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Ukrnafta posts unexpectedly strong 1H10 financials

Ukrnafta posts unexpectedly strong 1H10 financials

29 July 2010

Ukrnafta (UX: UNAF UK) posted strong financial results for 1H10 yesterday:  EBITDA skyrocketed to USD 261.7 mln (EBITDA margin of 28%) from negative USD 13.9 in 1H09; net income was USD 193.3 mln (vs. a net loss of UAH 64.3 in 1H09). Andriy Gerus: We attribute the stronger figures to improved financial disclosure and increased accuracy in reporting based on pressure from the new government, the beneficial owner of a 50%+1 stake.  We forecast 2010 sales will grow by 43.5% yoy to USD 1.6 bln. EBITDA should rise by 2.8x to USD 511 mln, while net income is anticipated to more than triple to USD 284.8 mln. Our forecasts are based on the company’s 1H10 results reported today and assume full financial disclosure going forward. For more on Ukrnafta, see our desk note released yesterday.

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