OREANDA-NEWS. March 18, 2011. Enel OGK-5 publishes its audited consolidated financial statements for 2010 in accordance with the International Financial Reporting Standards (IFRS).

Operating revenues totaled 52,561 million RUR, up 26% compared with the figure posted in 2009. The upward trend is mainly explained by market liberalization and the growth of free power prices (up 29% in European Russia versus 2009).

EBITDA stood at 9,246 million RUR, 1,419 million RUR higher than the figure posted in the previous year (+18%).

The growth in EBITDA was mainly attributable to improvement in energy margins thanks to increase in fuel spreads and higher power sales volumes. In addition, it is worth mentioning that continuous efficiency improvement measures have been carried out in all the main company areas, thus registering a sizeable impact on fixed costs.

Net profit for the period totaled 3,695 million RUR, 495 million RUR higher than the figure recorded in 2009 (+15%).

Net debt totaled 20,203 million RUR, growing by 2,776 million RUR compared to year-end 2009 (+16%), notwithstanding significant capital expenditures over 2010, which stood over 14 billion RUR. Thanks to the strong operating cash flow, the company managed to self-finance the main portion of capital expenditures during the year.

Enrico Viale, Enel OGK-5 CEO, commenting on the 2010 results:“The company’s positive financial performance shows the strength of our strategy and management model. Furthermore, we expect the ongoing market reform to continue along the announced lines in order to support improvement in company’s efficiency, thus securing return on capital expenditures and strategic investments. Looking ahead, we keep on ensuring safety, carrying on modernization projects, environmental performance and operations, while granting a better profitability to our shareholders.”