The Board of Directors of IDGC of the North-West, JSC has approved the business plan of the company for 2010

The proceeds of IDGC of the North-West, JSC for 2010 is planned at the sum of RUR 26, 5 billion including that from the services rendering by power transmission at a sum of RUR 25, 4 billion or 96% of the total proceeds volume.
The proceeds increase is planned by 6% (RUR 1, 5 billion) in comparison with 2009. The supply in the grid will be 42, 2 billion kilowatt-hour including the productive supply 39, 2 billion kilowatt-hour. EBITDA will be RUR 2, 3 billion.
The net loss by the results of 2010 is planned at the sum of RUR 1, 05 billion. The company attracts additional credit resources for the compensation of the cash gap. “The losses of 2010 are connected with incomes due to disagreements of IDGC of the North-West, JSC with the marketing companies by the tariffs established in some regions and also the disagreements by the services’ cost”, - explains Deputy Director General by economics and finances of IDGC of the North-West, JSC Olga Makarova. In her words, the company makes a big work by the collection of the accounts receivable from the power marketing companies and the settlement of disagreements with the Federal Service by tariffs.
“IDGC of the North-West filed the cases to the power marketing companies at the total sum about RUR 2 billion and we have a series of positive decisions of the courts of original jurisdiction. The disagreements by the established tariffs are treated in the Federal Service by tariffs of Russia in the following regions: Murmansk region, Arkhangelsk region, the Komi Republic. The volume of disagreements is rather significant for the company’s economics. Subject to the results of this work, the business plan of the company will be adjusted”, - notices Olga Makarova.
To normalize the company’s financial state the management of IDGC of the North-West, JSC developed the program of management by expenses (PME). In spite of a presence of a loss and indebtedness increase by the credits in 2010, the arrangements by the decrease of expenses in the framework of PME will make it possible to preserve the stable financial state of IDGC of the North-West, JSC. A positive dynamics is expected in 2010 by a series of figures (liquidity, the ratio of the accounts receivable and accounts payable). The acid test ratio will be increased from 1, 2 to 1, 6, of the current liquidity – from 1, 4 to 1, 8.
In the implementation course of the business plan 2010, IDGC of the North-West doesn’t decrease the physical figures of the repair program. The increase of a part of works by 13% made by the economical way will make it possible to increase the physical volumes by repair of 35-150 kilovolt OL, distribution grids, switching units.
The business plan of IDGC of the North-West, JSC for 2010 was approved at the meeting in presentia of the Board of Directors on April 7.