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IDGC of Volga  |
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| Compilation Date: | 29 Jul 10 |
Company Overview
General Info | |
| Full Company Name | JSC "Interregional Distribution Grid Company of Volga" |
| Industrial Group | Power Industry |
| Number of Employees | 19,071 |
| Registration Date | 29 Jun 07 |
| Registered Address | 42/44, Pervomayskaya St., Saratov, 410031 |
| Main Office | 42/44, Pervomayskaya St., Saratov, 410031 |
| Telephone / Fax | (8452) 30-2489; 30-2659 / (8452) 28-3482; 28-5370 |
| e-mail | office@mrsk-volgi.ru ir@mrsk-volgi.ru |
| Internet Home Page | www.mrsk-volgi.ru |
| Registrar | JSC "Central Moscow Depository" |
| Auditor | Nexia Pacioli Ltd. |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
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Corporate Management |
| Chairman of the Board | Pavel Okley | | General Director | Vladimir Ryabikin |
Price Highlights | |
| Price per Common Share, USD | 0.003224 |
| YTD Price Change, % | -24.86 |
| P/E Ratio | 75.4418 |
| Market Capitalization, USD | 575,792,869 |
| Common Shares in Free Float, % | 19.00 |
Operations Summary | |
“Interregional Distribution Grid Company of Volga”, Joint-Stock Company was established on June 29, 2007 in Saratov. The Board of Directors of OAO RAO UES of Russia took the decision to create IDGC of Volga, JSC on April 27, 2007, when the new IDGC configuration was established. The principles of territorial conjugacy and the price comparability of distribution grid companies’ assets being a part of IDGC line at the root of the new configuration. It preserves the current technological connections between RGC within the framework of IDGC. Since April 1, 2008 IDGC of Volga, JSC has been functioning as the unified operating company with branches “Mordovenergo”, “Orenburgenergo”, “Penzaenergo”, “Samara distribution grids”, “Saratov distribution grids”, “Ulyanovsk distribution grids” and “Chuvashenergo”. IDGC of Volga, JSC activity covers 7 regions of 403 thousand square km of total area, with the population over 13 million people. The total length of transmission lines exceeds 223 thousand km. In 2008 capital investments of IDGC of Volga amounted to RUR 6,653.9 million. The company’s investments program for 2009 through 2011 is approximately RUR 9,314.1 million. |
Shares Information
Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
| Common Share | 178,577,801,146 | 0.10 RUR |
Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
| JSC "Interregional Distribution Grid Companies Holding" | 67.63 | 67.63 |
Equity Positions in Other Companies |
| Name | % of Charter Capital |
| JSC "Social Sphere-M" | 100.00 | | JSC "Chuvash Auto Transport Company" | 99.99 |
Dividends History |
| Period | Payment per Share, USD | Number of Shares | Ex-Date | Payment Date | Payout Ratio, % | Dividend Yield, % |
| 2007 / com | n. p. | 178,577,801,146 | - | - | - | - | | 2008 / com | n. p. | 178,577,801,146 | - | - | - | - | | 2009 / com | n. p. | 178,577,801,146 | - | - | - | - |
Stock Market
Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
| IDGC of Volga | MRKV | RU000A0JPPN4 | MICEX | | IDGC of Volga | MRKV | RU000A0JPPN4 | RTS Classic | | IDGC of Volga | MRKVG | RU000A0JPPN4 | 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 | 0.08 | 01 Jan 09 | | | RusIndex Fuel & Energy Complex | 0.13 | 01 Jan 09 | | | RusIndex Industrials | 0.10 | 01 Jan 09 | | | RusIndex Power Industry | 0.74 | 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 | 50,615.6 | 49,902.96 | 49,695.07 | 1,722.95 | 1,649.79 | 1,684.66 |
| Fixed Assets and Other Non-current Assets, of which | 45,508.24 | 44,298.53 | 43,642.31 | 1,549.1 | 1,464.51 | 1,479.47 |
| | Fixed Assets | 41,804.49 | 42,105.9 | 41,485.14 | 1,423.02 | 1,392.02 | 1,406.35 |
| | Intangible Assets | 144.01 | 125.86 | 120.59 | 4.9 | 4.16 | 4.09 |
| | Other Assets | 3,559.74 | 2,066.77 | 2,036.57 | 121.17 | 68.33 | 69.04 |
| Current Assets, of which | 5,107.36 | 5,604.43 | 6,052.76 | 173.85 | 185.28 | 205.19 |
| | Inventories | 1,110.84 | 927.05 | 1,234.08 | 37.81 | 30.65 | 41.84 |
| | Accounts Receivable | 3,273.1 | 3,556.8 | 4,140.65 | 111.42 | 117.59 | 140.37 |
| | Cash | 470.96 | 395.1 | 243.82 | 16.03 | 13.06 | 8.27 |
| | Other Current Assets | 252.46 | 725.48 | 434.22 | 8.59 | 23.98 | 14.72 |
| OWNER'S EQUITY, of which | 40,760.86 | 40,965.39 | 41,169.01 | 1,387.5 | 1,354.32 | 1,395.63 |
| | Charter Capital | 17,857.78 | 17,857.78 | 17,857.78 | 607.88 | 590.38 | 605.38 |
| | Reserves | 18,910.57 | 18,941.78 | 18,940.58 | 643.72 | 626.22 | 642.09 |
| | Retained Earnings | 3,992.51 | 4,165.83 | 4,370.65 | 135.91 | 137.72 | 148.16 |
| LIABILITIES, of which | 9,854.74 | 8,937.58 | 8,526.05 | 335.46 | 295.48 | 289.03 |
| | Long-Term Debt | 4,553.71 | 5,379.11 | 3,695.55 | 155.01 | 177.83 | 125.28 |
| | Short-Term Debt | 1,240.3 | 4.76 | 5.34 | 42.22 | 0.16 | 0.18 |
| | Accounts Payable | 3,324.3 | 2,669.67 | 3,952.72 | 113.16 | 88.26 | 134 |
| | Other Liabilities | 736.43 | 884.04 | 872.45 | 25.07 | 29.23 | 29.58 |
| 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 | 22,614.52 | 29,318.22 | 10,743.88 | 909.38 | 923.44 | 359.61 |
| Production Costs | 19,901.92 | 27,127.48 | 9,581.01 | 800.3 | 854.44 | 320.68 |
| Operating Profit | 2,712.6 | 2,190.73 | 1,162.87 | 109.08 | 69 | 38.92 |
| Other Income | -1,151.05 | -1,553.27 | -638.69 | -46.29 | -48.92 | -21.38 |
| Income Before Taxes | 1,561.55 | 637.46 | 524.18 | 62.79 | 20.08 | 17.54 |
| Net Income | 808.08 | 141.61 | 204.67 | 32.49 | 4.46 | 6.85 |
| 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 | 0.29 | 0.57 | 0.59 |
| P/S | 0.45 | 0.83 | 0.77 |
| P/E | 12.49 | 171.36 | 75.44 |
| Company Efficiency Coefficients | |
| Sales/Employee, USD thnd | 50.97 | 48.62 | 55.74 |
| Net Profit Margin, % | 3.57 | 0.48 | 1.03 |
| ROA, % | 3.78 | 0.27 | 0.64 |
| ROE, % | 4.70 | 0.33 | 0.78 |
| Turnover Coefficients | |
| Receivables Turnover | 16.28 | 8.08 | 8.13 |
| Assets Turnover | 1.06 | 0.55 | 0.63 |
| Inventory Turnover | 46.85 | 27.09 | 28.97 |
| Liabilities Turnover | 5.42 | 2.95 | 3.58 |
| Capital Structure Coefficients | |
| Equity Ratio | 0.81 | 0.82 | 0.83 |
| Debt Ratio | 0.19 | 0.18 | 0.17 |
| Equity/Debt | 4.14 | 4.58 | 4.83 |
| Current Liquidity | 1.12 | 2.09 | 1.53 |
| Quick Liquidity | 0.87 | 1.74 | 1.21 |
Production Overview
Production |
| Product | Measure | 2008 | 2009 | 1Q10 | Units |
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| Volume of electric power transferred | 1,000,000 | 58,484.84 | 52,867.68 | 15,115.15 | kWh |
Capacity |
| Product | Measure | Capacity | Units |
| Installed capacity of transformer substations PS 35kV and more. | 1 | 26,572.2 | MW | | Installed capacity of transformer substations TP 6-35/0,4kV | 1 | 7,200.85 | MW |
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