Enel OGK-5 IFRS EBITDA grows 19% in Q1
MOSCOW. April 29 (Interfax) - OJSC Enel OGK-5 increased its earnings before interest, taxes, depreciation, and amortization (EBITDA) to International Financial Reporting Standards (IFRS) by 19% year-on-year to 4.857 billion rubles in the first three months of this year, the company said.
Net profits remained at the previous year's level of 1.98 billion rubles.
Sales revenues generated by the company's main operations amounted to 17.707 billion rubles, an increase of 2% from Q1 of 2012.
The company had debt of 25.045 billion rubles at end-May, the same as at the start of the year.
Commercial power output decreased 10% year-on-year to 10.934 billion kWh in Q1.
Total power sales amounted to 12.369 billion kWh, 9% down from Q1 of last year.
The drop in output was largely due to lower consumption in the European part of Russia, including the Urals region (by 1.9% from Q1 2012), driven by warmer weather this first quarter and the effect of February being a day longer in the leap year 2012, the statement says. Additional factors were an increase of hydropower station generation and lesser load on steam-power units operating on gas.
New steam-gas units at the Nevinnomyskaya and Sredneuralskaya state district power plants (GRES) increased combined output 15% and boosted the usage ratio of installed steam-gas capacity to 86%, the company said.
Registered in Yekaterinburg, Enel's production facilities are the Nevinnomysskaya GRES, the Konakovskaya GRES, the Sredneuralskaya GRES and the Reftinskaya GRES, located for the most part in the Urals, as well as in the center and south of Russia. The company's total installed power capacity is 9,576 MW, and its heat capacity is 2,448 Gcal/h.
Italian concern Enel owns 56.43% of Enel OGK-5's stock. Another 26.43% belongs to PFR Partners Fund I Limited, 5.12% belongs to the European Bank for Reconstruction and Development (EBRD), and 12.02% belongs to other minority shareholders.