OREANDA-NEWS. August 4, 2011. OJSC Enel OGK-5 published its operating results and reviewed financial results for the first half of 2011 prepared according to International Financial Reporting Standards (IFRS).

Operating Results

Net power output in the first half of 2011 totaled 20,668 GWh, in line with the corresponding period of 2010. The decrease in net output of Reftinskaya GRES due to modernization of Unit 5 and long-term maintenance of Unit 9 was offset by a strong output increase at Konakovskaya and Nevinnomysskaya GRES. The above-mentioned output decrease at Reftinskaya also resulted into decline in the availability ratio which stood at 80% from 85% posted in the first half of 2010.

Total power sales recorded 23,286 GWh, 3% above the corresponding period of the previous year. The share of non-regulated sales on total sales increased to 84% from 61% in the first half of 2010 as a result of the liberalization of the Russian power market.

Financial Results

Operating revenues[1] totaled 29,685 million RUR, 21% above the corresponding period of 2010. The growth is mainly attributable to the increase of power prices on the free market.

EBITDA stood at 6,140 million RUR, 793 million RUR higher than the figure recorded in the first half of 2010 (+15%). EBITDA growth is mainly attributable to further increase in fuel spreads on power sales.

Net profit for the period totaled 2,775 million RUR, 5% above the figure recorded in the first half of 2010, net of  the FOREX effect on EUR-denominated loans.

Net debt at the end of the period stood at 20,230 million RUR, in line with the value posted at the end of 2010 (20,203 million RUR). Cash flow coming from operations allowed the Company to self-finance its capital expenditures during the first half of 2011.

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 9152 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 56,43%, the stake of JSC  INTER RAO UES - 26,43%, the stake of EBRD – 5,12%, the stake of minority shareholders – 12,02%. Enel OGK-5’s shares are listed in Quotation Lists A1 of MICEX and A2 of RTS.