8 more Oblenergos report 1H09 results

————————  —————   —————   —————                                                                  Net revenue         EBITDA        Net income     
                          UAH mln Chg yoy   UAH mln Chg yoy   UAH mln Chg yoy
————————  —————   —————   —————
Cherkasyoblenergo   CHON    430.4     38%    50.1       -9%    28.3      -18%

Dniprooblenergo     DOON    3,622.7    -12%   195.1        7%   108.1       12%

Kharkivoblenergo    HAON    1020.0     17%   132.7        7%    48.5       14%

Kirovohradoblenergo KION    288.0     17%    47.9      -15%     5.0      -80%

Krymenergo          KREN      737.7     15%    41.3      -20%     4.0      -42%

Lvivoblenergo        LVON       649.0     13%   120.7       14%    67.6        5%

Prykarpatoblenergo  PREN     294.9     11%    86.6       54%    59.9       80%

Sevastopoblenergo   SMEN    206.5     27%    32.5       -8%     9.6      -51%
————————  —————   —————   —————

Source: Company data

Yegor Samusenko: Dniprooblenergo was the first of the Oblenergos that have reported 1H09 results so far to post a decline in revenues yoy. The company has one of the biggest shares of industrial customers in its region and decreased electricity transmission by 30% in 5M09 yoy, the steepest drop among Oblenergos. On the other hand was Cherkasyoblenergo: it increased electricity supplies 19% yoy in 5M09 yoy because its main customer, Azot Cherkasy, stopped bypassing the company and has been purchasing electricity directly from it since late-2008.