Key Financial Indicators in accordance with IFRS
The consolidated financial statements
Consolidated financial statements of PJSC IDGC of the North-West for the year ended December 31, 2015 as prepared in accordance with IFRS was published on the website of PJSC IDGC of the North-West at http://www.mrsksevzap.ru/
id_1yearfinreport#tab2
of PJSC IDGC of the North-West for the year ended December 31, 2015 prepared in accordance with IFRS include performance indicators of the Company and its subsidiaries:
- JSC 'Pskovenergosbyt'
- JSC 'Pskovenergoagent'
- OJSC 'Energoservice North-West'
- JSC 'Lesnaya Skazka'
| Indicator, RUB million | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Revenue, including: | 42,370 | 46,935 | 44,615 | 33,419 | 33,288 |
| Electricity Transmission | 33,685 | 28,518 | 26,911 | 26,565 | 26,769 |
| Electricity sales | 6,917 | 16,548 | 16,139 | 4,994 | 5,190 |
| Grid connection | 804 | 882 | 955 | 1,412 | 884 |
| Other revenues | 964 | 987 | 611 | 448 | 445 |
| Production cost of services | |||||
| Result of operating activities | 1,897 | –517 | 1,346 | 716 | 1,325 |
| Financial expenses,net | –1,765 | –2,897 | –1,062 | –515 | –259 |
| Profit/(loss) before tax | 1,080 | –2,501 | 683 | 508 | 1,253 |
| Expenses on income tax | –265 | 284 | –297 | –112 | –451 |
| Profit/(loss) for the year | 815 | –2,217 | 387 | 396 | 802 |
| Total aggregate profit/(loss) for the year | 703 | –2,183 | 168 | 294 | 789 |
| EBITDAearnings before interest, tax and depreciation and amortization | 6,892 | 2,930 | 5,252 | 4,020 | 4,396 |
| DEBT/EBITDA net debt to EBITDA ratio | 2.19 | 5.94 | 3.03 | 2.47 | 1.07 |
| Fixed assets | 35,474 | 35,276 | 35,915 | 33,251 | 29,523 |
| Accounts receivable and advances paid | 15,500 | 14,655 | 12,339 | 5,755 | 4,313 |
| Equity capital | 20,562 | 19,859 | 22,118 | 21,966 | 21,593 |
| Long-term credit and loans | 9,941 | 14,913 | 13,953 | 10,629 | 6,148 |
| Short-term credit and loans | 5,204 | 3,539 | 2,777 | 19 | 80 |
| ROE return on equity ratio | 0.04 | –0.11 | 0.02 | 0.02 | 0.04 |
| QRquick liquidity ratio | 0.87 | 1.08 | 1.32 | 1.26 | 1.03 |
The IFRS revenue in 2015 was RUB 42,370 million.
Revenue from sales of electricity transmission services amounted to RUB 33,685 million, revenue from the sale of electricity was RUB 6,917 million, revenue from the sale of grid connection services was RUB 804 million.
The general decline in revenue by RUB 4,565 million (by 9.73%) and the reduced production cost by RUB 7,114 million (by 14.95%) as compared to 2014 was due to the termination of electricity sales in Murmansk Oblast within the area of operations of JSC ’Kolenergosbyt’.
Revenue from the sale of electricity transmission services increased by RUB 5,167 million (by 18.12%) as compared to the previous year, resulted from the change in the ’uniform (boiler)’ tariff settlements scheme in the Karelenergo branch and the growth in the average selling tariff rate. Revenue from the lease of property increased more than two-fold (by RUB 124 million).
The proportion of non-current assets in the asset structure is 68.35% (RUB 35,474 million); 96.28% of non-current assets are fixed assets. Due to the signs of impairment found in respect of certain items of fixed assets which generate the cash flows, impairment testing was provided as of December 31, 2015.
As a result of testing, no loss of impairment of the fixed assets was identified.
The largest share in the structure of current assets (90.87%) is held by accounts receivable (RUB 15,500 million). The main debtors are electric supply companies which are suppliers of last resort: JSC Arkhangelsk Electric Supply Company, JSC Vologda Electric Supply Company, JSC Komi Electric Supply Company.
Loans and credits are the most significant portion of the structure of long-term liabilities (67.40%), which at the end of the reporting period amounted to RUB 9,941 million, a decrease of RUB 4,972 million (by 33.34%) as compared to 2014. Short-term credits in 2015 increased by RUB 1,665 million (by 47.04%), which is due to the reclassification of certain long-term credits as short-term credits.
The financial result as of year-end 2015 — profit of RUB 815 million versus the 2014 loss of RUB 2,217 million. EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to RUB 6,892 million, which is higher than the value in 2014 by RUB 2,930 million.