OREANDA-NEWS. May 5, 2012. OJSC Enel OGK-5 published its operating results and unaudited IFRS financial results for the first quarter of 2012.

Operating Results

Net power output in the first quarter of 2012 totaled 12,105 GWh, growing by 1,679 GWh or 16% compared to the first quarter of 2011. The strong increase was mainly the result of operation of the new CCGTs at Sredneuralskaya GRES and Nevinnomysskaya GRES, commissioned in the second half of 2011, which posted a net output of 1,346 GWh during the period. Additionally, net output dynamics of Enel OGK-5’s power plants were affected by the increase in power consumption in European Russia and the Urals region (+2.7% versus the first quarter of 2011).

Total power sales stood at 13,595 GWh, 16% above the corresponding period of the previous year, with free sales accounting for 85% of the total amount.

Financial Results

Operating revenues totaled 17,379 million RUR, 12% above the corresponding period of 2011. The increase is largely attributable to higher power sales and revenues from CCGT capacity payments, partially offset by the drop in free power prices (-12% in European Russia and the Urals region versus the first quarter of 2011).

EBITDA stood at 4,066 million RUR, 340 million RUR higher than the figure posted in the first quarter of 2011 (+9%). The strong contribution from the new CCGT units was partially offset by the negative effect coming from the contraction of conventional units’ margin on the free market due to lower prices.

Net profit for the period totaled 2,011 million RUR, approximately in line with the value posted in the first quarter of 2011.

Net debt as of March 31st, 2012 stood at 25,439 million RUR, decreasing by 2,004 million RUR versus year-end 2011. The decrease in net debt is explained by the lower amount of capital expenditures incurred during the period and by the revaluation of the Euro-denominated debt due to the appreciation of the Russian rouble against the Euro currency. Yet, we expect higher investments scheduled for the remaining part of the year.