Enel OGK-5 boosts 2012 EBITDA 11%, net profit to IFRS up 12%
MOSCOW. March 11 (Interfax) - Enel OGK-5 boosted earnings before taxes, depreciation and amortization (EBITDA) 11% in 2012 to 15.021 billion rubles, the generating company said in a report.
Net profit to International Financial Reporting Standards (IFRS) rose 12% to 5.553 billion rubles.
Operating revenue grew 11% year-on-year to 66.546 billion rubles thanks to two key factors: first, electricity sales increased to 50,744 GWh from 47,862 GWh in 2011, which resulted in an additional 2.7 billion rubles of 2012 revenues compared to 2011. Second, revenues from CCGT sales on the capacity market increased by 3.1 billion rubles thanks to the first full year of operations of the two new units at Nevinnomysskaya and Sredneuralskaya. These units were commissioned during the second half of 2011.
The positive EBITDA dynamics were mainly attributable to the increase in capacity revenues from the CCGTs and their strong profitability on the day-ahead market. These factors helped offset lower profitability of conventional gas-fired units due to their unfavorable pricing conditions (1% day-ahead market price increase in the European Russia and the Urals region in 2012 compared with a 7.5% gas tariff increase).
The EBITDA margin in 2012 stood at 22.6%, in line with the 2011 value.
Net debt as of December 31 2012 stood at 24.968 billion rubles, decreasing by 2.475 billion rubles or 9% compared with year-end 2011.
In addition to the strong operating cash flow posted in 2012, the decrease in net debt was also attributable to net working capital improvements and lower capital expenditures due to the completion of the mandatory investment program in 2011.
Registered in Yekaterinburg, Enel's production facilities are the Nevinnomysskaya State District Power Plant (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.