OREANDA-NEWS. November 30, 2012. 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".

On 29 November 2012 OJSC "IDGC of North-West" has published the consolidated interim condensed IFRS financial statements for the nine months ended 30 September 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 main items of the Statement of comprehensive income(mln.rub) 

Nine months, ended 30 September2012  Nine months, ended   30 September 2011

Revenue, including      23 717  24 518
Power transmitting 19 252 20 021
Sale of electricity 3 607  3 806
Connection to power network  558  401
Expenses   (23 220)    (23 283)
Profit for the period  137  866

The revenue for the nine months ended 30 September 2012 has decreased in comparison with the similar period of 2011 by 3%, the cost-of-sales decreased by 0,3%. EBITDA amounted to 3 035 million rubles.

Factors, which influenced the changes of income and expense for the nine months ended 30 September 2012 in comparison with data for the similar period of 2011, are as follows:

decrease of revenue from power transmitting and sale of electricity 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 19% (mainly due to shortage of cash in terms of revenue for power transmitting) and at 30 September 2012 amounted to 5 146,6 mln.rub.

Loans and borrowings increased by 21% and for 30 September 2012 amounted to 7 538,8 mln.rub. During the nine months ended 30 September 2012 increased the share of loans for the investment.

For more details about financial results of OJSC "IDGC of North-West" you can find the official report, published at the address –

http://www.mrsksevzap.ru/files/akcioneram/MRSK_NW_FS_9m2012_eng.pdf