IDGC of North-West Announces Financial Results for 9M, 2013
OREANDA-NEWS. The revenue for the nine months ended 30 September 2013 has increased by 31% in comparison with the similar period of 2012, the cost-of-sales also increased by 31%.
On 29 November 2013 OJSC "IDGC of North-West" has published the consolidated interim condensed IFRS financial statements for the nine months ended 30 September 2013 (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 nine months ended 30 September 2013 has increased by 31% in comparison with the similar period of 2012, the cost-of-sales also increased by 31%. EBITDA amounted to 2,196 million rubles.
Factors, which influenced the changes in income and expenses, are as follows:
- assignment status of guaranteeing electric power supplier to the Company in the Murmansk and Novgorod regions. Revenue from sale of electricity increased by 7,247 mln. rub.;
- increase of uncontrollable expenses of the Company (expenses for the electric purchases to cover losses increased by 337 mln.rub);
- increase of depreciation by 353 mln.rub. owing to active realization of investment programs in previous years;
- increase of taxes charges, except income tax, by 103 mln.rub. (principally due to cancellation of property tax benefits on electric power lines);
- increase of financial expenses by 416 mln.rub. as a result of loan portfolio increasing.
Accounts receivable increased by 103% (mainly due to increase of the current debt for electric power transmission, and also due to the current growth of consumer’s debt for the sale of electricity) and at 30 September 2013 amounted to 11,657 mln.rub.
Loans and borrowings increased by 49% (due to external source of funding for the realization of investment programs and due to financing lack of working capital in consequence of growing sales companies’ debts) and for 30 September 2013 amounted to 15,897 mln.rub.