OREANDA-NEWS. April 05, 2011. By the end of 2010, revenue of “IDGC North-West” was 26 669 million rubles, of which 95.04% is revenue from electricity transmission.

JSC "IDGC North-West” received positive audit opinion on the financial reports for the year 2010.

By the end of 2010, revenue of “IDGC North-West” was 26 669 million rubles, of which 95.04% is revenue from electricity transmission.

The financial result of the Company for the year is a loss of 807 million rubles. Profitability (the ratio of gross profit to revenue) amounted to 5, 7%.

The losses on financial and economic activity was generated by:
- Cost growth, which is not covered by revenue growth due to incorrect tariff decisions on the territory of the Murmansk Region;
- Increased costs for income tax

Changes in the structure of assets and liabilities do not affect to the financial situation and financial condition of the Company, both in the short and long terms

Liquidity of “IDGC North-West "in the short term is enough to pay all short-term obligations by the most liquid current assets. As compared with liquidity at the beginning of the period the Company increased the level of solvency and has high rate for enterprises of distribution-network complex.

The Company maintains strict control and monitoring of liquidity: are used the procedures of detailed planning and cash flow forecasting to provide the necessary funds for payment of obligations in time.