OREANDA-NEWS. July 30, 2010. OJSC Enel OGK-5 publishes its operating results and unaudited financial results for the first half of 2010 prepared according to International Financial Reporting Standards (IFRS).

Operating Results

Net power output in the first half of 2010 totaled 20,834 GWh, 20.5% above the corresponding period of 2009. The increase in net output was mainly driven by the growth in energy consumption (+5.0% for European Russia) due to the economic recovery and by colder weather conditions in the first quarter of the year. Additionally, net output dynamics were supported by strong performance of the company’s power plants in terms of availability – the availability ratio in the reporting period stood at 85%, up 3% compared to the first half of 2009.

Total power sales stood at 24,201 GWh, 23.0% above the corresponding period of the previous year. The share of non-regulated sales on total sales amounted to 64% versus 31% shown in the first half of 2009 following the ongoing liberalization of the Russian power market.

Financial Results

Operating revenues totaled 25,755 million RUR, 34% above the corresponding period of 2009. The growth is mainly attributable to net output dynamics and increase in power prices on the free market.

EBITDA stood at 5,295 million RUR, 1,526 million RUR higher than the figure posted in the first half of 2009 (+40%). The growth is mainly due to the improvement in energy margin thanks to increase in fuel spreads and higher power sales volumes. Additionally, it is worth mentioning continuous efficiency improvement in all the main company areas with significant impact on fixed costs containment.

Net profit for the period totaled 3,729 million RUR, 1,913 million RUR, or 105% higher than the corresponding value for the first half of 2009.

Net debt as of June 30, 2010 totaled 15,856 million RUR, 1,571 million RUR, or 9% below the corresponding value at the year end of 2009. Thanks to cash flow coming from operations, the company managed to self-finance its capital expenditures in the first half of 2010.