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Annual Report 2015

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Assets and liabilities

59.6 RUB billion assets in 2015
3.4 RUB billion The Company’s credit portfolio size decreased

Key property indicators of PJSC IDGC of the North-West and their sources are presented in accordance with the RAS statements for 2013-2015.

In 2013-2015, material events affecting the whole financial and business activities happened:

  • As from March 01, 2013, in Murmansk Oblast, and as from April 01, 2013 and October 01, 2013, in Novgorod Oblast, the supplier of last resort functions in relation to the area of operations of JSC Kola Energy Sale Company, JSC Novgorodoblenergosbyt and JSC Novgorodenergosbyt were delegated to PJSC IDGC of the North-West.
  • The supplier of last resort function performed by PJSC IDGC of the North-West in Novgorod Oblast was delegated to LLC Garantenergoservice. As from April 01, 2013, the function was delegated in respect of JSC Novgorodoblenergosbyt, and as from October 01, 2013 — in respect of JSC Novgorodenergosbyt.
  • As from February 01, 2015, the supplier of last resort function performed by PJSC IDGC of the North-West in Murmansk Oblast was delegated to JSC AtomEnergoSbyt.

As of year end 2015, the Company’s assets were RUB 56,607 million. The growth in assets in 2011-2015 was RUB 18,537 million, or 45%: from RUB 41,070 million to RUB 59,607 million.

As of year-end 2015, non-current assets account for the main portion of the Company’s asset structure — 72%. This significant prevalence of non-current assets is due to particularities of PJSC IDGC of the North-West activities as relate to the capital-intensive industry, which requires considerable investment in fixed assets. The most significant growth in fixed assets (9% in annual average terms) took place in 2011-2013 and was due to the post-crisis economic recovery, the reset of RAB regulation parameters for the Company’s branches and, as a consequence, the increase in the volume of capital investments 2014-2015, there was a slowdown of fixed assets growth due to the deterioration of macroeconomic conditions, lack of liquidity in the banking sector and the revision of funding sources and terms of implementation of the Company’s Investment Programme. During the period of 2011-2014, the portion of current assets in the totality of assets fell from 81% to 70%.

In the structure of current assets, the largest portion accounts for receivables — 90% of the Company’s current assets. The growth of receivables in 2015 amounted to RUB 439 million, and it is the smallest figure as compared to previous periods.

Asset structure and dynamic pattern in 2011-2015, RUB million
Liabilities structure and dynamic pattern, RUB million

As of year-end 2015, no significant structural changes in the Company’s liabilities were observed, and equity and reserves account for a significant portion — 46%, while the remaining equity ratio was distributed as follows: 23% — long-term liabilities, 31% — short-term liabilities.

Structural changes and dynamic pattern of liabilities of the Company are directly dependent on changes in the assets side of the balance-sheet. Overdue debt in consumer receivables affects the increase in payables to contractors. However as of year-end 2015, the Company achieved the following results in reducing its own liabilities:

  • The Company’s credit portfolio size decreased by RUB 3,407 million or 18% as compared to the 2014 level;
  • The growth of the total accounts payable (excluding advance payments received for grid connection services) amounted to RUB 47 million and and it is the smallest figure for the period of 2012-2015.

The equity value of PJSC IDGC of the North-West as of December 31, 2015 was RUB 27,607 million, which is RUB 642 million higher than the same indicator as of year-end 2014. The positive trend is due to the presence of the total retained earnings in the amount of RUB 486 million, and the net profit as of year-end 2015 in the amount of RUB 644 million as compared to the loss in 2014 of RUB 620 million.