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The financial and economic indicators of JSC IDGC of the North-West were calculated in accordance with the statutory financial statements for
| Indicator | Method of calculation | 2010 | 2011 | 2012Indicators for |
2013 | 2014 |
|---|---|---|---|---|---|---|
| Absolute liquidity ratio |
(Cash and equivalents + Short-term financial investments) / Short-term liabilities = (line 1240, form 1 + line 1250, form 1) / line 1500, form 1 |
0.20 | 0.25 | 0.13 | 0.08 | 0.13 |
| (quick liquidity ratio) |
(Cash and equivalents + Short-term financial investments + Accounts receivable under 12 months Other current assets Short-term liabilities = (line 1260, form 1 + line 1250, form 1 + line 1240, form 1 +line 1232, form 1) / line 1500, form 1 |
1.07 | 1.02 | 1.25 | 1.30 | 1.08 |
| Current liquidity ratio |
Current assets/ Current liabilities = line 1200, form 1 / line 1500, form 1 |
1.25 | 1.21 | 1.44 | 1.42 | 1.15 |
| Ratio of sufficiency of own working capital |
(Current assets — Accounts receivable under 12 months — Short-term liabilities) / Current assets = (line 1200, form 1 — line 1231, form 1 — line 1500, form 1) / line 1200, form 1 |
0.17 | 0.15 | 0.29 | 0.29 | 0.12 |
| Financial stability ratios | ||||||
| Autonomy (financial independence) ratio |
Equity / Total liabilities = line 1300, form 1 / line 1700, form 1 |
0.70 | 0.66 | 0.60 | 0.50 | 0.44 |
| Ratio of net debt to EBITDA | (Long-term borrowings + Short-term borrowings) / EBITDA = (line 1410, form 1 + line 1510, form 1) / EBITDA | 1.76 | 1.57 | 2.71 | 3.17 | 3.83 |
| Return ratios | ||||||
| Return on assets (ROE) |
(Net profit / Equity)*100% = [line 2400, form 2 / ((line 1300, form 1 statement + line 1300, form 1 base) / 2)]*100% |
–2.93 | 1.51 | 0.23 | 1.0 | –2.27 |
|
Return on total assets (ROTA) Profit before tax |
(Profit before tax / Total assets)*100% = [line 2300, form 2 / ((line 1600, form 1 statement + line 1600, form 1 base) / 2)]*100% |
–0.91 | 2.34 | 0.98 | 1.45 | –0.91 |
| Return on EBITDA, % | (EBITDA / Sales revenue (line 2110, form 2))*100% | 9.90 | 12.82 | 12.52 | 12.52 | 10.89 |
| Business activity ratios | ||||||
| Ratio of accounts receivable and payable growth rates |
ARGR = Total at the end of the reported period / Total at the end of the base period = line 1230, form 1 statement / line 1230, form 1 base |
0.93 | 0.96 | 1.33 | 2.07 | 1.21 |
| APGR = Total short-term AP at the end of the reported period / Total short-term AP at the end of the base period = line 1520, form 1 statement / line 1520, form 1 base | 1.14 | 1.05 | 0.84 | 1.53 | 1.80 | |
|
ARGR / APGR = (line 1230, form 1 / line 1230, form 1 base) / (line 1520, form 1 statement / line 1520, form 1 base) |
0.81 | 0.92 | 1.59 | 1.36 | 0.67 | |
| Ratio of total accounts receivable and payable | Total AR at the end of the reported period / Total AP at the end of the reported period = line 1230, form 1 / (line 1450, form 1 + line 1520, form 1). | 0.90 | 0.84 | 1.29 | 1.62 | 1.21 |
| Ratio of the most liquid accounts receivable and payable |
Most liquid AR at the end of the reported period / AP to suppliers and contractors at the end of the reported period = (line 123201, form 1 + line 123206, form 1) / (line 1521, form 1 + line 1528, form 1) |
1.97 | 1.64 | 2.66 | 3.12 | 1.82 |
The liquidity ratios describe the sufficiency of current assets of the Company for timely repayment of current liabilities. For distribution grid companies, a great part of accounts payable is advanced received under contracts of grid connection of consumers.
On the results of 2014, the values of liquidity ratios had a tendency of decreasing, which was due to quicker growth of short-term liabilities as compared to the increase of current assets.
The ratio of sufficiency of own working capital shows what part of its current assets the Company funds with equity. Its reduction on the results of 2014 shows a 17% reduction of the share of current assets that are funded with equity.
The autonomy (financial independence) ratio describes the Company’s dependence on external borrowing sources. On the results of 2014, the share of equity in assets of JSC IDGC of the North-West amounted to 44%. The reduction of the equity share in
The business activity ratios show how efficiently the Company uses its funds. As of year-end 2014, the accounts receivable growth rate was smaller than that of accounts payable (1.21 vs 1.80). Throughout
On the results of analysis of the basic financial and economic indicators of 2014, in view of the cost cutting policy, the uneasy economic situation in the regions, impairment of the liquidity situation in the national banking sector, and exercise of guaranteed supplier functions in the Novgorod and Murmansk Regions, one can conclude that the Company management has developed a balanced policy of financial and economic business management, which will keep the Company stable in the current economic environment.
| Indicator | 2010 | 2011 | 2012 | 2013 | 2014 | Change for 2014 |
|---|---|---|---|---|---|---|
| Total loans, RUB million | 4,651 | 6,228 | 10,648 | 16,730 | 18,452 | 1,722 |
| Long-term (1 to 5 years) | 4,373 | 6,148 | 10,629 | 13,953 | 14,913 | 960 |
| Short-term (under 1 year) | 279 | 80 | 19 | 2,777 | 3,539 | 762 |
In 2014, the Company borrowed at a weighted average rate of 8.67% p.a., which is 0.29% more than in 2013. The refinancing rate of the Central Bank of Russia in 2014 was 8.25%.
| Bank | Bank share in the Management Project Contract, % | Indebtedness, RUB mln |
|---|---|---|
| Sberbank of Russia | 43 | 7,993 |
| JSC VTB Bank | 36 | 6,655 |
| JSC Alfa Bank | 11 | 2,004 |
| JCB RUSSIA | 10 | 1,800 |
| Total | 100 | 18,452 |
| Amount of loans as at January 01, 2014 | 16,730 |
| Attracted in 2014 | 8,533 |
| including loans for investment activity | 0 |
| for refinancing | 4,771 |
| for operating activity | 2,901 |
| for power supply | 861 |
| Amount of loans as at December 31, 2014 | 18,452 |
Pursuant to the borrowing strategy of JSC Russian Grids, in 2013, JSC IDGC of the North-West made a decision to register four issues of exchange bonds with a total nominal value of RUB 15 billion and 10 years circulation time.
The bonds will be placed when the market conditions are beneficial.
