Enel OGK-5's IFRS net profit comes to 4.57 bln rubles for 9 mths, same as previous year
MOSCOW. Nov 2 (Interfax) - Generating company OJSC Enel OGK-5 posted 4.57 billion rubles in net profit according to International Financial Reporting Standards (IFRS) for the first nine months, which roughly equals the same result for the same period of 2010, the genco said in a statement.
The statement said: "[Factoring in] net of the FOREX effect on euro-denominated loans, net profit increases 15% versus 2010"
"EBITDA stood at 9.781 million rubles, up 18% or 1.472 million rubles higher than the figure posted in the same period of 2010. EBITDA growth is mainly attributable to higher fuel spreads on free power sales."
"Operating revenues totalled 44,345 million rubles, 18% up versus 2010. This growth is mainly attributable to an increase in power prices on the free market."
"Net debt as of September 30th, 2011 stood at 26,524 million rubles, 6,312 million rubles above the value posted at the end of 2010. This increase is mainly the result of the capital expenditures carried out in accordance with the company's investment plan for 2011.
"Net power output for the first nine months of 2011 totalled 31,122 GWh, slightly below the level achieved in the same period of 2010 (31,652 GWh). The decrease in net output was mainly due to Reftinskaya GRES's modernization of Unit 5 and long-term maintenance of Unit 9 which has been partially offset by the strong output increase at Konakovskaya, Nevinnomysskaya and Sredneuralskaya GRES. The availability ratio in the reported period stood at 78%.
"Total power sales recorded 35,210 GWh, 4% above the same period of the previous year. The share of non-regulated sales on total sales increased to 85% from 65% in the nine months of 2010 as a result of the liberalization of the Russian power market."
OGK-5 was registered in Yekaterinburg on October 27, 2004. 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 8,672 MW for electric power. Enel owns 56% in the genco.