OREANDA-NEWS. May 21, 2010. OJSC Enel OGK-5 published its operating results and unaudited financial results for the first quarter of 2010, prepared according to International Financial Reporting Standards (IFRS).

Operating Results

Net power output in the first quarter of 2010 totaled 11,226 GWh, 15.5% above the corresponding period of 2009. The increase in net output was mainly driven by the growth of energy consumption (+6.4% for European Russia) due to the improvement of the general economic conditions on top of the weather conditions, with the particularly low temperatures registered. Additionally, net output dynamics were supported by strong performance of the company’s power plants in terms of availability – the availability ratio in the reporting period stood at 88%.

Total power sales stood at 12,716 GWh, 17.8% above the corresponding period of the previous year. The share of non-regulated sales on total sales amounted to 62% versus 29% shown in the first quarter of 2009 following the ongoing liberalization of the Russian power market.

Financial Results

Operating revenues totaled 14,126 million RUR, 37% above the corresponding period of 2009. The growth is mainly attributable to net output dynamics and considerable increase of power prices on the free market.

EBITDA stood at 3,233 million RUR, 934 million RUR higher than the figure posted in the first quarter of 2009 (+41%).

The growth is mainly due to the improvement in energy margin thanks to the increase in fuel spreads and higher power sales volumes. Additionally, it is worth mentioning continuous efficiency improvement in all the main company areas with significant impact on fixed costs containment.

Net profit for the period totaled 2,525 million RUR, 1,459 million RUR, or 137% higher than the corresponding value for the first quarter of 2009.

Net debt as of March 31, 2010 totaled 16,667 million RUR, 760 million RUR, or 4% below the corresponding value at the year end of 2009. Thanks to cash flow coming from operations, the company managed to self-finance its capital expenditures in the first quarter of 2010.