OREANDA-NEWS. July 20, 2009. The company published the results of work in 2008 prepared under the International Financial Reporting Standards.

“The financial stability of IDGC of North-West that is proved by the results of the 208 financial accounting prepared under the International Financial Reporting Standards (IFRS) makes the company reliable in the eyes of the bank society and bank partners”, said Olga Makarova at the presentation of the reporting made by the company under the IFRS that took place on 16 July in St. Petersburg.

According to her, at the present moment when the situation in the bank sector has more or less stabilised, banks are ready to give credit resources to large enterprises with a stable financial position. IDGC of North-West is holding strong positions.

“The growth of the number of tender participants on the right to conclude credit line contracts made by IDGC of North-West shows that banks trust IDGC of North-West and, despite the crisis, are ready to give necessary credits both to replenish circulating money and to execute investment programmes of the company”, said Olga Makarova. “Moreover, today we are having fruitful negotiations with banks for restructuring of the short-term credits of IDGC of North-West in long-term loans”.

Deputy General Director for Economy and Finance expects that after the publication f the financial accounting of the company under the IFRS that shows a stable financial position and a well-thought management, IDGC of North-West will have new serious partners in the bank sector.

 Today the company continues to cooperate with North-West VTB Bank, Gazprombank and North-West branch of Sberbank of the Russian Federation.
“The tenders on attraction of credit money, the organisation of which was developped by IDGC of North-West in 2009, helped to conclude contracts of loans with new active players in the bank sector – these are Globax and the Bank of Moscow”, said Olga Makarova. “We estimate the appearance of new reliable partners in the bank sector as a renewal of active partnership that is built, first of all, on transparent perspectives of work of the united company that shows a stable functioning in the time of the crises”, she said.

In 2009 IDGC of North-West will borrow 4.5bn roubles. According to Olga Makarova, the company does not expect the growth of the credit portfolio this year.