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IDGC Holding Publishes its financial statements for the first half of 2011, prepared in accordance with International Financial Reporting Standards (IFRS)

26.10.2011

IDGC Holding Publishes its financial statements for the first half of 2011, prepared in accordance with International Financial Reporting Standards (IFRS).



30.06.2010

30.06.2011

Change

Revenues with the government's subsidies

mln. rub.

272 558

322 329

18%

Operational expenses

mln. rub.

245 343

285 614

16%

Operational profit

mln. rub.

27 893

37 092

33%

EBITDA

mln. rub.

50 565

65 515

30%

Net profit (loss)

mln. rub.

17 351

26 124

51%

Earnings per share (EPS)

rub.

0,27

0,38

41%

Net cash flow, used in investment activity

mln. rub.

22 139

33 011

49%

Revenues with the government's subsidies during the first half of 2011 increased by 18% in comparison with the same period of the previous year, accounted for 322 329 mln. (as of 30.06.2010: 272 558 mln.) and included revenues from power distribution services (286 113 mln. compared with 236 865 mln. for the first half of 2010), revenues from service network connection (15 589 mln. compared with 15 563 mln. for the same period of 2010) and revenues from power sales (16 510 mln. as of Juneth 30, 2010: 15 594 mln.). The primary factors affected total revenues' increase were growth of electricity supply volume and increase of tariff for electricity distribution services. Revenues from service network connection in the first half of 2011 corresponds to the level of the first half of 2010 mainly due to the agreements, concluded in previous years.

Net profit in the first 6 months of 2011 increased in 50,56% reaching 26 124 mln. compared with 17 351 mln. as of 30.06.2010. Among other factors, net income growth was also triggered by the revenue growth outpacing an increase in operational cost.

This resulted EBITDA growth by 30% (14 950 mln.), achieved 65 515 mln. for the accounting period.

Financial expenses of IDGC Holding decreased by 37% due to interest rates on raised loans reduction.

Funds, injected in investment activities, grew by 49% which resulted from investment program's extensive growth.

Total assets of IDGC Holding during the first half of 2011 increased by 24 171 mln. reaching 791 978 mln. Non-current assets slightly increased by 2,3%. This growth was mainly caused by growing costs of fixed assets. Current assets increased by 7% and accounted for 141 760 mln. compared with 131 855 mln. in the first half of 2010.  


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