Serbia : Biggest DSO EDB Belgrade marks profit after 6 years, News Serbia Energy
Authorized representatives of the founders of the PD “Power Distribution Belgrade ” adopted the financial statements of the company EPS for the 2013 year , as well as the report on inventory, receivables and payables of Serbia biggest DSO Belgrade based PD EDB as of December 31, 2013. After six consecutive years of operating losses, PD ” Power Distribution Belgrade ” last year has achieved a positive total financial result of 2.6 € billion. This result is also in the absolute amount, the largest earnings generated annually in the last thirteen years.
Thereby, in the second half of the 2013, public providing of electricity to final customers was taken over by PD “EPS Supply”. Since then EDB major business come from network fee income (access to and use of the distribution system) according to services performed by the “EPS Supply”, based on SLA contract.
As stated, in the 2013 all the planned tasks of maintenance of power facilities have been realised valuing up of 1.5 billion, with a larger share for repair and preventive maintenance of emergency maintenance. Investments were realized in the amount of 1.9 billion, all of which resulted in exceptional operational readiness PD EDB and low level of unplanned interruptions in providing electricity consumers..
At a meeting of authorized representatives of the founder, held on 28 of February, it was noted that all the data reliability of PD EDB in the 2013 year the best among all PD within the EPS and they are approaching to European standards.
In order to regulate the collection of old receivables for electricity, EDB is 2013 In conformity with the decisions of the Board of EPS, concluded an agreement on rescheduling of previously impaired receivables, which resulted in a realized gain in the sub-balance of other activities. In the 2013 there was an increase in the capital of EDB up to a size of the net profit.
Based on the analysis of financial business instruments, it was concluded that established a good financial balance , regarding the fact that the funding is significantly higher than financial liabilities . In addition, EDB was last year operated under conditions sufficient for liquidity, risk-free borrowing and interest rate risk, but if it is said , with some increased exposure to credit risk in the settlement of old claims .