DTEK announces 2008 IFRS results

Yesterday the Donbas Fuel and Energy Company (DTEK), Ukraine’s largest private energy holding, released its consolidated IFRS financials for 2008. The holding’s top line grew 45% yoy to UAH 12.97 bln (coal segment grew 70% yoy; power generation increased 26% yoy and power distribution advanced 58% yoy). The holding’s operating profit rose 22% yoy to UAH 2.0 bln, while net income dropped 10 times yoy to UAH 119 mln (mainly due foreign exchange losses of UAH 1.3 bln, or 93x more yoy). Alexander Paraschiy: Notably, DTEK reported that it had a 47.5% interest in generation company Dniproenergo (DNEN), which implies the company’s free float is 2.5% (taking into account the state’s 50%+1 share). In addition, DTEK reported holding 30.59% of distribution company Donetskoblenergo (DOON), which implies the latter’s free float is 4.35% (taking into account the state’s 65.06%).