Donbasenergo (DOEN) Finished 2004 With a Net Income Of USD 0.18 mn

However, the company carries a USD 108.4 mn in accumulated losses on its balance sheet and, therefore, agreed not to pay dividends for 2004. The company’s main shareholder, the Energy Company Of Ukraine (NC ECU) holds 85.77% of the voting shares and insisted on a 40% dividend payout from the company’s 2005 net income. The company estimates 2005 revenue at USD 225.5 mn and its net income at USD 0.44 mn. Concorde Capital: This may be good for Donbasenergo’s shareholders and for the (NC ECU), which expects to receive USD 0.15 mn in 2005 dividends. However, DOEN effectively considers this burden as nothing more than an additional 0.175 mn tax ? which taking into account the company’s cash deficit ? is not justified.