IDGC Holding Discloses Its IFRS Consolidated Financial Statements for 2009

Revenue and government subsidies, million rubles
321 790
397 882
461 660
Sales revenue, million rubles
318 475
394 714
459 047
Government subsidies, million rubles
3 315
3 167
2 612
EBITDA, million rubles
54 271
69 697
86 129
Net profit, million rubles
13 953
19 762
21 752

For comparability purposes, the indicators for 2007 and 2008 are calculated and consolidated as if the Group has been in existence since January 1, 2007.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled 86,129 million rubles for the 12 months of 2009, or 24 percent up on 2008. EBITDA margin was 18.7 percent. Net profit for 2009 was 21,752 million rubles, or 10 percent up on 2008 (19,762 million rubles).

The key financial indicators improved in 2009 due to a 22 percent rise in the electricity distribution tariff. For instance, revenue from electricity distribution reached 395,077 million rubles (up by 21 percent). The growth in revenue from electricity distribution was accompanied by a reduction in net electricity output (down by 594 million kWh, or 5 percent) and a fall in revenue from network connections (down by 4,811 million rubles, or 14 percent). Therefore, sales revenue rose 16 percent, compared with a 24 percent increase in 2007/2008. The results were adversely affected primarily by reduced electric power consumption on the part of large industrial customers and by lower demand for capacity.

Operating expenses grew 13 percent, while financial expenses increased by 6,754 million rubles owing to higher debt interest (up by 54 percent).

The Group’s total assets in 2009 were 7 percent up on 2008. Noncurrent assets were 601 billion rubles (up by 5 percent), and current assets grew 19 percent to 120 billion rubles. Receivables increased by 5.2 billion rubles.

A rise in debt related to loans and advances totaled 8,536 million rubles (up by 6 percent). Loans were taken out mainly to refinance noncurrent liabilities as there was a limited supply of funds in financial markets.

The IFRS Consolidated Financial Statements of IDGC Holding for 2009 are available in English here and in Russian here.

For information.
JSC IDGC Holding is an open joint-stock company established on July 1, 2008, as a result of the reorganization of RAO UES of Russia through a spin-off. JSC IDGC Holding has shareholdings in Interregional Distribution Grid Companies (IDGC).

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