OREANDA-NEWS. May 03, 2011. The Company's earnings in 2010 grew by 8% in comparison with the same period 2009 and amounted to 28 900 million rubles.
On April 2010, JSC “IDGC North-West” has published consolidated financial statements under International Financial Reporting Standards (IFRS) for 2010

Consolidated financial statements under IFRS for 2010 include the financial statements of JSC North-West IDC "and its controlled organizations (subsidiaries): JSC” Pskovenergoagent”, JSC “Pskovenergosbyt”, JSC ” Pskovenergoavto", JSC "Lesnaya skazka”, LLC PSE "Energy".

The Company's earnings in 2010 grew by 8% in comparison with the same period 2009 and amounted to 28 900 million rubles. The growth can be explained by increase in the volumes of electric power productive supply.

Loss on financial and economic activity was caused by cost growth, which was not covered by earning growth, due to incorrect tariff decisions on the territory of the Murmansk region. Cost growth relative to 2009 is 12%. These circumstances have affected also the reduction  of EBITDA by 327 million rubles. During the reporting period, EBITDA amounted to 2 702 million rubles.

Costs Increase connected as well with a significant increase of costs beyond the control of the Company, including the cost for compensation of electric power losses and payment for services rendered by FGC UES on electric energy transmission.

After restructuring of credit portfolio and borrowing under substantial reduction in the interest rate, financial expenses were decreased by   20%.

Financing of capital investments increased by 6% in comparison with the previous year and amounted to 3 271 million rubles. Entering fixed assets amounted to 2,576 million rubles, which exceeds the index of comparable period 2009  by 4%.

Accounts receivable decreased by 13%. The share of short-term debt in the total amount of receivables is 73%, indicating that the situation with customer’s payment for rendered services was improved.

Liquidity of “IDGC North-West” is sufficient to repay short-term obligations by the most liquid of current assets.
In comparison with the rate of liquidity at beginning of period (0,94) Company has raised the level of solvency. Coefficient of short - term liquidity at the end of the period was 1,2.

For more details about financial performance of JSC “IDGC North-West”: http://eng.mrsksevzap.ru/act/financereport/