Dniproenergo’s (DNEN: HOLD) 2% yoy increase of electricity output, led to a 27% yoy increase of revenues. An increase of fuel efficiency and reduction of gas use allowed the company to significantly increase its bottom line.
Sales, USD mln EBITDA, USD mln Net Income, USD mln
1H07 YoY 1H07 YoY margin 1H07 YoY margin
315.4 +27% 50.72 +29.26 16% 21.01 +24.26 7%
Alexander Paraschiy: The company’s interim margins are higher than our forecast for the full year 2007. Notably, Dniproenergo’s margins are similar to those of Donbassenergo (DOEN: HOLD) – 16% EBITDA and a 6% net margin.