DTEKs new oblenergos report record high profits in 2012
20 February 2013
DTEK’s (DTEKUA) newly acquired grid companies – Dniprooblenergo (DNON UK) and Dontestkoblenergo (DOON UK) – reported on Feb. 19 record high profits for FY2012.
Dniprooblenergo, Ukraine’s largest power grid company, increased profit 4x yoy to UAH 172 mln (USD 21.5 mln). The company’s reported EBITDA for the year was UAH 758 mln (USD 95 mln, 2.1x more yoy) and exceeded the UAH 660 mln payment that DTEK made for its 50% stake in April 2012.
Donetskoblenergo posted UAH 81.3 mln in profit for the year (vs. UAH 0.06 mln a year before). Its 2012 EBITDA amounted to UAH 861 mln (USD 108 mln, 4.5x more yoy) and exceeded the UAH 468 mln payment that DTEK made for its 40% stake in January 2012.
Based on these results, DNON trades at 3.1x P/E 2012, while DOON trades at 7.5x P/E 2012 (on offer prices).
