This year consolidated financial statements as per IFRS was generated 20 days earlier than last year.
On April 09, 2012 IDGC of the North-West, JSC published 2011 consolidated financial statements as per IFRS
Implementation of the project for parallel accounting maintenance automation and generation of consolidated financial statements as per IFRS as well as putting into industrial operation ACS IFRS based on “Energo” Corporate Information System for Statutory and Fiscal Accounting on 1Ń: Enterprise 8 platform has enabled one to generate 2011 consolidated financial statements as per IFRS 20 days earlier than last year.

2011 consolidated financial statements as per IFRS include financial statements of IDGC of the North-West, JSC and controlled organizations subsidiary enterprises) of the latter, such as: Pskovenergoreagent, JSC; Pskovenergosbyt, JSC; Pskovenergoavto, JSC; Lesnaya Skazka, JSC; Energoservice of the North-West, JSC.
Proceeds in 2011 grew by 15% as compared to the same period of the previous year; in particular, proceeds from electric energy transmission services increased by 17% in connection with growth in tariffs for provision of electric energy transmission services and increase of productive supply of electric energy to consumers.
Operational expenses in 2011 grew by 10% as compared to the same period of the previous year as a result of inflation process development and growth in expenses beyond the Company’s reasonable control including expenditures on purchase of electric energy to compensate for losses and payment to FGC UES, JSC for provision of services for electric energy transmission across UNEG grids as well as increase of expenses on mandatory medical and pension insurance of the personnel.
In 2011, one reconsidered the list of creditor banks and redeemed credits with high interest rates. The credit portfolio restructuring has enabled preservation of the weighted average interest rate and a 35% reduction of financial expenses (259 mln RUR in 2011 vs. 397 mln RUR in 2010).
The net profit indicator has a positive dynamics. Net profit in 2011 made 802 mln RUR (one having recorded a 313 mln RUR loss in 2010).
On April 06, 2012 the Company obtained an unqualified auditor’s opinion. The statements as per IFRS were audited by KPMG, JSC.
One may find further more detailed information on the financial results of IDGC of the North-West, JSC activities in 2011 from the official report posted at https://www.mrsksevzap.ru/act/financereport/2011/