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The consolidated financial statements of JSC IDGC of the North-West for the year ended December 31, 2014 prepared in accordance with IFRS include performance indicators of the Company itself and its subsidiaries: JSC Pskovenergosbyt, JSC Pskovenergoagent, JSC Energoservice of the North-West and JSC Lesnaya Skazka.
| Indicator title, RUB mln | 2014 | 2013 | 2012 | 2011 | 2010 | Growth rate, % 2013/2014 |
|---|---|---|---|---|---|---|
| Revenue, incl.: | 46,935 | 44,615 | 33,419 | 33,288 | 28,899 | 5.20 |
| Electricity Transmission | 28,518 | 26,911 | 26,565 | 26,769 | 22,901 | 5.97 |
| Electricity sale | 16,548 | 16,139 | 4,994 | 5,190 | 4,699 | 2.53 |
| Grid connection | 882 | 955 | 1,412 | 884 | 668 | –7.64 |
| Other revenue | 987 | 611 | 448 | 445 | 631 | 61.54 |
| Production cost of services | –47,593 | –43,337 | –32,705 | –31,975 | –28,803 | 9.82 |
| Result of operating activities | –517 | 1,346 | 716 | 1,325 | –159 | –138.41 |
| Financial expenses, net | –2,897 | –1,062 | –515 | –259 | –397 | 172.79 |
| Profit/(loss) before tax | –2,501 | 683 | 508 | 1,253 | –273 | –466.18 |
| Expenses on income tax | 284 | –297 | –112 | –451 | –40 | –195.62 |
| Profit/(loss) for the year | –2,217 | 387 | 396 | 802 | –313 | –672.87 |
| Total profit/(loss) for the year | –2,183 | 168 | 294 | 789 | –308 | –1,399.40 |
|
EBITDA (earnings before interest, tax and depreciation and amortization) |
2,930 | 5,252 | 4,020 | 4,396 | 2,702 | –44.21 |
|
DEBT/EBITDA (net debt to EBITDA ratio) |
5.94 | 3.03 | 2.47 | 1.07 | 1.30 | 96.44 |
| Fixed assets | 35,276 | 35,915 | 33,251 | 29,523 | 27,223 | –1.78 |
| Accounts receivable and issued advances | 14,655 | 12,339 | 5,755 | 4,313 | 4,192 | 18.77 |
| Equity | 19,859 | 22,118 | 21,966 | 21,593 | 20,805 | –10.21 |
| Long-term credit and loans | 14,913 | 13,953 | 10,629 | 6,148 | 4,373 | 6.88 |
| Short-term credit and loans | 3,539 | 2,777 | 19 | 80 | 308 | 27.44 |
|
ROE (return on equity ratio) |
–0.11 | 0.02 | 0.02 | 0.04 | –0.02 | — |
|
QR (quick liquidity ratio) |
1.08 | 1.32 | 1.26 | 1.03 | 1.05 | –17.95 |
*The consolidated financial statements of JSC IDGC of the North-West for the year ended December 31, 2014, prepared in accordance with IFRS, are published on the website of JSC IDGC of the North-West at http://www.mrsksevzap.ru/en/ifrsfinancialstatements.
IFRS revenue in 2014 increased by 5% (RUB 2,320 million) compared with the previous year and amounted to RUB 46,935 million. The main reason for the indicator increase is the increase in revenue from electricity transmission due to the increase of average tariff in tariff and balance decisions as a result of the activities conducted by the Company’s management together with the bodies of the government authorities of constituent entities of the Russian Federation and the Federal Tariff Service.
The cost of production of services in 2014 increased by 10%, primarily due to the recognition of impairment of assets in the amount of RUB 1,992 million. (assets of Vologdaenergo branch depreciated by RUB 1,317 million, of Novgorodenergo branch — by RUB 595 million). Measures for testing the Company’s assets for impairment were performed in accordance with the IFRS requirements in connection with the indications of impairment associated with adverse financial and economic forecasts and decisions taken by the government authorities to address the situation, including on limitation of tariffs for the electric power industry entities. Most of the assets of the Group are specialized assets that are rarely traded in the open market, except when they are being sold as part of existing enterprises, therefore the value of using fixed assets was determined by the method of projected cash flows. As a result of testing of assets as at December 31, 2014, a loss in operating expenses of the Group was recognized.
Financial expenses of the Group in 2014 increased by 2.7 times and amounted to RUB 2,897 million, which is driven by provision for impairment of financial investments in the amount of RUB 1,665 million (deposit at the JSC Bank Tavrichesky).
2014 financial results according to IFRS — a loss of RUB 2,217 million. EBITDA (income before tax, depreciation, payments and receiving interest) amounted to RUB 2,930 million.
The Company keeps accounting records in accordance with Federal Law No.402-FZ dated December 06, 2011, on Accounting in order to provide to internal and external users of accounting records (managers, shareholders, investors, creditors, etc.) systematized information on the Company’s financial state as of the reporting date, financial results of its activities and cash flows in the reporting period.
The Company provides internal and external users with :
The accounting methods and policy in the Company are documented in the Company’s Accounting Policy for 2014, approved by Order No.606 dated December 30, 2013. All essential aspects of the accounting policy provisions, accepted by the Company, are described in the explanatory note to the annual accounting (financial) statements for 2014.
The Company’s consolidated financial statements prepared in accordance with IFRS include information on activities of JSC IDGC of the North-West and its subsidiaries.
All essential aspects of the accounting policy provisions, accepted by the Company, are described in the notes to the consolidated financial statements for the year ended December 31, 2014.