OREANDA-NEWS. March 12, 2012. Following 2011 outcome, proceeds of IDGC of the North-West, JSC increased by 15.7%, having amounted to 30.8 bln RUR, profit equal to 408 mln RUR.

As compared to 2010, the volume of proceeds grew by 4,180 mln RUR (15.67 %), that of proceeds from electric energy transmission by 4.40 mln RUR (16.33 %).

Following 2011 outcome, the proceeds of IDGC of the North-West, JSC made 30,849 mln RUR, proceeds from electric energy transmission accounting for 95.58 % of the sum. As compared to 2010, the volume of proceeds grew by 4,180 mln RUR (15.67 %), that of proceeds from electric energy transmission   by 4.40 mln RUR (16.33 %).

Following the year outcome, IDGC of the North-West, JSC earned profit in an amount of 408 mln RUR. Profitability (gross profit to proceeds) made 9.9 %, having increased by 4.2 % as compared to the previous reporting year. EBITDA indicator (profit prior to deduction of interest expenses, taxes paid and depreciation grew by 1,326 mln RUR making 3,976 mln RUR in 2011.

In the reporting period the most substantial changes in cost of assets and their formation sources occurred with the following items:
- The cost of fixed assets increased by 2,421 mln inclusive of 4,128 mln RUR – due to reconstructed facilities commissioning and new facilities construction in 2011;
- The receivables decreased by 204 mln RUR;
- The long-term credit portfolio increased by 1,776 mln RUR which is related to the Company’s investment program funding;
- The accounts payable grew by 219 mln RUR against the backdrop of a 199 mln RUR reduction of loan liabilities;
- The 443 mln RUR growth of valuation reserves is mainly conditioned by accumulation of liabilities for payment of annual and quarterly rewards to the workers.
IDGC of the North-West, JSC obtained an unqualified audit report on their 2011 accounting (financial) statements: “In our opinion, the accounting statements, in all the essential respects, adequately reflect the financial standing of IDGC of the North-West, JSC as of December 31, 2011 and the results of their financial and business activities and cash flow during 2011 in accordance with the established accounting statements drawing rules,” reads the conclusion of RSM Top-Audit, LLC auditors’ report.