OREANDA-NEWS. March 14, 2012. Enel OGK-5 disclosed its audited consolidated financial statements for 2011 in accordance with the International Financial Reporting Standards (IFRS).

Operating revenues totaled 60,102 million RUR, up 14% compared with the figure posted in 2010. The upward trend is mainly explained by market liberalization and the growth of free power prices (increasing by 11% in European Russia compared to 2010).

EBITDA stood at 13,550 million RUR, 4,304 million RUR higher than the figure posted in the previous year (+47%).

The increase in EBITDA was mainly attributable to higher fuel spreads on free power sales, the contribution from the new CCGT units commissioned during 2011 and the release of past provisions due to a substantial decrease of underlying risks.

Net profit for the period totaled 4,964 million RUR, 1,269 million RUR higher than the figure posted in 2010 (+34%).

Net debt totaled 27,443 million RUR, growing by 7,240 million RUR compared to 2010 (+36%). The increase in net debt is explained by the financing of the capital expenditures of the company, which stood at 17,488 million RUR in 2011.

Enrico Viale, Enel OGK-5 CEO, commenting on 2011 results: “The Company continued to post double-digit growth in key figures despite a less favorable scenario. In particular, the combination of the efficiency improvements implemented during the year and the completion of our two new CCGT units at Nevinnomysskaya GRES and Sredneuralskaya GRES have more than offset the acceleration in growth of gas tariffs compared to free power prices in European Russia. Looking ahead, we will continue ensuring reliability, carry on modernization and efficiency projects while granting an increasing profitability.”