ENEL OGK-5 publishes 2009 IFRS financial statements

Марта 30, 2010

Enel OGK-5 published its audited consolidated financial statements for 2009, edited in accordance with the International Financial Reporting Standards (IFRS).

Operating revenues totaled 43,505 million RUR, up 2% compared with the figure posted in 2008. In the fourth quarter of the year, recovery in power demand and energy prices in the free market boosted generation and revenues, resulting in an upward trend over the full year.
EBITDA stood at 7,744 million RUR, 2,717 million RUR higher than the figure posted in the previous year (+54%).
The increase is mainly due to the improvement in energy management performance. Additionally, it is worth mentioning the positive impact coming from fixed cost reduction following the successful implementation of the efficiency program launched by the company in the second half of 2008. Specifically on the operations side, Enel OGK-5 has kept outages down and has considerably optimized maintenance processes and timing.
Net profit for the period totaled 3,200 million RUR, 1,665 million RUR higher than the figure recorded in 2008 (+108%).
Net debt totaled 17,427 million RUR, growing by 11,420 million RUR compared to year-end 2008. Net debt dynamics are attributable to the implementation of the company’s investment program, which includes the construction of the two CCGT units at Nevinnomysskaya and Sredneuralskaya GRES as well as the modernization and improvement of existing units.
OJSC OGK-5 was registered in Yekaterinburg on October 27, 2004. On July the 7th of 2009 OJSC OGK-5 was rebranded to OJSC Enel OGK-5 by the decision of the General Shareholders’ Meeting.
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 8746,5 MW for electric power, and 2412 GCal/h for heat.
The share capital of Enel OGK-5 totals 35,371,898,370 roubles and is divided into ordinary shares with the nominal value of 1 rouble. The stake of the Federal Agency for Federal Property Management in the share capital of the company is 26,43%, the stake of Enel Investment Holding B.V. – 55,86%, the stake of minority shareholders – 17,71%. Enel OGK-5’s shares are listed in Quotation Lists A1 of MICEX and A2 of RTS.