OREANDA-NEWS. July 20, 2009. The net income of the Company under the International Financial Reporting Standards grew by 28.6% and equalled 1,075m roubles.

IDGC of North-West was the first uniform operating network company to make the 2008 financial reporting under the IFRS. The presentation of the financial results of work of the Company took place in St. Petersburg on 16 July, 2009.

Deputy General Director for Economy and Finance Olga Makarova, Deputy General Director for Corporate Governance Anatoly Kushnerov, Chief Accountant of the company Tatyana Maximova, partner of the international auditor company KPMG Pelle Harring, Head of the Auditor Check Leonid Tverdokhlebov and journalists of leading economic newspapers and magazines took part in the presentation.

According to the financial reporting of IDGC of North-West under the IFRS, the net income of the company grew by 28.6% in 2008, as compared to 2007, and equaled 1,075 million roubles. It showed a stable growth dynamics at the level of 9.3%. In 2008 non-circulating assets of IDGC of North-West grew by 2,026 million roubles, in particular, due to the growth of the cost of fixed assets by 2,151m roubles.

All ratios that characterise the financial indicators of IDGC of North-West on the basis of 2008 results, according to the international standards, as compared with the previous reporting period, have a stable tendency to grow: ROE grew from 4.2 to 5.1. EBITDA grew from 3,325m roubles in 2007 to 3,629 million roubles in the 2008 financial year. The quick liquidity ratio that characterises short-term paying capacity of the company grew from 0.4 to 0.6 in 2008. The ratio of current assets of IDGC of North-West and obligations also grew to 0.8 (the cover ratio).
Summing up the results of the presentation, Deputy General Director for Economy and Finance of IDGC of North-West Olga Makarova said, “Russia is an integral part of the civilised world. Operation of many projects became impossible in a closed company. That is why implementation of world standards is the constant process of integration of economic systems that IDGC of North-West is taking part in.

“IFRS is the global language of communication of economic entities, the way to bring information to the external environment. Both the external financial sector and the capital market are direct consumers of information flows generated by the IFRS. IDGC of North-West is turned to the external environment; that is why will not only continue, but also improve this work. IN 2010 we plan to make a financial reporting under the international standards two months earlier – on 1 May”, said Olga Makarova.