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11/02/2014
18:20
Moody's affirms IDGC of Center and Volga Region at Ba2

Moody's Investors Service affirmed the long-term credit rating of JSC IDGC of Center and Volga Region on the international scale at Ba2, with a stable outlook, the company's press service informed.

To affirm the company's ratings Moody's took into account the following expectations of their analysts: the government will allow the company to maintain a degree of linkage between tariffs and investment program; compensatory measures will be introduced for distribution grids exposed to a revenue loss from the cancelled last-mile agreements.

The largest shareholder is Russian Grids owning 50.4% of the charter capital in IDGC of Center and Volga Region. The rating affirmed reflects possible state support available through Russian Grids (majority owned by the state).

JSC IDGC of Center and Volga Region (Interregional Distribution Grid Company of Center and Volga Region, tax number: 5260200603), a subsidiary of JSC Russian Grids, is the main provider of electricity transmission and grid connection services in Vladimir, Ivanovo, Kaluga, Kirov, Nizhny Novgorod, Ryazan and Tula regions as well as in Mari El Republic and Udmurtia. JSC IDGC of Center and Volga Region includes a number of branches (Vladimirenergo, Ivenergo, Kalugaenergo, Kirovenergo, Marienergo, Nizhnovenergo, Ryazanenergo, Tulenergo, Udmurtenergo) and provides electric power services to over 14.4 million inhabitants of the Central and Volga federal districts covering the area of over 414 thousand sq. km.

IFRS net profit of IDGC of Center and Volga Region for H1 2013 increased 5.67-fold to RUB 1.505 billion from RUB 265.304 million for the same period in 2012. Revenue grew by 25.43% to RUB 36.749 billion from RUB 29.298 billion, profit from operations 2.24-fold to RUB 3.185 billion from RUB 1.423 billion, pre-tax profit 3.62-fold to RUB 2.235 billion from RUB 616.857 billion.

According to the information and retrieval system DataCapital, RAS net profit of IDGC of Center and Volga Region for H1 2013 increased 4-fold to RUB 1.668 billion from RUB 417.3 million for the same period in 2012. Revenue grew by 26.08% to RUB 36.842 billion from RUB 29.221 billion, sales profit by 13.35% to RUB 4.403 billion from RUB 3.885 billion, pre-tax profit by 67.45% to RUB 2.216 billion from RUB 1.323 billion.

According to the information and retrieval system DataCapital, RAS net profit of JSC IDGC of Center and Volga Region for 9 months 2013 grew by 10.24% to RUB 1.116 billion from RUB 1.012 billion the year before. Revenue increased by 28.16% to RUB 55.221 billion from RUB 43.086 billion, sales profit by 30.1% to RUB 5.923 billion from RUB 4.553 billion, pre-tax profit decreased by 8.58% to RUB 1.692 billion from RUB 1.85 billion.


"AK&M", 11.02.2014 12:20

 

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