OREANDA-NEWS. November 11, 2009. OJSC Enel OGK-5 published its operating results and unaudited financial results for the first nine months ending September 30th, 2009 prepared according to International Financial Reporting Standards (IFRS).

Operating Results

Net power output of Enel OGK-5 for the nine months of 2009 totaled 27,246 GWh, 12.7% below the corresponding period of 2008. At the same time, net power output in the third quarter oif this year significantly improved versus the second quarter (+32%).

The improvement in net output was mainly due to timely completion of non-recurring stack maintenance at coal-fired Reftinskaya GRES power plant, which caused the stop of 2,000 MW of installed capacity for two months in the first half of 2009. Moreover, the recurring availability ratio compared to the corresponding period of the previous year increased from 79.5% up to 87.4% mainly due to the optimization of the maintenance policy of the company.

Total power sales stood at 31,788 GWh, 16.5% below the corresponding period of 2008. The share of non-regulated sales on total sales amounted to 40% versus the average market opening of 37% during the nine months of 2009. The main contributor to non-regulated sales was Reftinskaya GRES power plant, with 43% of total sales going to the free market.

Financial Results

Operating revenues totaled 30,400 million RUR, down 5% compared to the nine months of 2008. The decrease is mainly attributable to the decline in energy consumption (-7.6% for European Russia) due to the current unfavorable economic context, which also led to a decrease in the free market price.

EBITDA stood at 5,776 million RUR, 1,936 million RUR higher than the figure posted in the corresponding period of the previous year (+50%), and exceeding FY2008 by 9%.

The increase is mainly due to the improvement in the energy management performance. Additionally, it is worth mentioning the positive impact coming from fixed cost reduction following the successful implementation of the efficiency program launched by the company in the second half of 2008. Specifically on the operations side, Enel OGK-5 has kept outages down and has considerably optimized maintenance processes and timing.

Net profit for the period totaled 2,654 million RUR, 1,391 million RUR, or 110% higher, than the figure of the nine months of 2008.

Net debt totaled 15,121 million RUR, growing by 9,113 million RUR (+152%) compared to the beginning of 2009. The growth in net debt is attributable to the implementation of the company’s investment program, which includes the construction of the two CCGT units at Nevinnomysskaya and Sredneuralskaya GRES, and the modernization and availability improvement of the existing units.