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IDGC of the North-West  |
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| Compilation Date: | 29 Jul 10 |
Company Overview
 General Info | |
| Full Company Name | JSC "Interregional Distribution Grid Company of the North-West" |
| Industrial Group | Power Industry |
| Number of Employees | 14,249 |
| Registration Date | 23 Dec 04 |
| Registered Address | 31, Sobornaya St., Gatchina, 188300 |
| Main Office | Bld. "A", 5, Voronezhskaya St., St. Petersburg, 191119 |
| Telephone / Fax | (812) 305-1014; 305-1009 / (812) 320-6170 |
| e-mail | post@mrsksevzap.ru |
| Internet Home Page | eng.mrsksevzap.ru |
| Registrar | JSC "Central Moscow Depository" |
| Auditor | Closed JSC "HLB Vneshaudit" |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
|
| Corporate Management |
| Chairman of the Board | Nikolay Shvets | | General Director | Alexander Kukhmay |
| Price Highlights | |
| Price per Common Share, USD | 0.006875 |
| YTD Price Change, % | -13.51 |
| P/E Ratio | 374.2366 |
| Market Capitalization, USD | 658,552,455 |
| Common Shares in Free Float, % | 25.00 |
| Operations Summary | |
JSC “Interregional Distribution Grid Company of the North-West” (JSC “IDGC of the North-West”) was created during the reformation of the Russian public company “Unified Energy System of Russia” and registered in December 2004. The structure of JSC “IDGC of the North-West” was approved by RAO UES of Russia on April 27, 2007. According to RAO UES, the zone of responsibility of IDGC of the North-West includes JSC Arkhenergo, JSC Karelenergo, JSC Kolenergo, JSPC Komienergo, JSC Vologdaenergo, JSC Novgorodenergo and JSC Pskovenergo. The company has been functioning as the main service provider on the power transmission and process connection to power networks in these regions. Total length of electricity transmission lines is 169,535 km. The installed capacity of all seven electric power plants is 24,170 MW. According to the Investments and Capital Construction Department of JSC “IDGC of the North-West,” the equipment purchase program was approved; monies will be spent for re-equipment, reconstruction and new construction. The company’s investments program for 2009 through 2011 is approximately RUR 8,992.5 million. In 2008 capital investments of IDGC of the North-West amounted to RUR 4,024.05 million. In May 2008, shares of JSC “IDGC of the North-West” were offered for trading on the key Russian exchanges: RTS and MICEX. |
Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 95,785,923,138 | 0.10 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| JSC "Interregional Distribution Grid Companies Holding" | 55.38 | 55.38 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| JSC "Pskovenergoagent" | 100.00 | | JSC "Pskovenergosbyt" | 100.00 | | JSC "Pskovenergoavto" | 100.00 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 2007 / com | n. p. | 95,785,923,138 | - | - | - | - | | 2008 / com | n. p. | 95,785,923,138 | - | - | - | - | | 2009 / com | n. p. | 95,785,923,138 | - | - | - | - |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| IDGC of the North-West | MRKZ | RU000A0JPPB9 | MICEX | | IDGC of the North-West | MRKZ | RU000A0JPPB9 | RTS Classic | | IDGC of the North-West | MRKZG | RU000A0JPPB9 | RTS T+0 |
| Price Chart |
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| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| No DRs issued. |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| RusIndex 100 | 0.09 | 01 Jan 09 | | | RusIndex Fuel & Energy Complex | 0.15 | 01 Jan 09 | | | RusIndex Industrials | 0.11 | 01 Jan 09 | | | RusIndex Power Industry | 0.85 | 01 Jan 09 | |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| No bonds issued. |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| No bonds issued. |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| No bonds issued. |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 29.38 | 30.25 | 29.50 |
| ASSETS, of which | 36,415.78 | 38,117.47 | 39,238.67 | 1,239.59 | 1,260.16 | 1,330.19 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 30,857.57 | 31,216.4 | 30,697.87 | 1,050.39 | 1,032.01 | 1,040.66 |
|---|
| | Fixed Assets | 29,039.35 | 29,630.31 | 29,080.56 | 988.5 | 979.58 | 985.83 |
| | Intangible Assets | 0 | 0 | 0.06 | 0 | 0 | 0.00 |
| | Other Assets | 1,818.23 | 1,586.08 | 1,617.25 | 61.89 | 52.44 | 54.82 |
| Current Assets, of which | 5,558.21 | 6,901.08 | 8,540.8 | 189.2 | 228.15 | 289.53 |
|---|
| | Inventories | 979.95 | 927.82 | 1,019.04 | 33.36 | 30.67 | 34.55 |
| | Accounts Receivable | 3,875.45 | 5,113.71 | 6,261.11 | 131.92 | 169.06 | 212.25 |
| | Cash | 631.93 | 539.13 | 901.69 | 21.51 | 17.82 | 30.57 |
| | Other Current Assets | 70.88 | 320.41 | 358.96 | 2.41 | 10.59 | 12.17 |
| OWNER'S EQUITY, of which | 27,959.03 | 28,166.79 | 28,403.44 | 951.73 | 931.19 | 962.88 |
|---|
| | Charter Capital | 9,578.59 | 9,578.59 | 9,578.59 | 326.06 | 316.67 | 324.71 |
| | Reserves | 17,775.92 | 17,737.73 | 17,725.88 | 605.09 | 586.41 | 600.91 |
| | Retained Earnings | 604.51 | 850.48 | 1,098.96 | 20.58 | 28.12 | 37.25 |
| LIABILITIES, of which | 8,456.75 | 9,950.68 | 10,835.23 | 287.87 | 328.97 | 367.31 |
|---|
| | Long-Term Debt | 1,969.19 | 4,083.27 | 4,548.07 | 67.03 | 134.99 | 154.18 |
| | Short-Term Debt | 2,731.75 | 574.97 | 323.18 | 92.99 | 19.01 | 10.96 |
| | Accounts Payable | 2,763.24 | 4,252.57 | 4,886.2 | 94.06 | 140.59 | 165.64 |
| | Other Liabilities | 64.55 | 1,039.87 | 1,077.78 | 2.2 | 34.38 | 36.54 |
| Financial data standard | RAS | RAS | RAS | RAS | RAS | RAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated |
| P&L Account |
| | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 24.87 | 31.75 | 29.88 |
| Sales | 15,954.2 | 24,943.63 | 7,235.14 | 641.55 | 785.65 | 242.17 |
| Production Costs | 15,281.68 | 23,652.08 | 6,656.97 | 614.51 | 744.97 | 222.81 |
| Operating Profit | 672.52 | 1,291.54 | 578.17 | 27.04 | 40.68 | 19.35 |
| Other Income | 392.94 | -1,133.95 | -190.09 | 15.8 | -35.72 | -6.36 |
| Income Before Taxes | 1,065.46 | 157.59 | 388.07 | 42.84 | 4.96 | 12.99 |
| Net Income | 598.24 | 150.43 | 247.56 | 24.06 | 4.74 | 8.29 |
| Financial data standard | RAS | RAS | RAS | RAS | RAS | RAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated | Non-consolidated |
| Key Ratios |
| | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 0.19 | 0.79 | 0.88 |
| P/S | 0.27 | 0.93 | 1.01 |
| P/E | 7.29 | 154.34 | 374.24 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 47.34 | 55.37 | 58.45 |
| Net Profit Margin, % | 3.75 | 0.60 | 0.27 |
| ROA, % | 3.89 | 0.38 | 0.17 |
| ROE, % | 5.07 | 0.50 | 0.23 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 9.67 | 5.30 | 4.31 |
| Assets Turnover | 1.04 | 0.63 | 0.63 |
| Inventory Turnover | 38.50 | 24.64 | 25.19 |
| Liabilities Turnover | 4.46 | 2.58 | 2.36 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.77 | 0.74 | 0.72 |
| Debt Ratio | 0.23 | 0.26 | 0.28 |
| Equity/Debt | 3.31 | 2.83 | 2.62 |
| Current Liquidity | 1.00 | 1.41 | 1.62 |
| Quick Liquidity | 0.83 | 1.22 | 1.43 |
Production Overview
| Production |
| Product | Measure | 2008 | 2009 | 1H10 | Units |
|---|
| Volume of electric power transferred | 1,000,000 | 45,498.53 | 38,948.41 | 20,465.8 | kWh |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Installed capacity of transformer substations PS 35kV and more. | 1 | 17,690 | MW | | Installed capacity of transformer substations TP 6-35/0,4kV | 1 | 6,685 | MW |
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