Enel OGK-5 Reports Operating and Financial Results for 9M of 2011
OREANDA-NEWS. November 10, 2011. OJSC Enel OGK-5 published its operating results and unaudited financial results for the nine months of 2011 prepared according to International Financial Reporting Standards (IFRS).
Operating Results
Net power output for the first nine months of 2011 totalled 31,122 GWh, slightly below the level achieved in the same period of 2010 (31,652 GWh). The decrease in net output was mainly due to Reftinskaya GRES’s modernization of Unit 5 and long-term maintenance of Unit 9 which has been partially offset by the strong output increase at Konakovskaya, Nevinnomysskaya and Sredneuralskaya GRES. The availability ratio in the reported period stood at 78%.
Total power sales recorded 35,210 GWh, 4% above the same period of the previous year. The share of non-regulated sales on total sales increased to 85% from 65% in the nine months of 2010 as a result of the liberalization of the Russian power market.
Financial Results
Operating revenues[1] totalled 44,345 million RUR, 18% up versus 2010. This growth is mainly attributable to an increase in power prices on the free market.
EBITDA stood at 9,781 million RUR, up 18% or 1,472 million RUR higher than the figure posted in the same period of 2010. EBITDA growth is mainly attributable to higher fuel spreads on free power sales.
Net profit for the period totalled 4,573 million RUR. Net of the FOREX effect on EUR-denominated loans, net profit increases 15% versus 2010.
Net debt as of September 30th, 2011 stood at 26,524 million RUR, 6,312 million RUR above the value posted at the end of 2010. This increase is mainly the result of the capital expenditures carried out in accordance with the company’s investment plan for 2011.
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