OREANDA-NEWS. August 29, 2012. On 29 August 2012 OJSC "IDGC of North-West" has published the consolidated interim condensed IFRS financial statements for the six months ended 30 June 2012 (Unaudited).

The consolidated IFRS financial statements include OJSC "IDGC of North-West" and the following subsidiaries: OJSC "Pskovenergoagent", OJSC "Pskovenergosbyt", OJSC "Lesnaya skazka", OJSC "Energoservice North-West".

The revenue for the six months ended 30 June 2012 has decreased in comparison with the similar period of 2011 by 5%, the cost-of-sales decreased by 2%. EBITDA amounted to 2 404 million rubles.

Factors, which influenced the changes of income and expense for the six months ended 30 June 2012 in comparison with data for the similar period of 2011, are as follows:
 decrease of revenue from power transmitting over the tariff rate reduction;
 increase in revenue from connection of power network due to the execution of additional contracts with major consumers;
 reduction of  electric energy losses at the expense of the program of energy saving and energy efficiency;
decrease of expenses for the electric power to cover losses due to lower weighted-average purchase price of electric power.

Accounts receivable increased by 4% (mainly due to increase in advances received on contracts of connection to power network) and at 30 June 2012 amounted to 4 497,4 mln.rub.

Loans and borrowings decreased by 8% and for 30 June 2012 amounted to 5 750,9 mln.rub. During the the six months ended 30 June 2012 repaid short-term loans, reduced value of long-term loans and borrowings, increased the share of loans for the investment.