PJSC «IDGC of North-West» has published the consolidated IFRS financial statements for the year ended 31 December 2016
The consolidated IFRS financial statements include PJSC «IDGC of North-West» and the following subsidiaries: OJSC «Pskovenergoagent», OJSC «Pskovenergosbyt», OJSC «Lesnaya skazka», OJSC «Energoservice North-West».
The main items, million rubles
- Power transmitting
- Sale of electricity
- Connection to power network
Profit/(loss) for the period
Property, plant and equipment
Accounts receivable and prepayments
The revenue for 2016 amounted to 45,541 million rubles, including the revenue from power transmitting in amount 37,327 million rubles, sale of electricity in amount 6,353 million rubles, connection to power network in amount 1,123 million rubles.
The revenue for 2016 increased by 3,171 million rubles (7%) in comparison with the similar period of 2015, including due to increase of the revenue from power transmitting by 3,642 million rubles (11%). The increase is attributed to the change of card gopher payments in Murmansk region and increase of energy consumption by manufacturing companies in the regions of operation. The revenue from connection to power network increased by 319 million rubles (40%).
Expenses increased by 3,845 million rubles in comparison with the similar period of 2015 due to increase of uncontrollable expenses: services from PJSC “FSK EES”, TSO, compensation for electric power losses, impairment of property, plant and equipment.
Non-current assets of Company’s asset profile as of 31 December 2016 comprise 69% and 96% (35,219 million rubles) from it is property, plant and equipment.
In connection with identified impairment indicators, the Group performed impairment testing in respect of property, plant and equipment for special cash-generating units. As a result of impairment testing the Group recognized impairment losses in amount 505 million rubles identified for the reporting period, including 182 million rubles related to the branch “Arkhenergo” and 323 million rubles related to the branch “Komienergo”.
Major relative share in the structure of current assets (88%) dominates accounts receivable (14,172 million rubles). The main debtors are energy retail companies - guaranteeing suppliers: PJSC "Arkhangelsk energy retail Company", OJSC "Vologda energy retail Company", OJSC "Komi energy retail Company". Amount of accounts receivable decreased as at 31 December 2016 as compared to 31 December 2015 by 1,328 million rubles (9%) as the result of cash payments received from major debtors (PJSC "Arkhangelsk energy retail Company", OJSC "Vologda energy retail Company", OJSC “Kondopoga”) based on became effective court decisions.
Major relative share of liabilities dominates loans and borrowings (46%) that amounted 14,793 million rubles to the end of the reporting period, which is less by 352 million rubles as compared to the beginning of the period. Amount of accounts payable decreased by 1,740 million rubles (14%) mainly due to repayments to suppliers and contractors.
As a result for 2016 profit amounted to 585 million rubles.
EBITDA (earnings before tax, depreciation, interest paid and received) amounted to 6,422 million rubles. DEBT/EBITDA as at the end of 2016 comprised 2,25.