31.75 | 30.38 | 28.76 |
| Sales | 461,659.76 | 559,495.61 | 3,710.8 | 14,540.68 | 18,419.27 | 129.01 |
| Production Costs | 415,650.19 | 505,276.85 | 1,639.03 | 13,091.54 | 16,634.33 | 56.98 |
| Operating Profit | 46,009.57 | 54,218.76 | 2,071.77 | 1,449.14 | 1,784.95 | 72.02 |
| Other Income | -17,827.38 | -7,681.92 | 950.1 | -561.5 | -252.9 | 33.03 |
| Income Before Taxes | 28,182.19 | 46,536.84 | 3,021.87 | 887.64 | 1,532.05 | 105.06 |
| Net Income | 21,751.89 | 34,136.72 | 2,705.37 | 685.11 | 1,123.82 | 94.05 |
| Financial data standard | IAS | IAS | RAS | IAS | IAS | RAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Consolidated | Consolidated | Non-consolidated | Consolidated | Consolidated | Non-consolidated |
Key Ratios |
| | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 |
| Company Valuation Coefficients | |
| P/BV | 0.40 | 0.58 | 0.47 |
| P/S | 0.32 | 0.41 | 0.16 |
| P/E | 6.84 | 6.75 | 2.57 |
| Company Efficiency Coefficients | |
| Sales/Employee, USD thnd | 86.04 | 108.59 | 108.73 |
| Net Profit Margin, % | 4.71 | 6.10 | 6.30 |
| ROA, % | 2.95 | 4.59 | 17.98 |
| ROE, % | 5.99 | 9.08 | 18.39 |
| Turnover Coefficients | |
| Receivables Turnover | 6.26 | 6.95 | 97.14 |
| Assets Turnover | 0.63 | 0.75 | 2.86 |
| Inventory Turnover | 37.41 | 49.66 | 55,597.99 |
| Liabilities Turnover | 1.25 | 1.52 | 128.78 |
| Capital Structure Coefficients | |
| Equity Ratio | 0.49 | 0.52 | 1.00 |
| Debt Ratio | 0.51 | 0.48 | 0.00 |
| Equity/Debt | 0.98 | 1.06 | 644.38 |
| Current Liquidity | 0.59 | 0.67 | 64.32 |
| Quick Liquidity | 0.53 | 0.61 | 64.27 |
Production Overview
Production |
| Product | Measure | 2008 | 2009 | 2010 | Units |
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| Volume of electric power transferred | 1,000,000 | 637,290.88 | 596,400 | 591,481 | kWh |
Capacity |
| Product | Measure | Capacity | Units |
| Information is not available yet. |
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