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Company Ticker Net revenue EBITDA Net income
USD mln yoy USD mln yoy mgn USD mln yoy mgn
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Chernivtsioblenergo CHEN 50.9 36% 8.7 272% 17% 4.9 16x 10%
Donetskoblenergo DOON 433.8 27% 39.0 0% 9% 24.0 n/m 6%
Khmelnitskoblenergo HMON 90.6 41% 14.6 132% 16% 7.1 397% 8%
Kirovohradoblenergo KION 73.6 33% 16.9 71% 23% 7.2 178% 10%
Krymenergo KREN 203.8 30% 19.3 46% 9% 4.7 204% 2%
Lvivoblenergo LVON 168.6 27% 28.0 158% 17% 15.6 572% 9%
Mykolaivoblenergo MYON 106.6 33% 5.8 241% 5% 3.0 n/m 3%
Zaporizhyaoblenergo ZAON 551.5 34% 10.7 51% 2% -2.6 neg 0%
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Alexander Paraschiy: In line with our expectations, most of the Oblenergos in this group posted double-digit EBITDA growth and triple-digit net income growth. Still, Donetskoblenergo surprised with its increase from USD 10 mln net losses in 9M07 to USD 24 mln net income over 9M08. In addition, Donetskoblenergo managed to restructure USD 120 mln of its overdue payables, though that still does not help decrease its bankruptcy risk much (remaining unstructured payables amounts to USD 745 mln). The poor profitability of Zaporizhyaoblenergo is a one-off event – the company’s reported income tax was USD 5.6 mln.