Nine Oblenergos announce preliminary 2008 results

Nine more Ukrainian Oblenergos announced preliminary 2008 financial results: top lines grew 27%-35% yoy. The EBITDA of two of the companies, Chernivtsioblenergo and Vinnytsyaoblenergo, more than tripled. The largest disappointment is Zhytomyroblenergo, whose EBITDA halved – we see this decrease as a one-off event: the company reported a 14x yoy increase in other operating expenses (by about USD 10 mln) in 4Q08. Another lagger was Zaporizhyaoblenergo, whose EBITDA suffered from a 23% yoy decrease in power supplies in 4Q08.

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                                          Net revenue        EBITDA            Net income
                                      USD mln  yoy  USD mln   yoy  mgn  USD mln   yoy  mgn
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Chernivtsioblenergo CHEN      71.1  35%     11.1  234%  16%      5.9 1793%   8%
Kharkivoblenergo    HAON     361.9  32%     35.1   45%  10%      3.7   18%   1%
Krymenergo          KREN     267.8  30%     22.2   20%   8%      5.4  241%   2%
Mykolaivoblenergo   MYON     143.4  35%      4.5   67%   3%      2.3   n/m   2%
Sevastopolenergo    SMEN      66.0  27%     10.0   57%  15%      4.0   32%   6%
Sumyoblenergo       SOEN     111.9  27%     16.7   96%  15%      7.6  616%   7%
Vinnitsaoblenergo   VIEN     124.6  31%     16.6  203%  13%      5.8  547%   5%
Zaporizhiaoblenergo ZAON     701.3  27%      7.7   -4%   1%     -4.4   n/m  -1%
Zhytomiroblenergo   ZHEN     135.6  32%      5.7  -49%   4%     -7.4   n/m  -5%
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