OREANDA-NEWS. August 8, 2007. Product (service) sales proceeds of JSC IDGC of the Center* reached 34 billion 225 million 694 thousand rubles in the first half of the year, which is 6 billion 368 million 714 thousand rubles more than in the similar period of 2006.

Grid service proceeds amounted to 33 billion 793 million rubles (6 billion 332 million rubles more than in the previous year), connection proceeds – 1 billion 318 million rubles (1 billion 179 million rubles more than in the previous year).

Net profit of JSC IDGC of the Center amounted to 1 billion 510 million rubles according to the results of the first six months of the year (the first half of the previous year – 1 billion 530 million).

Total balance increased by 2.84% and amounted to 98 923 million rubles with respect to the beginning of the year. Amount of liquid assets increased by 19.4% with respect to the beginning of the year.

In the first half of 2007 the quota of long-term obligations increased mainly due to the attraction of long-term loans. The growth of loan indebtedness amounted to 1 942 million rubles (mainly due to short-term loan indebtedness and long-term loans).

The quota of long-term debit indebtedness has decreased in the structure of debit indebtedness: if in the beginning of the year it amounted to 5.84% in the general structure of debit indebtedness, at the end of the period it was only 3.22%.

Net assets value increased by 793 million rubles. The main reasons for growth are the significant growth of incomplete production by 65.34% and the growth of liquid assets by 19.4% due to short-term debit indebtedness. It is necessary to mention that the growth of net assets value is a positive factor, which means the growth of financial stability of dependent DGCs.

In the first half of the current year the Company was active in implementing its leasing programs, which are considered to be an alternative to the bank loans. Leasing is one of the most perspective forms of borrowed funds for renewing basic production assets.

At the present moment over 500 leasing contracts have been concluded, payments of which are incorporated in the business and investment plans.