IDGC of Northwest, JSC publishes its consolidated financial statements by IFRS for 2009

The current year the shareholders and investors have a possibility in advance of a month and a half till the annual general meeting to get acquainted with the activity results of the company disclosed in the financial (accounting) statements prepared both by Russian Accounting Standards and by international financial reporting standard (IFRS).
The proceeds of IDGC of the Northwest, JSC by IFRS grew by 15, 1% in 2009 in comparison with 2008 and amounted to RUR 26, 7 billion.
The proceeds from electric power transmission has increased by 18, 6%. The incomes from electric power transmission amounted to 80, 1% (in 2008 – 78, 5%) in the structure of proceeds.
The financial results of the group’s activity were influenced in 2009 compared to 2008 by a falldown of power consumption upon the growth of operational expenses, conflicts with marketing companies (which reflected in the statements by way of reserves by the accounts receivable) and also an increase of expenses for credit portfolio service.
The consolidated financial statements by IFRS for 2009 include the financial statements of IDGC of the Northwest, JSC and controlled entities (subsidiary branches): “Pskovenergoagent”, JSC, “Pskovenergosbit”, JSC, “Pskovenergoauto”, JSC, “Lesnaya skazka”, JSC, “Private Guard Enterprise “Energy”, LLC.