OREANDA-NEWS. May 04, 2011. Enel OGK-5 discloses today its audited financial statements for 2010, prepared in accordance with the Russian Accounting Standards (RAS).

Net Revenues totalled 57,021 million RUR, 13,426 million RUR higher than the figure posted in 2009 (+31%). The growth mainly resulted from higher power sales following the recovery of energy demand, increase in free market power prices and higher share of free sales in the sales mix thanks to market liberalization.

Profit on Sales amounted to 8,583 million RUR, 3,227 million RUR higher than in 2009 (+60%). The growth 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 year totalled 5,826 million RUR, 3,255 million higher than the value posted in the previous year (+127%).

OJSC OGK-5 was registered in Yekaterinburg on October 27, 2004. On July the 7th of 2009 OJSC OGK-5 was rebranded to OJSC Enel OGK-5 by the decision of the General Shareholders’ Meeting.

The production affiliates of Enel OGK-5 are: Konakovskaya GRES, Nevinnomysskaya GRES, Sredneuralskaya GRES and Reftinskaya GRES. The total installed capacity of the company’s production assets is 8772 MW for electric power, and 2412 GCal/h for heat.

The share capital of Enel OGK-5 totals 35,371,898,370 roubles and is divided into ordinary shares with the nominal value of 1 rouble. The stake of Enel Investment Holding B.V. in the share capital of the company is 56,36%, the stake of JSC  INTER RAO UES - 26,43%, the stake of minority shareholders – 17,21%. Enel OGK-5’s shares are listed in Quotation Lists A1 of MICEX and A2 of RTS.