OREANDA-NEWS. March 15, 2010. Enel OGK-5 published its audited consolidated financial statements for 2009, edited in accordance with the International Financial Reporting Standards (IFRS).

Operating revenues totaled 43,505 million RUR, up 2% compared with the figure posted in 2008. In the fourth quarter of the year, recovery in power demand and energy prices in the free market boosted generation and revenues, resulting in an upward trend over the full year.

EBITDA stood at 7,744 million RUR, 2,717 million RUR higher than the figure posted in the previous year (+54%).

The increase is mainly due to the improvement in 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 3,200 million RUR, 1,665 million RUR higher than the figure recorded in 2008 (+108%).

Net debt totaled 17,427 million RUR, growing by 11,420 million RUR compared to year-end 2008. Net debt dynamics are attributable to the implementation of the company’s investment program, which includes the construction of the two CCGT units at Nevinnomysskaya and Sredneuralskaya GRES as well as the modernization and improvement of existing units.