OREANDA-NEWS. May 17, 2011. OJSC Enel OGK-5 publishes its operating results and unaudited financial results for the first quarter of 2011 prepared according to International Financial Reporting Standards (IFRS).

Operating Results

Net power output in the first quarter of 2011 totaled 10,426 GWh, 7% below the corresponding period of 2010. The decrease in net output stems from the anticipation of maintenance works at Sredneuralskaya GRES and at Reftinskaya GRES, from the 3rd quarter and the 4th quarter of 2011 respectively, as well as long-term planned outage of Unit 5 at Reftinskaya GRES due to its modernization works. The above-mentioned factors led to a decrease in the availability ratio to 84% from 88% posted in the first quarter of 2010.

Total power sales stood at 11,760 GWh, 2% below the corresponding period of the previous year. The share of non-regulated sales on total sales increased to 83% from 60% in the first quarter of 2010 as a result of the ongoing liberalization of the Russian power market.

Financial Results

Operating revenues[1] totaled 15,548 million RUR, 15% above the corresponding period of 2010. The growth is mainly attributable to the increase of power prices on the free market, partially offset by the lower amount of power sales.

EBITDA stood at 3,726 million RUR, 626 million RUR higher than the figure posted in the first quarter of 2010 (+20%). EBITDA growth is mainly attributable to further increase in fuel spreads on power sales. EBITDA margin for the period stood at 24% versus 23% posted in the corresponding period of the previous year.

Net profit for the period totaled 2,063 million RUR, almost in line with the first quarter of 2010 level netted of FOREX gain effect on EUR-denominated loans.

Net debt as of March 31st, 2011 totaled 20,227 million RUR, in line with the value posted at the end of 2010 (20,203 million RUR). Cash flow coming from operations allowed the Company to self-finance its capital expenditures during the first quarter of 2011.

OJSC OGK-5 was registered in Yekaterinburg on October 27, 2004. On July the 7th of 2009 OJSC OGK-5 was rebranded to OJSC Enel OGK-5 by the decision of the General Shareholders’ Meeting.

The production affiliates of Enel OGK-5 are: Konakovskaya GRES, Nevinnomysskaya GRES, Sredneuralskaya GRES and Reftinskaya GRES. The total installed capacity of the company’s production assets is 8772 MW for electric power, and 2412 GCal/h for heat.

The share capital of Enel OGK-5 totals 35,371,898,370 roubles and is divided into ordinary shares with the nominal value of 1 rouble. The stake of Enel Investment Holding B.V. in the share capital of the company is 56,36%, the stake of JSC  INTER RAO UES - 26,43%, the stake of minority shareholders – 17,21%. Enel OGK-5’s shares are listed in Quotation Lists A1 of MICEX and A2 of RTS.