Quarterly report "Interregional Distribution Grid Company of Centre", Joint-Stock Company




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2.5.3. Financial risks

In case of one or several risks listed below, IDGC of Centre, JSC will undertake all possible measures on minimization of negative consequences. To neutralize a part of risks possible measures on the issuer’s actions, following this or that risk described below, are developed. However, it is necessary to remark that preliminary development of appropriate measures, which correspond to the events, is handicapped by uncertainty of the situation development, and parameters of conducted measures will to the great extent depend on particularities of the situation in each certain case. The issuer cannot guarantee that actions directed to overcoming of arisen negative changes will be able to remedy the situation because described factors are beyond the control of the Company.



Risks connected with exchange rates change

Companies conducting foreign economic activity are subject to this risk. It reveals in the terms of shortage of receiving of provided income as a result of direct impact of change of foreign exchange used in foreign economic transaction on expected cash flows from these transactions.

The issuer sells serves carrying out settlements in rubles (currency of the Russian Federation) in the internal market of the Russian Federation, in this connection it is not subject to risks of exchange rate change. In this case it is necessary to underline that the issuer can purchase products from foreign suppliers, value of services of which depends on currency fluctuation, when performing investment activity. In this connection it can be said that exchange risk is minimal for the issuer.

Risks connected with interest rate change

Taking into account absence of definiteness in understanding of terms of attainment of “the bottom” and terms of end of the financial crisis interest rate change is estimated by the issuer as medium.

For the purposes of leveling of credit interest rate growth risk the issuer performs work on interaction with credit organizations, which deal with the budgetary funds (state, constituent entities of the Federation, municipal) as well as with the international financial organizations.

In this case the issuer, being the entity of own monopoly, performs selection of financial organizations for rendering of services by means of open one-stage contest or open auction in accordance with the procedures established by the law of the Russian Federation (the Federal Law No. 135-FZ dated 26.07.2006 “On competitiveness protection”, the Federal Law No. 94-FZ dated 21.07.2005 “On placement of orders for goods supplies, work performance, service rendering for state and municipal needs”). In compliance with the part 4.1 of the Art. 9 of the Law on placement of orders, price of the state order or municipal contract is fixed and cannot change in the course of its fulfillment. Thus, the risk of interest rate change on valid credit contracts decreases.



Tax risk

It has a series of attributes: probability of new types of taxes and duties for performance of individual aspects of business activity, possibility of increase of rate level of the existing taxes and duties, change of terms and conditions of effecting of separate tax payments; probability of cancellation of the tax privileges existing in the field of business activity of the enterprise. Being unpredictable for the enterprise (this is proved by the contemporary domestic fiscal policy) it affects essentially on the results of its financial activity.

Taking into consideration the measures of the Government of the Russian Federation conducted for stimulation of the national economy under the risk conditions, this risk is estimated as minimal.

Risks connected with inflation influence

Change of consumer prices index has certain influence on the profitability level of the issuer and as the consequence on financial situation and possibility of fulfillment of obligations, however, this influence is not the direct dependence factor.

Notwithstanding that the issuer saved activity profitability even at considerable increase if consumer prices level, there are no firm guarantees that possible increase or decrease of consumer prices will result in fall of profitability level of the issuer in future. It is impossible to forecast critical inflation level of the issuer, because except consumer prices level it is necessary to take into account change of actual ruble purchasing power, conjuncture in the regional sales markets and the further policy of the state in relation to tariffs for electric power transmission.

Influence of financial risks on financial statements indicators

change of prices on electric power transmission will impact on the volume of sales income of the issuer and essentially influence on the net profit of the issuer.

Inflation processes resulting in appreciation of materials and raw materials used in production can essentially influence on balance currency increase taking into consideration growth of accounts receivable and devaluation of accounts payable.

Also inflation processes in the economy of the Russian Federation can essentially influence on the net profit of the Company in connection with that opportunities of the issuer relating to increase of prices on electric power transmission are limited by the annual state regulation, that is they cannot be changed by the issuer depending on inflation rate changes, and at the same time the issuer’s expenses expressed primarily in rubles are changes in accordance with inflation rates.

The issuer implements a series of measures intended to decrease of consequences of influence of inflation processes on the activity:


- increase of operating efficiency by means of reduction of production costs;
- performance of works on increase of stake of long-term service contracts for electric power transmission in the total volume of concluded contracts;
- implementation of weighed financial policy.
Political and economic risks

In accordance with the changes of political and economic conjuncture and for the purposes of improvement of bank, judicial, tax, administrative and legislative systems the Government of the Russian Federation performs a series of consequent reforms intended to stabilization of the contemporary Russian economy and its integration to the world system. During the process of reforming of business and legislative infrastructure the risks, such as low liquidity level in the long-term crediting and investment markets as well as inflation level exceeding inflation of the developed countries.




Risks connected with globalization process

Globalization of economic activity is one of principle development trends of the present-day world. Globalization consequences are reflected on economic development practically of all countries of the world, including Russia, which is at the stage of active integration to the world economy.

Globalization factors, included formation of the unified energetic space, enhancement of the international cooperation, establishment of consortiums for implementation of large investment projects, result in increase of competitiveness, enhancement of competitive positions of certain companies and growth of dependence of partners in the consequence of necessity to implement joint projects.

However, in whole, at present time the probability of risks connected with globalization is insignificant for the issuer.




Risks connected with development of crisis signs in the world economy

The world economy is in the state of the global economic crisis accompanied by reduction of consumption, investments as a result recession of industrial production. Financial and economic situation in the world reflected to the great extent at the economy of the Russian Federation.

At the same time under conditions of increasing crisis signs in the world economy there are no guarantees that measures undertaken by the leading economies of the world will allow to compensate negative development of the events. Thus, there is a threat of the further aggravation of the situation, including bankruptcy of significant entities of economic relations, growth of unemployment and social tension, either in developed so in developing countries.

Up to now it is probability of the issuer’s financial risks. Remaining or aggravation of unfavorable conditions in the world financial markets can influence negatively on capability of the issuer to attract new loans and refinance the current part of the debt under former conditions. General decrease of liquidity level typical for the current market situation can affect solvency of counterparts and their capacity to ensure timely redemption of debts before the issuer. Uncertainty of development of the situation the capital markets can require to review forecasts of the issuer in relation to future money flows and reserves for devaluation of financial and non-financial assets.

Under the current conditions the issuer undertakes necessary measures on ensuring of stable activity development, including but not limiting:
- reduction of volumes and forming of the investment program with maximum positive combined effectiveness and complying with the requirements related to reliability and quality;
- working out of the item relating to possibility of listing of system forming enterprises;
- conclusion of agreement with credit institution relating to saving of risk limits for the issuer, this implies their obligations on debt refinancing.

The issuer developed strategic model of activity planning under conditions of the global economic crisis, which takes into account different scenarios of development of raw material and finance markets, and in the opinion of the management of the issuer, will allow adequately react to possible aggravation of the situation. In this case taking into account high uncertainty in relation to the further development of crisis signs there are no absolute guarantees that implementation of this strategy make possible to achieve desired results.





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Quarterly report "Interregional Distribution Grid Company of Centre", Joint-Stock Company

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