11 Oblenergos report 1Q09 results

In the last day, 11 Ukrainian power distribution companies reported 1Q09 financial results: all increased sales yoy, mainly due to a yoy rise in average retail electricity tariffs. EBITDA and net income growth was mixed: the main positive surprises were Sumyoblenergo, Mykolaivoblenergo and Zaporizhyaoblenergo (ZAON). The latter managed to increase its EBITDA 28% yoy, despite a 16% yoy decrease in power supplies.

                            Net revenue       EBITDA      Net income
                               UAH mln  yoy   UAH mln  yoy   UAH mln  yoy
Chernivtsioblenergo CHEN      120.6   27%      18.9   2%      12.4   0%
Khmelnitskoblenergo HMON     172.5  11%      27.2  -9%      14.0 -17%
Krymenergo              KREN     403.8  14%      28.4 -16%       7.5 -30%
Lvivoblenergo           LVON     365.3  14%      59.0  -6%      31.3 -23%
Mykolaivoblenergo    MYON     218.0  21%       5.9 155%       1.3  n/m
Sevastopolenergo     SMEN     109.3  23%      14.8   3%       5.6 -38%
Sumyoblenergo        SOEN     185.3  28%      45.9  44%      29.7  57%
Volynoblenergo         VOEN     121.0  19%      17.0   8%       6.7  49%
Zaporizhiaoblenergo  ZAON     942.8   6%      24.5  28%       5.0  78%
Zhytomiroblenergo    ZHEN     211.4  19%      23.8 -16%       6.4  -8%
Zakarpatoblenergo    ZOEN     155.5  17%      19.1  17%       4.2  37%