OREANDA-NEWS. OJSC Enel OGK-5 published its operating results and unaudited IFRS financial results for the first quarter of 2014.

Operating Results

Net power output by the power plants of Enel OGK-5 in the first quarter of 2014 stood at 10,639 GWh, down 3% versus the first quarter of the previous year. The drop in the output is mainly attributable to maintenance works at Sredneuralskaya CCGT.

Power sales in the period stood at 12,151 GWh, down 2% versus the same period of 2013, due to the abovementioned trend in net output.

Heat sales stood at 2,389 thousand Gcal, down 8% versus the first quarter of 2013 due to warmer temperatures recorded during the period.

Financial Results

Operating revenues totaled 19,031 million up 1,324 million RUR or 7% compared with the first quarter of 2013, mainly thanks to higher prices registered on the free power market and higher free capacity tariffs for conventional units.

EBITDA in the first quarter of 2014 stood at 4,967 million RUR, 110 million RUR, 2% higher compared to the first quarter of the previous year The moderate growth of EBITDA was attributable to higher energy margins thanks to favourable fuel price dynamics, as well as the containment of fixed costs.

Net profit for the period stood at 1,723 million RUR, down by 13% or 257 million RUR versus the first quarter of 2013, with the decline stemming from the impact of foreign exchange differences.

Net debt as of March 31st, 2014 stood at 22,590 million RUR, up 3,268 million RUR or 17% versus the end of 2013 due to capital expenditures incurred in the first quarter of 2014 and net working capital changes.