OREANDA-NEWS. OJSC Enel OGK-5 published its operating results and unaudited IFRS financial results for the first nine months of 2013. The Board of Directors also approved the company's dividend policy.

Operating Results

In the first nine months of 2013, net power output stood at 31,255 GWh, down by 1,742 GWh or 5% compared to the corresponding period of the previous year. The decrease was largely attributable to lower output at Reftinskaya GRES as a result of higher volume of maintenance activities, as well as lower output at conventional gas-fired units due to the newly commissioned generating facilities in the European part of Russia.

Total power sales stood at 35,587GWh, 5% below the figure posted in the same period of 2012, with sales from the free market accounting for 83% of the total amount.

Financial Results

Operating revenues totaled 50,700 million RUR, an increase of 6% compared with the same period of 2012, mainly attributable to higher prices on the free power market free capacity tariffs for conventional units and an increase in average heat tariffs.

EBITDA in the first nine months of 2013 stood at 12,288 million RUR, 1,284 million RUR higher than the figure posted in the same period of last year (+12%). The growth in EBITDA was mainly driven by favourable dynamics in fixed costs, which posted a marginal increase versus the first nine months of 2012 as well as higher profitability in power sales of the new CCGT units and the contribution from Reftinskaya GRES.

Net profit for the period stood at 3,491 million RUR, 21% below the net profit registered in the corresponding period of previous year. The decrease in net profit was attributable to the write-off of some receivables registered in the reported period.

Net debt as of September 30th, 2013 stood at 24,965 million RUR, practically unchanged versus the corresponding value recorded at the end of 2012

Dividend Policy

In its meeting dated 30th of October, the Board of Directors of Enel OGK-5 approved the dividend policy of the Company. Based on this policy, the Board will recommend future Annual General Shareholders' meetings to approve a dividend payment with a 40% pay-out ratio on ordinary net profit as per the IFRS Consolidated Financial Statements of the company.

“Following the end of the period of extensive capital expenditures, the bulk of which was debt-financed, we are pleased to announce our dividend policy based upon a stable dividend flow we expect in coming years. This decision has been taken despite the current challenging market environment which proves our commitment to provide a satisfactory return to our shareholders” stated Enrico Viale, the General Director of Enel OGK-5.