OREANDA-NEWS. September 28, 2009. OJSC Enel OGK-5 published the financial results (unaudited) for the first half of 2009 prepared according to International Financial Reporting Standards (IFRS).

Operating revenue totaled 19.213 million RUR, down 5% compared to the first half of 2008. The decrease is mainly attributable to the decline in energy consumption (-7.4% for European Russia) due to the current unfavorable economic context, which also led to a decrease in the free market price.

EBITDA stood at 3.728 million RUR, 1.355 million RUR higher than the figure in the corresponding period of the previous year (+57%).

The increase is mainly due to the improvement in energy management performance. Additionally, it is worth mentioning the positive impact coming from fixed cost reduction following the successful implementation of the efficiency program launched by the company in the second half of 2008. Specifically on the operations side, Enel OGK-5 has kept outages down and has considerably optimized maintenance processes and timing.

Net profit1 for the period totaled 1.726 million RUR, 959 million RUR, or 125% higher, than the figure of the first half of 2008.

Net debt totaled 11.522 million RUR, growing by 5.413 million RUR (+89%) compared to the beginning of 2009. The growth in net debt is attributable to the implementation of the company’s investment program.

Relevant financial ratios (EBITDA/Net Financial Expenses of 14x, Net debt/EBITDA of 1.7 and Net debt/Equity of 0.18) demonstrate the financial flexibility of the company.