Enel OGK-5 nine months 2010 results: continuous growth in key operational and financial indicators

Net power output for the nine months of 2010 totaled 31,652 GWh, 16% above the corresponding period of 2009. The increase in net output was mainly driven by the growth of energy consumption (+5.4% for European Russia) due to economic recovery, colder weather conditions in the first quarter of the year and exceptionally hot temperatures registered during summer months. 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 82%, up 2% compared to the nine months of 2009.
Total power sales stood at 33,949 GWh, 13% above the corresponding period of the previous year. The share of non-regulated sales on total sales amounted to 65% versus 36% shown in the nine months of 2009 following the ongoing liberalization of the Russian power market.
Operating revenues totaled 37,697 million RUR, 29% above the corresponding period of 2009. The growth is mainly attributable to net output dynamics and increase of power prices on the free market.
EBITDA stood at 8,309 million RUR, 2,488 million RUR higher than the figure posted in the nine months of 2009 (+43%).
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 4,608 million RUR, 1,832 million RUR, or 66% higher than the corresponding value for the nine months of 2009.
Net debt as of September 30th, 2010 totaled 17,009 million RUR, 419 million RUR, or 2% 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 during the nine months of 2010.
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. – 56,36%, the stake of minority shareholders – 17,21%. Enel OGK-5’s shares are listed in Quotation Lists A1 of MICEX and A2 of RTS.