Four more Oblenergos report 1Q09 results

Over the weekend, four more Ukrainian electricity distribution companies released 1Q09 results: Prykarpatoblenergo (PREN) increased its EBITDA by 68% yoy in 1Q09, becoming the most profitable Oblenergo (EBITDA margin of 28%). Again, most of the company’s earnings were due to additional tariffs related to compensation for flood damage in August 2008. In 1Q09, the company spent about UAH 22 mln in CapEx, or 62% of the company’s reported net income.

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                         Net revenue     EBITDA       Net income
                         UAH mn  yoy  UAH mn   yoy  UAH mn   yoy
———————–  ———–  ————  ————
Cherkasyoblenergo  CHON   266.2  58%    28.4  -16%    15.8  -26%
Odesaoblenergo      ODEN   636.2  28%    48.6   39%     1.0    3%
Prykarpatoblenergo  PREN   168.0  14%    47.2   68%    35.4  155%
Ternopiloblenergo     TOEN   108.8  22%    12.1  -31%     0.5  -96%
———————–  ———–  ————  ————