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Annual Report 2015

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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'
Key Financial Indicators of the Company in accordance with IFRS
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 –40,479 –47,593 –43,337 –32,705 –31,975
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.